Sector movers: Paper stocks push FTSE 100 higher

28th Feb 2014 15:01

Mondi led forestry and paper stocks higher after reporting a surge in annual profit, driven by low costs and exposure to higher growth markets. The paper and packaging company posted a 36% rise in pre-tax profit to €499m and a 12% increase in revenue to €6.47bn. Jefferies reiterated a 'buy' rating, citing a positive outlook in European packaging demand and prices.Technology hardware and equipment stocks advanced, including ARM Holdings. ARM had slumped to a closing low of 875p earlier this month and at the time Charles Stanley analyst Bill McNamara suggested that this sell-off was looking overdone and that there was probably scope for a bounce."That level marked the bottom and yesterday's 15p advance lifted the share price to a five-week high; its 50-day MA could yet provide some short-term resistance but the broader technical picture remains supportive of the bull case," McNamara said.Industrial metals and mining shares as the price of gold, silver and copper dropped on the COMEX. Food and drug retailers were lower, including GlaxoSmithKline (GSK), after announcing its Chief Executive Andrew Witty doubled his 2013 bonus despite a corruption scandal in China. The Chinese authorities last year accused the drugs company of running a £320m slush fund to bribe doctors and hospital officials with cash payments and visits to prostitutes. Top performing sectors so far todayForestry & Paper 11,740.78 +5.31%Technology Hardware & Equipment 1,225.03 +1.69%Mobile Telecommunications 5,574.64 +1.29%Financial Services 8,100.14 +1.25%Life Insurance 7,263.40 +1.21%Bottom performing sectors so far todayIndustrial Metals & Mining 955.74 -4.12%Food & Drug Retailers 4,344.99 -0.90%Electricity 9,441.06 -0.65%Pharmaceuticals & Biotechnology 12,724.35 -0.63%Mining 17,278.81 -0.43%RD