Sector movers: Petrofac lifts oil service stocks

15th May 2009 13:42

Oil services stocks are in the blue after Petrofac said it made a strong start to the year, with the oil and gas facilities provider's backlog doubling to $8.2bn at the end of April.Chairman Rodney Chase is confident 2009 will be another year of strong growth after its biggest business, engineering and construction, bagged $5bn of new contracts in the first quarter of the year.The wins in Abu Dhabi, Saudi Arabia and Algeria give high revenue visibility through to 2011, he said.BT is dragging the fixed line telecoms sector lower for the second day in a row. Yesterday the firm slashed its dividend and cut another 15,000 jobs after a £1.3bn charge sent it to a full year loss of £134m.The charge, which follows completion of contract and financial reviews at its troubled Global Services unit, resulted in a reported loss of £1.28bn for the fourth quarter versus a £494m profit a year earlier. It made a full year profit of £1.98bn last time.Top performing sectors so far todayTechnology Hardware & Equipment 242.91 +1.75%Chemicals 3,316.33 +1.15%Industrial Metals 3,532.87 +1.06%Personal Goods 6,803.35 +0.41%Oil Equipment Services & Distribution 11,497.31 +0.30%Bottom performing sectors so far todayAutomobiles & Parts 1,688.50 -9.13%Real Estate 1,479.60 -3.12%Fixed Line Telecommunications 1,464.43 -2.43%Electronic & Electrical Equipment 1,227.93 -2.01%Mobile Telecommunications 2,840.82 -1.74%