Sector movers: Premier Foods lower after yesterday's sale

25th Jan 2011 12:50

The food producing and processing sector is lower Tuesday after a busy day yesterday.Premier Foods, whose most famous brands include Hovis bread and Sharwood's cooking sauces, announced Monday that it has sold its vegetarian foods business to a private equity consortium for £205m as it seeks to reduce its debt burden.The £205m price tag is less than the £230m some had reported as Premier's asking price for the division, whose products include those sold under the Quorn brands.Irish foods group Greencore is also in the red after yesterday's update that it may be prepared to improve its offer for biscuits and pizza group Northern Foods after the agreed merger between the two was scuppered by Indian firm Boparan's £342m offer late Friday.The fixed line telecommunications sector is the best performing sector with telecoms giant BT being a prominent riser.Top performing sectors so far todayFixed Line Telecommunications 2,285.36 +1.44%Forestry & Paper 5,351.21 +1.16%Industrial Metals & Mining 8,473.85 +0.63%Personal Goods 18,204.85 +0.49%Chemicals 6,822.73 +0.37%Bottom performing sectors so far todayAlternative Energy 3,844.73 -1.45%Food Producers & Processors 5,048.82 -1.34%Food & Drug Retailers 4,684.82 -1.20%General Retailers 1,706.63 -1.18%Construction & Materials 4,118.97 -1.02%