Sector movers: SSE falls as EDF cuts gas prices

11th Jan 2012 15:35

UK-listed electricity stocks were providing a drag today, after French utilities giant Electricite de France announced that it would reduce gas bills from its UK arm.Gas and electricity giant SSE, the nation's second-largest energy supplier, was among the worst performers of the day on the FTSE 100 after EDF Energy said it would cut gas prices by 5%, becoming the first major supplier to pass on falling wholesale prices to customers, it claims."The company was the LAST of the major suppliers to raise its energy prices in the autumn and is the FIRST to announce a cut," EDF's website read.Meanwhile, the electronic and electrical equipment sector was the best performing sector of the day with TT Electronics helping to provide a lift.TT, the electronic component and sensor technology firm, said it saw "sustained progress" in the last quarter of 2011 and still expects profits to be significantly ahead of 2010. Shares were up nearly 6% on Wednesday afternoon.The company had a net cash position of £15m at the end of the 12-month period, compared with net debt of £9.9m at the beginning, helped by strong cash generation, continued progress in managing working capital and disposal proceeds. Sector peers ITM Power and CAP-XX were also making decent gains.Top performing sectors so far todayElectronic & Electrical Equipment 2,754.02 +1.02%Pharmaceuticals & Biotechnology 9,991.49 +0.85%Health Care Equipment & Services 3,418.00 +0.82%Life Insurance 3,941.81 +0.67%Fixed Line Telecommunications 2,283.82 +0.64%Bottom performing sectors so far todayElectricity 8,044.61 -3.02%Food Producers & Processors 5,483.42 -2.75%Oil & Gas Producers 8,721.79 -2.25%Technology Hardware & Equipment 741.52 -1.95%Oil Equipment, Services & Distribution 23,697.76 -1.94%