Sector movers: Supermarket stocks rally

16th May 2014 14:21

Supermarket stocks were the biggest risers on the FTSE 100 including Morrison, Sainsbury and Tesco.Morrison led the market higher on speculation that a US private equity consortium was considering a bid for the company."When the supermarket sector is leading the market there is clearly something amiss, and when Morrison's is the biggest gainer in the index, investors should have cause for concern," IG said. "The FTSE 100 has stabilised after yesterday's losses, but after a near 300 point loss for the Dow Jones it feels like we are in for a quiet end to the week on all fronts."Mining and industrial stocks were on the downside as the price of commodities declined. Automobile shares were also lower after a report showed growth in European car sales slowed in April. Top performing sectors so far todayFood & Drug Retailers 3,977.66 +2.03%Beverages 14,504.73 +1.50%Tobacco 40,031.00 +1.06%Food Producers & Processors 7,920.72 +0.94%Fixed Line Telecommunications 4,228.75 +0.67%Bottom performing sectors so far todayIndustrial Metals & Mining 1,171.09 -5.69%Industrial Engineering 10,411.16 -3.33%Automobiles & Parts 8,414.70 -3.15%Forestry & Paper 10,620.56 -2.38%Support Services 6,283.77 -2.34%RD