Sector movers: Tesco weighs down food retail

20th Apr 2010 12:56

The food retail sector is under pressure after a lukewarm reception for Tesco's full-year results.The supermarket reaffirmed its position as the UK's supermarket powerhouse as profits last year surged to nearly £3.2bn with underlying growth of more than 10%. Total sales in the year to end February rose by 6.8% to £62.5bn stripping out petrol. Including fuel, the underlying growth rate rises to 8.5%.Peer Morrisons is also lower.Thorntons is the worst performer in the sector. The confectionery retailer warned it now expects profit before tax and exceptional items to be below previous expectations as a mixture of bad winter weather and increased competition from supermarkets hurt sales.The drinks sector is fizzing following a well received update from SABMiller. The brewer said financial performance for the year remains in line with expectations with organic lager volumes level with last year and full year soft drinks volumes up 2%. Magners cider firm C&C is also going well, while spirits and Guiness group Diageo sees more positive gains.Top performing sectors so far todayAutomobiles & Parts 3,462.68 +2.99%Industrial Metals & Mining 7,093.68 +2.90%Gas, Water & Multiutilities 4,372.82 +2.18%Alternative Energy 6,677.51 +1.88%Beverages 8,796.49 +1.69%Bottom performing sectors so far todayFood & Drug Retailers 4,923.96 -0.67%