Sector movers: Thorntons surges as retailers rise

16th Feb 2012 15:53

Food and drug retailers were on the rise on Thursday as developments in Europe's crisis prompted investors to shift away from (relatively) 'riskier' assets such as mining stocks.Sector heavyweights Sainsbury, Morrison and Tesco were among the top 10 rising stocks on the FTSE 100 in afternoon trading. However, smaller peer Thorntons, the chocolate shop chain owner, was the standout performer in the sector, gaining over 18%, extending gains made yesterday when the group released its interim results.Shares in the firm rose from 16.5p to 19p on Wednesday despite seeing pre-tax profits in the half year ended January 7th slump from £8.4m to £3.1m. Revenues fell at a lesser rate, from £133.5m to £130m.The group decided to waive its half-year dividend payment as it announced that it would be closing 180 high street stores in the next three years, 50% more than its original plan to shut 120.Shares today were today trading at the 22.5p level.Meanwhile, the miners were out of favour as delays to Greece's bailout deal fuelled concerns over the global economy. Furthermore, stronger-than-expected economic data from the US sparked a rise in the dollar index - measured against a basket of six other currencies - sending greenback-denominated metals price lower.Evraz, Polymetal, Randgold, Anglo American and Antofagasta were among the heaviest fallers on London's blue chip index in afternoon trade.BCTop performing sectors so far todayFood & Drug Retailers 3,994.15 +1.11%Household Goods & Home Construction 7,106.58 +0.83%Media 4,296.11 +0.77%Gas, Water & Multiutilities 4,721.33 +0.54%Electricity 8,121.54 +0.48%Bottom performing sectors so far todayIndustrial Metals & Mining 4,625.83 -5.27%Forestry & Paper 5,913.48 -1.52%Mining 21,946.06 -1.46%Oil Equipment, Services & Distribution 24,856.08 -1.37%Fixed Line Telecommunications 2,406.35 -1.15%