Sector movers: Unilever and Asian Citrus lift food stocks higher

23rd Jan 2013 15:39

Food producing stocks were performing well on Wednesday with FTSE 100 consumer products giant Unilever the standout performer after impressing with record sales in 2012.Turnover increased by 10.5% to €51.3bn, the first time that it has topped the €50bn mark. Underlying sales growth of 6.9% was strengthened by an impressive 11.4% rise in emerging markets, which now represent 55% of total turnover.Unilever owns a wide range of food brands, including Marmite, Flora and Knorr, but also is known for its home care and personal care products like Persil, Dove and Vaseline.Shares were up 3.18% at 2,529p, having hit 2,534p earlier in the day, an all-time high. The company's market capitalisation is now nearly £72bn."The Q4 & FY12 numbers have beaten consensus expectations on the key metrics of organic growth and core margins (core earnings per share were in line)," said Investec analyst Martin Deboo. "This caps a strong year for ULVR and we see the trends as supportive of our 'buy' case," he said. Meanwhile, orange plantation operator Asian Citrus Holding, which has a market capitalisation of around £350m, was rebounding after disappointing the market yesterday with its first-half results.The firm said that it expects core net profit in the six months to December 31st to decline following a squeeze on winter orange production.AIM-listed cake, bread and gluten-free bakery goods maker Finsbury Foods was up 1.2% after reporting a slight increase in first-half sales. The company, which is valued on the market at around £27m, also said that its outlook for the second half remains unchanged as its Chief Executive John Duffy labelled growth as "resilient".Top performing sectors so far todayFood Producers & Processors 6,827.78 +2.53%Oil Equipment, Services & Distribution 25,856.99 +1.15%Beverages 13,735.40 +1.07%Food & Drug Retailers 4,260.04 +0.90%Mobile Telecommunications 3,829.44 +0.83%Bottom performing sectors so far todayElectricity 8,788.18 -2.94%Financial Services 5,925.74 -0.83%Construction & Materials 3,580.13 -0.81%Travel & Leisure 5,506.95 -0.81%Forestry & Paper 7,744.61 -0.76%BC