Sector movers: Unilever and Devro drag food producers lower

28th Apr 2011 16:24

Food producers are on their way lower, with sector peer Unilever and Devro dampening sentiment with disappointing first quarter statements.Food and household goods giant Unilever reported "sluggishness" in developed markets, despite turnover rising by 7%. Devro, which makes manufactured casings such as sausage skins for the food industry, said 2011 sales are slightly behind last year's, but margins have continued to improve. The chemicals sector has been given a lift from Croda International today.Speciality chemicals group Croda saw shares rise on Thursday after announcing solid trading results for the first quarter of this year, with record sales and profits, in which it saw continued robust demand across all major geographies. Group pre-tax profit from continuing operations increased by 40.2% to £60.7m, while net debt was reduced by £5.3m since the year-end to £215.1m, despite an unfavourable currency movement of £1.5m. ---bcTop performing sectors so far todayIndustrial Metals & Mining 8,565.23 +2.47%Chemicals 7,472.65 +2.37%Life Insurance 4,673.59 +1.85%Electronic & Electrical Equipment 3,178.95 +1.78%Technology Hardware & Equipment 807.91 +1.65%Bottom performing sectors so far todayFood Producers & Processors 5,184.72 -1.46%Mobile Telecommunications 3,925.23 -0.98%Forestry & Paper 6,371.26 -0.67%Pharmaceuticals & Biotechnology 9,274.93 -0.60%Software & Computer Services 728.00 -0.60%