Sector movers: Unilever boosts food sector, Astra drags down pharmas

26th Apr 2012 15:45

The food producing and processing sector was the best performing sector on Thursday afternoon, with heavyweight constituent Unilever providing a lift following its first-quarter statement.The consumer goods giant, famous for food brands such as Flora, Ben & Jerry's, PG Tips and Pot Noodle (as well as a wide range of cosmetic and home-cleaning products), said this morning that it has had a good start to the year and is on track to hit its full-year targets.First-quarter turnover increased by 11.9% to €12.1bn, while underlying sales growth was 8.4%.Elsewhere in the sector, sweeteners manufacturer Tate & Lyle and foods and agriculture group Carr's Milling Industries were making solid gains.Heading the other way were the pharmaceuticals and biotechnology stocks with a steep fall for AstraZeneca outweighing a slight rise for Shire after the two groups' first-quarter results.Pharmaceuticals giant AstraZeneca said profits fell by more than a third in the first quarter after a number of patents ran out and it was hit by tough market conditions. This led it to downgrade its full year earnings prospects. The company also announced that Chief Executive David Brennan would retire in June. The stock was 6.48% lower before the close in London, trading at 2,657p. At this level, its market capitalisation totals over £34bn, and so the stock had enough clout to pull the in sector lower, in spite of a 1.65% rise for FTSE 100 peer Shire (market cap of £11bn at today's levels).Shire said that total revenues jumped by 21% in the first three months of the year, driven by strong product sales. The group reiterated its expectation of good earnings growth in 2012.Top performing sectors so far todayFood Producers & Processors 5,666.41 +2.29%Oil & Gas Producers 8,324.05 +2.20%Industrial Engineering 7,936.75 +1.46%Automobiles & Parts 4,804.73 +1.08%Personal Goods 22,362.15 +1.07%Bottom performing sectors so far todayIndustrial Metals & Mining 3,792.04 -2.31%Pharmaceuticals & Biotechnology 9,519.14 -1.42%Construction & Materials 3,351.03 -1.31%Insurance (non-life) 1,432.10 -0.76%Food & Drug Retailers 3,940.54 -0.75%BC