Sector movers: Weir claws back after recent sell-off

12th Aug 2011 14:40

For the second day in a row, there were no sectors in the red on Friday, as markets in London, Europe and the US were all posting impressive gains, clawing their way back from the recent global sell-off.High-flying Scottish engineer Weir Group was rising on the FTSE 100 on Friday afternoon, pulling the industrial engineering sector to the top of the pile.The company, which operates in the minerals, power, and oil and gas markets, was recovering after taking a beating in late July - along with the Footsie - which saw its share price plummet from 2,218p to 1,580p within just two weeks (26th July - 8th August).Now it seems that the markets are attempting to recover, and investors are beginning to see value again in Weir, whose shares are still 57% higher than they were a year ago despite the recent sell-off.On 2nd August, the firm announced that it is set for an even better year than it previously expected, as new orders streamed in during the first half of the year."The group will continue to invest to grow ahead of our end markets and we now expect profits for the full year to be somewhat ahead of our previous expectations," chief executive Keith Cochrane said. Shares were 5.14% higher at 1,882p at 14.50pm.BCTop performing sectors so far todayAutomobiles & Parts 4,620.02 +5.90%Industrial Engineering 6,692.56 +4.61%Industrial Metals & Mining 6,018.88 +4.44%Fixed Line Telecommunications 2,110.79 +4.16%Life Insurance 3,829.42 +3.87%Bottom performing sectors so far today