Sector movers: Wood Group pulls oil services sector higher

14th Jun 2011 15:54

Oilfield services firm Wood Group is lift the oil equipment and services sector higher.The firm has extended its contract with TAQA Bratani Limited, the energy company that is 51% owned by Abu Dhabi Water and Electricity Authority, for a further five years. Under the terms of the deal, Wood Group PSN, a subsidiary of Wood Group, will provide operations & maintenance support and engineering & construction services to TAQA's Cormorant Alpha, North Cormorant, Tern and Eider platforms in the Northern North Sea. Imperial Tobacco is still falling after slashing its profit guidance yesterday. The tobacco sector is the worst performing sector.Imperial cut profit expectations for its Spanish business on Monday after competition in the country forced it to cut prices for cigarettes. The company, whose brands include Lambert & Butler and Gauloises Blondes cigarettes, said operating profits in Spain could fall short of previous expectations by up to £110m. As a result, Credit Suisse reduced its target price on the stock to 2,350p, from 2,420p. ---BCTop performing sectors so far todayFixed Line Telecommunications 2,432.64 +2.20%Automobiles & Parts 4,933.32 +1.98%Oil Equipment, Services & Distribution 25,513.89 +1.93%General Retailers 1,719.61 +1.73%Financial Services 5,867.27 +1.63%Bottom performing sectors so far todayTobacco 30,295.17 -1.36%Electricity 8,507.45 -0.69%Beverages 9,696.34 -0.52%Real Estate Investment & Services 1,710.22 -0.25%