Sector movers Stobart and Wincanton fall transport stocks reverse
Post on: 2011-11-02 By: admin
LONDON (ShareCast) - Steep falls for logistics and transport group Stobart and Wincanton(LSE: WIN.L - news)were dragging down the industrial transportation sector on Wednesday.
Stobart was the biggest faller on the FTSE 250(FTSE: ^FTMC - news)despite reporting a solid set of half year figures as it repositioned its strategy in the face of a prolonged weak economic background. Shares were 5.4% lower at 119.1p at 15:29.
Investec (Frankfurt: A0J32R - news) cut its target on the stock from 176p to 165p. The broker highlighted the board's "broadly unchanged" outlook, saying that the word 'broadly' leaves some ambiguity. As such, Investec felt it prudent to lower its profit forecasts for the current year.
AIM-listed Wincanton gave investors the jitters after saying its container business had been hit unexpectedly hard by a drop in imports. Shares dropped 8.53% to 67p.
Meanwhile, tobacco stocks were on the rise after British American Tobacco (BATs) gave an update on the first nine months of the year.
Imperial Tobacco(LSE: IMT.L - news)rose strongly after BATs announced that organic revenues had risen 7% (constant currency) in the first nine months of the year. However, the latter's share price rise was less pronounced after the firm said that volumes had edged 0.6% down in the same period.
Top performing sectors so far today
Personal Goods 20,749.29 +1.65%
Tobacco 33,116.05 +1.32%
Mobile Telecommunications 3,994.15 +1.14%
Pharmaceuticals & Biotechnology 9,741.60 +1.13%
Software (Frankfurt: SOWN.F - news) & Computer Services 754.55 +1.02%
Bottom performing sectors so far today
Industrial Transportation 2,202.85 -2.32%
General Industrials 2,644.73 -1.97%
Household Goods & Home Construction 6,402.73 -1.31%
Real Estate Investment Trusts 1,854.63 -1.26%
Electronic & Electrical Equipment 2,559.15 -0.92%
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Article original from: http://uk.finance.yahoo.com/news/Sector-movers-Stobart-digilook-3101202313.html?x=0
