Sector movers: Tobaccos overlooked
Fallers among the FTSE 100 constituents are few and far between as London gets a boost from the late rally on Wall Street.
When virtually every share in view is going up, traditionally defensive stocks such as tobaccos often get overlooked and such is the case this morning with BATs marginally firmer and Imperial Tobacco one of only four Footsie stocks to lose ground.
The Electronics sector is higher this morning, with acquisitions and disposals featuring strongly in the newsflow.
Engineer Invensys has agreed to sell its Firex safety division to the UTC Fire & Security unit of United Technologies for $44m in cash.
The Firex business generated operating profit of $4m on revenue of $80m in the year to 31 March 2007.
Densitron, the designer and manufacturer of electronic displays, is to pocket £1.24m in cash for the sale to Greenwich council of 4.25 acres of land. Densitron is making a profit of around £0.85m on the sale.
Elsewhere in the sector, Morgan Crucible is higher after agreeing to acquire two technical ceramics businesses, Certech and Carpenter Advanced Ceramics, from Carpenter Technology Corporation of the US.
The cost of the acquisitions is U$147m. Following completion, Certech and Carpenter Advanced Ceramics will become part of Morgan Crucible's Technical Ceramics division.
In the year to end-June 2007 the acquired companies generated an aggregate pre-tax profit of U$14.3m on combined revenues of U$91m. The acquisitions will be immediately earnings enhancing.
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Top performing sectors so far today
Forestry & Paper 4,594.00 +3.65%
Electronic & Electrical Equipment 1,811.90 +3.60%
Aerospace and Defence 3,606.90 +2.87%
Mining 23,176.70 +2.33%
General Industrials 2,602.90 +2.27%
Bottom performing sectors so far today
Tobacco 26,352.90 -0.27%
Industrial Metals 7,016.60 -0.17%
