Sector movers: BAE buys South African weapons firm
BAE Systems is lower in a subdued aerospace and defence sector today after announcing the acquisition of a South African weapons maker for an undisclosed sum.
BAE is buying the assets of Pretoria-based IST Dynamics from a privately held company. IST Dynamics specialises in the development of fire directing systems, remotely controlled turrets, weapon stations and related fire control sub-systems and products and fire control sub-systems-related training systems.
In the year to 29 February 2008 IST generated pre-tax profit of £0.4m on sales of £4.8m. At the end of the period IST, which employs 52 people, had gross assets worth £5.2m.
Debenhams and Carphone Warehouse are both on the comeback trail today after being battered yesterday following disappointing trading updates. Half year profits tumbled 13% at department store Debenhams and by 0.7% on a like for like basis, as flagged last month, with trading conditions expected to remain challenging. Shares in Carphone Warehouse fell heavily yesterday after full year profits fell short of analysts' expectations and fewer customers signed up for broadband connections.
Top performing sectors so far today
Electronic & Electrical Equipment 1,943.20 +2.80%
General Retailers 1,482.10 +2.49%
Software & Computer Services 434.70 +2.11%
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Industrial Transportation 2,922.00 +1.99%
Industrial Engineering 3,379.70 +1.92%
Bottom performing sectors so far today
Health Care Equipment & Services 3,931.10 -2.18%
Aerospace and Defence 3,295.90 -1.21%
Electricity 7,639.50 -0.63%
Beverages 6,675.10 -0.35%
Personal Goods 7,385.90 -0.34%
