Sector movers: Engineers motor higher

Well received results from IMI and Spirax-Sarco have helped lift the industrial engineering sector higher.

IMI posted a sharp fall in profits and revenues in 2009, but said its concentration on niche areas helped it maintain strong margins.

The company, whose activities include fluid power and beverage dispense operations, said pre-tax profits in the year to December 31 fell to £176m from £186.2m as revenues dropped to £1.792bn from £1.901bn.

Spirax-Sarco, the engineer that provides services and products for steam-using and specialist peristaltic pumping markets, posted record sales and profits in 2009, with a large helping hand from the weakness of sterling.

Not all engineering-related stocks are doing well though.

Engineering and project management firm Amec, is dragging the oil equipment and services sector is down after it saw revenues slip in 2009 amid tough economic conditions, but managed to post a rise in EBITDA earnings due to acquisitions and currency movements.

Elsewhere in the sector, Petrofac is slightly lower after saying it is proposing to hive off its UK Continental Shelf assets into a new company to be formed with Swedish oil and company Lundin Petroleum.

Top performing sectors so far today
Alternative Energy 6,908.72 +4.23%
Industrial Engineering 4,269.16 +2.09%
Construction & Materials 3,584.15 +1.52%
Forestry & Paper 4,624.14 +1.49%
Personal Goods 11,511.89 +1.41%

Bottom performing sectors so far today
Oil Equipment Services & Distribution 16,754.69 -1.98%
Industrial Metals & Mining 5,641.12 -1.21%
Insurance (non-life) 1,356.01 -0.75%
Mobile Telecommunications 3,408.86 -0.52%
Fixed Line Telecommunications 1,754.21 -0.39%