Sector movers: HSBC drags banks lower

28th Feb 2011 14:33

The banking sector is lower on the day HSBC released its 2010 full-year results.Shares in the global banking giant are 6% down Monday afternoon following its decision to cut its return on equity target after analysing the likely effects of new banking regulations.Pre-tax profits increased by 169% to $19.04bn,while analysts had been hoping the bank would crack the $20bn barrier.Technology hardware and equipment is performing well today with Software Radio Technology, Spirent Communications and blue chip ARM Holdings among the best performers.The sector has risen over 25% since the start of the calendar year.Top performing sectors so far todayTechnology Hardware & Equipment 826.67 +2.98%Real Estate Investment Trusts 2,181.31 +2.26%Chemicals 6,756.50 +2.07%Alternative Energy 3,251.54 +1.62%Automobiles & Parts 4,858.50 +1.51%Bottom performing sectors so far todayBanks 4,907.81 -2.85%Food Producers & Processors 4,906.64 -0.83%Food & Drug Retailers 4,740.32 -0.68%Electronic & Electrical Equipment 2,931.80 -0.62%Health Care Equipment & Services 3,988.04 -0.58%