Sector movers: Retailers sold off after gloomy data

6th Dec 2011 16:15

Retailers were the worst performers of the day on Tuesday, falling an average 2.4% after some gloomy comments from the British Retail Consortium (BRC).Consumers are keeping "a tight rein on their spending, despite Christmas being so near", the BRC said today.Total sales were up 0.7%, against a 2.8% increase in November 2010, the retailers' lobby group said. UK retail sales values were down 1.6% on a like-for-like basis from November 2010 when sales had risen 0.7%. (Like-for-like figures strip out the effect of new store openings as well as closures.) The figures marked the weakest sales performance since May. Next and Marks & Spencer were falling lower on the Footsie while Home Retail, Dunelm and KESA Electricals secured the bottom three spots on the FTSE 250. KESA is expected to release its first half figures tomorrow morning, a statement which will be closely watched following the group's decision last month to sell its Comet chain to a private equity firm for just £2. Numis Securities expects the firm to report a loss before tax of €31m.Meanwhile, the telecoms sectors were making gains today, helped by a research note out by Credit Suisse.In its assessment over the European telecoms industry, the broker reiterated its outperform rating on sector heavyweights BT and Vodafone, both of which were performing well on the FTSE 100 on Tuesday afternoon.BCTop performing sectors so far todayPharmaceuticals & Biotechnology 9,849.19 +1.87%Fixed Line Telecommunications 2,209.54 +1.52%Mobile Telecommunications 4,048.82 +1.14%Tobacco 34,108.02 +1.08%Food Producers & Processors 5,562.96 +0.78%Bottom performing sectors so far todayGeneral Retailers 1,547.10 -2.40%Automobiles & Parts 4,456.35 -2.11%Industrial Transportation 2,163.39 -2.00%Construction & Materials 3,316.84 -1.82%Food & Drug Retailers 4,647.14 -1.41%