Sector movers: Sage lifts software stocks, chemicals gain

22nd Jan 2014 15:28

Sage was giving the software and computer services sector a lift on Wednesday after the firm reiterated its medium-term growth targets.Shares in Sage were up 3.6% at 427.9p - a level not seen in over a decade - after the accountancy software company said that trading across all regions in the first quarter was in line with expectations."Through continued focus on our strategic cornerstones, we remain on course to deliver on our 6% organic revenue growth target in 2015, and anticipate making further progress during the year ahead," said Chief Executive Guy Berruyer.Credit Suisse kept its 'underperform' rating on the stock today, saying that it sees downwards pressure to earnings estimates due to exchange rates, but did point out that the shares trade at a 15% discount to US market leader Intuit.Healthcare software firm EMIS Group was also up over 3% after saying that it finished 2013 with revenue and profit growth in line with expectations, as it continues to roll its patient-details software out to GP practices across the UK.The firm, which said it gained market share in each of its divisions last year, also gave a confident outlook for 2014.Others in the sector including IDOX, Escher Group and WANdisco were also making gains.Meanwhile, upbeat comments from analysts at HSBC gave chemicals stocks a boost today after they said that the sector will deliver double-digit growth in earnings in 2014 with all regions contribution and upside risk seen to prices and margins."Valuation of the sector is not cheap but justifiable in our view as overall market has re-rated by more," it said.HSBC raised its rating for Croda International from 'neutral' to 'overweight' and lifted its target price from 2,700p to 2,800p.Heavyweight Johnson Matthey also saw its target raised from 3,450p to 3,750p, though a 'neutral' recommendation was maintained.Top performing sectors so far todaySoftware & Computer Services 1,229.52 +1.84%Technology Hardware & Equipment 1,196.97 +1.56%Chemicals 11,065.59 +1.49%Gas, Water & Multiutilities 5,615.67 +0.75%Food Producers & Processors 7,525.54 +0.71%Bottom performing sectors so far todayForestry & Paper 10,458.99 -2.22%Industrial Metals & Mining 1,282.45 -1.11%Electricity 8,971.21 -0.91%Industrial Transportation 3,326.32 -0.56%Banks 4,933.79 -0.47%BC