Sector movers: Transportation sector in reverse as Stobart and Frontline fall

26th Aug 2011 15:23

Share price falls at Stobart and Frontline meant that the industrial transportation sector was among the worst performing sectors on Friday afternoon.By 15:30, shares in transport logistics firm Stobart were 3.85% lower at 127.30p, after the company said that its transport and distribution division is seeing shorter lead times, significant fluctuations in volume caused by promotions and increasingly inaccurate customer forecasting, and these changes culminated in a rocky few weeks.However August trading has improved materially and the board expects a stronger second half to the financial year from this unit. Overall, the group said it expects first-half pre-tax profits will be ahead of last year. Meanwhile, Bermuda-based tanker company Frontline saw shares tumble 22.22% to 350p after its second-quarter net loss was worse than the market had been expecting. Analysts had pencilled in a red figure of 37 cents for loss per share; the company's basic loss per share was 45 cents, versus earnings per share in the corresponding quarter of last year of $1.04. The underlying net loss was $35.24, compared to net income last year of $81.31m. Total operating revenues slumped to $219.4m from $356.12m the year before. On the other hand, Burberry was the second-highest riser on the FTSE 100, giving the personal goods sector a lift - the sole sector making gains in the afternoon. Burberry's shares were up 1.1% at 1,231p.BCTop performing sectors so far todayPersonal Goods 19,865.61 +0.50%Bottom performing sectors so far todayIndustrial Metals & Mining 5,376.55 -3.75%Industrial Transportation 2,034.08 -3.28%Chemicals 6,158.46 -3.21%Banks 3,274.99 -3.18%Oil Equipment, Services & Distribution 19,521.30 -3.11%