News

Sector movers: Higher oil price hits transport stocks

24 June 2008 13:05:00

With no sectors posting gains, Industrial Transportation was among the worst-performing sectors on the back of higher oil prices. Fuel-guzzling stocks such as British Airways and the cruise operator Carnival fell back, as did budget airlines Easyjet and Ryanair. Crude oil for August delivery rose to $138.89 on the New York Mercantile Exchange.

The Technology sector was hit by the continuing deterioration of the semiconductor industry. Shares in Pure Wafer collapsed after the silicon wafer reclaim specialist said it expects to breach its banking covenants for the period to 30th June 2008.

"The Board is in active discussions with its bankers regarding renegotiating these covenants going forwards and believes that the bank remain supportive of the business," it said.

Elsewhere in the sector, computer memory specialist OCZ falls sharply in symoathy with Pure Wafer.

Bottom performing sectors so far today
Technology Hardware & Equipment 189.10 -3.62%
Automobiles & Parts 3,672.90 -3.42%
Industrial Transportation 2,401.10 -3.33%
Personal Goods 7,566.60 -2.87%
General Retailers 1,292.20 -2.83%

All data suppied by Digital Look (15 minute delay)




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