LONDON (SHARECAST) - A profit warning from Morgan Crucible falling hot on the heels of Cookson's profit warning on Monday has knocked the Electronic & Electrical Equipment sector for six.
Industrial materials provider Morgan Crucible delivered a profit warning as trading conditions have deteriorated across most geographies, particularly in Europe and China.
The slowdown in demand has been most pronounced in the Advanced Materials and Technology business, the group said, in an interim management statement covering trading since the beginning of July. The Ceramics division and Molten Metal Systems, which comprise over 70% of the company, have been more resilient, with margins remaining in its target mid-teen range.
Russian steel maker Evraz was one of the weakest performers in the Industrial Metals & Mining sector after it said it had suspended steel production in th Czech Republic because of low demand.
Industrial transportation was one of the day's top performing sectors, led by logistics company Interbulk, which is recovering from the battering it took at the beginning of the week after a profits warning.
Top performing sectors so far today
Health Care Equipment & Services 3,702.61 +0.66%
Industrial Transportation 2,411.98 +0.63%
Life Insurance 4,738.96 +0.62%
Real Estate Investment & Services 1,784.88 +0.57%
Tobacco 36,137.15 +0.57%
Bottom performing sectors so far today
Electronic & Electrical Equipment 3,219.93 -3.70%
Industrial Metals & Mining 2,590.76 -2.99%
Automobiles & Parts 4,935.66 -2.72%
Industrial Engineering 7,389.97 -1.96%
Mobile Telecommunications 4,083.43 -1.61%