The second best performing sector was tobacco, which gained 8.4 per cent. BAT rose by 8.5 per cent as the negotiators for the tobacco industry and its opponents in the US moved closer to a landmark settlement of litigation claims. The deal is regarded as very positive for the industry.
The Worst performing sector in the industry this week was water, which fell 2.68 per cent. Severn Trent and Hyder announced annual results for 1996. Severn's profits showed an unremarkable 4 per cent rise. Hyder's profits were more impressive but the company was cautious on the outlook for dividend growth in future years.
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