BEST AND WORST PERFORMING SECTORS

The best performing sector last week was gas distribution, which rose 3.8 per cent. British Gas and Centrica are the two major companies in the sector and both enjoyed a re-rating from brokers after British Gas announced first-quarter figures 10 days ago which were better than expected. Centrica was also boosted on Friday on takeover speculation after PowerGen, the electricity generator, was reported to have said it was looking for a big acquisition.

Alcoholic beverages rose 3.1 per cent on further buying of Guinness and Grand Metropolitan, which are planning to merge.

THE WORST performing sector was household goods, which fell 5.4 per cent. This sector is dominated by Reckitt & Colman, which also dropped 5.4 per cent. The company made a positive statement at its AGM about robust sales in the first four months of the year, but warned that the strength of sterling was an issue and could hurt profits. Copyright: IOS & Bloomberg