LONDON (ShareCast) - Two stocks in the automobiles and parts sector are posting double digit gains after issuing statements.

Components group GKN is up about 10% after saying it is to launch a £120m programme of cost cuts to counter the severe downturn in its automotive business. The programme is in addition to £160m of write-downs and restructuring charges earmarked for 2008.

Meanwhile, car valet firm Autoclenz, a much smaller company, rises even higher after saying it anticipates that the financial results for the year ended 31 December 2008 will be in line with current expectations.

With equity markets buoyant, there is little demand today for defensively-oriented stocks in sectors such as household goods and utilities. Among the shares in the red are McBride, which makes cleaning products, and power provider National Grid.

Top performing sectors so far today
Banks 3,158.03 +11.63%
Automobiles & Parts 1,333.44 +9.74%
Life Insurance 2,775.76 +7.91%
Chemicals 2,939.89 +5.71%
Personal Goods 5,818.11 +5.06%

Bottom performing sectors so far today
Household Goods 5,239.76 -1.55%
Food Producers & Processors 3,852.37 -1.09%
Mobile Telecommunications 3,051.90 -0.88%
Forestry & Paper 2,111.19 -0.63%
Gas, Water & Multiutilities 4,051.80 -0.48%

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