Sector movers: Barclays results receive warm reaction, boost banks

Well-received interim results from Barclays saw the London-listed banking sector rise to the top of the pile on Wednesday as the UK lender bettered analysts' forecasts.The lender reported an 8% fall in adjusted pre-tax profit in the second quarter to £1.656m, which it blamed on currency movements and a fall in Investment Bank profitability. However, the consensus forecast was for a figure closer to £1.268m, representing a 31% beat.Analysts at Investec, which repeated their 'buy' rating for the stock, said that the better-than-estimated bottom line "is primarily driven by lower costs and impairments, but even revenues were 'less bad' than expected".The broker said that "the only way is up" for the stock despite the recent strong run in the shares."We note that the shares have risen through six consecutive trading sessions ahead of today's results. However, while we place our sub-consensus earnings forecasts and target price under review, at this level, our 'buy' recommendation is not in doubt."Barclays shares were up 4.3% at 228.45p shortly before the close,Other stocks in the banking sector such as RBS, Lloyds, HSBC and Standard Chartered were also in demand this afternoon.StanChart was being helped higher by an upgrade by Numis Securities from 'hold' to 'add', who said that the shares are "undervalued".Top performing sectors so far todayBanks 4,567.54 +1.53%Household Goods & Home Construction 11,939.74 +1.22%Industrial Metals & Mining 1,202.23 +0.85%Fixed Line Telecommunications 4,472.62 +0.70%Pharmaceuticals & Biotechnology 12,803.25 +0.51%Bottom performing sectors so far todayAutomobiles & Parts 8,351.57 -2.40%Forestry & Paper 11,428.41 -1.21%Food & Drug Retailers 3,478.36 -1.05%Electronic & Electrical Equipment 3,734.26 -0.88%Food Producers & Processors 7,625.66 -0.85%BC