Sector movers: BT update lifts telecoms

BT is boosting the telecoms sector after reporting second quarter revenue in line with expectations and thinks it can cut costs by at least £1.5bn this year versus its old target of over £1bn.The company also predicts the decline in full-year revenue before one-off items will be 3-4%, slightly less than the 4-5% forecast previously.Another iconic UK company, British Airways, is lifting the travel and leisure sector higher after confirming that it is holding meetings with Spanish airline Iberia to discuss the possibility of a merger.Amec, the engineering and project management company, is dragging the oil equipment and services sector lower even after saying it is trading in line with expectations despite the challenging external environment.Top performing sectors so far todayFixed Line Telecommunications 2,046.52 +3.66%Industrial Transportation 1,976.94 +3.13%Mobile Telecommunications 3,145.65 +1.84%General Retailers 1,769.71 +1.21%Travel & Leisure 3,908.05 +1.19%Bottom performing sectors so far todayOil Equipment Services & Distribution 16,028.38 -1.72%Beverages 7,574.00 -0.90%Mining 19,908.21 -0.64%Life Insurance 3,933.20 -0.59%Oil & Gas Producers 8,029.24 -0.46% BT Bay Capital