Sector movers: GKN drags auto stocks lower

The automobiles and parts sector was the worst performing sector of the day on Friday, despite only one constituent being in the red. Automotive and aerospace engineer GKN, the FTSE 100 stock with a market capitalisation of well over £3bn, was falling 1.7% before the close of trade, a big enough fall to push the whole sector down 1.66%.Today, GKN, the maker of aircraft components for Airbus SAS, is reportedly the frontrunner to purchase Volvo AB's aircraft-engine unit after MTU Aero Engines dropped out of the sale process, people with knowledge of the situation have told Bloomberg News. The unit may be worth around €1bn.Earlier this week, the stock took a tumble despite announcing that it had raised its full-year dividend by a fifth after seeing double-digit growth in both sales and profits in 2011. Analysts at Digital Look highlighted the fact that, prior to Tuesday's announcement, the stock had risen by around a third since mid-December. "Today's results have just taken some steam off its recent strong run", notes one analyst. Leading the rise were industrial transportation stocks with aviation support firm BBA Aviation pulling the sector higher.The group reported this morning that pre-tax profit rose 24% from $132m to $163.6m on revenues that increased by 17% from $1,833.7m to $2,136.7m. The stock was trading 2% higher in afternoon trade.Earnings before interest, tax, depreciation and amortisation rose 13% from $221m to $250.1m after the firm continued to outperform the market, albeit at a slower rate than expected. Simon Pryce, BBA Aviation Chief Executive Officer, said: "We will continue to deliver operational improvement, to flex costs and to deploy our available capital to a strong pipeline of attractive investment and consolidation opportunities. Whilst the macro-economic climate remains uncertain, we anticipate making further progress during the year. Other risers in the sector including Braemar Shipping, Globaltrans Investment and Ocean Wilsons Holdings were also on the rise.BCTop performing sectors so far todayIndustrial Transportation 2,465.47 +1.58%Gas, Water & Multiutilities 4,854.60 +0.90%Banks 4,066.55 +0.55%Financial Services 5,185.51 +0.53%Electricity 8,216.64 +0.48%Bottom performing sectors so far todayAutomobiles & Parts 5,115.69 -1.66%Support Services 4,875.25 -0.96%Food Producers & Processors 5,450.38 -0.94%Mining 22,073.58 -0.69%Mobile Telecommunications 3,957.32 -0.66%