Sector movers: GKN drives auto stocks higher

The automobiles and parts sector was the best performer of the day, with engineering giant GKN providing a lift.GKN shares were given a boost on Tuesday after Moody's changed the outlook on the stock's Ba1 rating from stable to positive. According to financial website ThisisMoney.co.uk, GKN shares rose strongly yesterday on rumours that Singapore-based Quest Global Engineering was thinking of launching a bid for the company.The company operates through four main divisions: Automotive; Powder Metallurgy; Land Systems; and Aerospace.Meanwhile, the banks were out of favour, weighed down by George Osborne's gloomy statement on the UK economy and ongoing troubles in the Eurozone. Ratings agency Moody's has put the ratings of 15 European banks on review for a potential downgrade, while there were rumours that Standard & Poor's could downgrade the outlook on France's AAA rating.Lloyds and Royal Bank of Scotland were among the worst performers on the FTSE 100 today. BCTop performing sectors so far todayAutomobiles & Parts 4,306.72 +4.01%Construction & Materials 3,214.36 +3.40%Industrial Transportation 2,132.46 +3.26%Electronic & Electrical Equipment 2,557.10 +2.39%Support Services 4,074.66 +1.74%Bottom performing sectors so far todayIndustrial Metals & Mining 4,169.11 -1.93%Personal Goods 18,880.96 -0.98%Forestry & Paper 4,696.31 -0.66%Banks 3,233.59 -0.48%Oil & Gas Producers 7,987.19 -0.12%