Sector movers: Melrose, Charter boost engineering sector

Sector peers Melrose and Charter International were rising on Monday, helping the industrial engineering sector higher.Engineering conglomerate Melrose said today that it is thinking over whether or not to up its bid for Charter after the target dismissed its first two offers. "Melrose is willing to consider increasing its proposal to reflect any information which demonstrates that it has materially undervalued Charter and justifies such an increase," the firm said. Meanwhile, the banks are among the worst performers on Monday as volatility in the sector continues amidst the ongoing euro crisis.Banking shares rallied on Thursday after European leaders agreed a new aid package for Greece and an overhaul of the Eurozone sovereign rescue fund. However, Barclays, RBS and Lloyds were all lower today as a result of concern about the future of the single currency.BCTop performing sectors so far todayAutomobiles & Parts 5,573.95 +1.23%Industrial Engineering 7,721.13 +1.23%Personal Goods 25,444.60 +1.10%Pharmaceuticals & Biotechnology 9,682.41 +1.10%Real Estate Investment & Services 1,688.32 +0.80%Bottom performing sectors so far todayIndustrial Transportation 2,581.53 -1.81%Banks 4,243.35 -1.51%Mobile Telecommunications 3,693.51 -1.44%Life Insurance 4,268.20 -1.32%General Retailers 1,679.43 -0.99%