Sector movers: Tesco gives grocery sector a lift after results

Retailers were on shopping lists today, helped by a strong performance from sector heavyweight Tesco.Shares in Tesco were making gains despite the company reporting that profits fell for the first time in 20 years, as the decline was not as bad as analysts had predicted.A 6.7% fall in group trading profit to £3.32bn was still marginally ahead of consensus analyst forecasts of £3.24bn. Group sales were largely flat, slipping just 0.2% on constant exchange rates to £70.89bn.Tesco was up 3% at 294.9p by 15:23 today.Analysts at Galvan recommended investors 'buy' shares of Tesco today, saying that the grocer is "better placed than rivals"."Tesco is better placed to transform and beat off the competition than its rivals, and with shares still below the 300p benchmark, investors prepared to back this view could see decent returns from this point on."Gains from Tesco, which has a market capitalisation of £24bn, were enough to outweigh falls from smaller rivals WM Morrison and J Sainsbury, which are valued at just £4.7bn and £6.1bn, respectively.Online grocer Ocado was also on the rise today after having suffered heavy falls over the past week as investors dumped high-growth stocks. The shares have now fallen 27% since the start of April alone but are still up 144% over the last year.Top performing sectors so far todayAutomobiles & Parts 9,015.58 +3.07%Personal Goods 23,626.16 +1.98%Forestry & Paper 10,550.55 +1.66%General Retailers 2,839.35 +1.59%Food & Drug Retailers 3,793.41 +1.58%Bottom performing sectors so far todayHealth Care Equipment & Equipment 4,897.71 -0.72%Insurance (non-life) 1,814.83 -0.44%Aerospace and Defence 4,603.48 -0.37%Tobacco 38,512.34 -0.29%Beverages 14,003.90 -0.25%BC