Sector movers: Tech stocks defy Telit gloom

Shares in wireless technology provider Telit Communications dropped sharply after it said it is seeing a continued downward trend in revenues despite higher sales as selling prices of products for connecting mobile phones fall more than expected. But overall, technology hardware & equipment is one of the best performing sectors Friday.Microchip designer ARM Holdings is the best performer.Conversely, Hallin Marine, a maker of underwater equipment for the oil and gas industries that on Wednesday said margins would not meet expectations, is higher but the overall oil and equipment services sector is lower. Wood Group is the worst performer in the sector.Top performing sectors so far todayFood & Drug Retailers 4,140.09 +2.62%Technology Hardware & Equipment 255.17 +2.27%Industrial Metals 3,734.81 +1.83%General Industrials 1,603.91 +1.40%General Retailers 1,425.52 +1.30%Bottom performing sectors so far todayLife Insurance 2,575.52 -2.42%Oil Equipment Services & Distribution 11,319.03 -1.59%Insurance (non-life) 1,119.05 -1.58%Construction & Materials 3,102.66 -1.22%Aerospace and Defence 2,457.48 -0.74%