FTSE 100 movers: ARM falls on reaffirmed 'sell' rating

16th Apr 2013 15:06

Chip designer ARM Holdings was the biggest faller after Societe Generale reiterated its bearish 'sell' rating on the stock. That comes on the back of slowing growth trends for the two leading smartphone makers. "We estimate that to justify the current share price ARM needs to maintain over 15 per cent per annum growth through 2023, which in our view would be difficult given the large scale of its existing business and our forecast of growth slowing to 15 per cent by fiscal year 2015," these analysts said. Smith & Nephew dropped after JP Morgan Chase reiterated its 'neutral' rating on the stock. AB Foods, the food ingredients and retail firm, was falling this morning after Credit Suisse downgraded the stock to 'neutral'. Meanwhile, metal producers were doing their best to recover today as traders saw yesterday's heavy falls as potential buying opportunities. Fresnillo, ENRC and Randgold were making decent gains. Xstrata and Glencore were also strong performers after it was announced that China has cleared the merger under the Chinese Anti-Monopoly Law. Rio Tinto was higher after reporting record first-quarter iron-ore production, while Polymetal edged higher after saying that the flotation concentrator at its Mayskoye mine has been started up, producing its first dry gold concentrate. FTSE 100 - RisersFresnillo (FRES) 1,151.00p +6.57%Eurasian Natural Resources Corp. (ENRC) 251.30p +5.54%Xstrata (XTA) 1,003.00p +3.80%Randgold Resources Ltd. (RRS) 4,681.00p +2.99%Glencore International (GLEN) 330.50p +2.93%Vedanta Resources (VED) 1,138.00p +2.89%Croda International (CRDA) 2,620.00p +1.71%Johnson Matthey (JMAT) 2,380.00p +1.71%Royal Bank of Scotland Group (RBS) 284.90p +1.64%Anglo American (AAL) 1,600.00p +1.59%FTSE 100 - FallersARM Holdings (ARM) 871.00p -2.84%Weir Group (WEIR) 2,216.00p -2.38%Smith & Nephew (SN.) 748.00p -2.03%National Grid (NG.) 787.00p -1.99%Evraz (EVR) 168.50p -1.98%Amec (AMEC) 1,008.00p -1.95%Melrose Industries (MRO) 247.80p -1.55%GlaxoSmithKline (GSK) 1,606.50p -1.47%InterContinental Hotels Group (IHG) 1,909.00p -1.29%Associated British Foods (ABF) 1,841.00p -1.23%NR