FTSE 100 movers: ARM hits the bottom spot, ICAP soars

1st Feb 2012 13:46

Chip designer ARM Holdings proved to be the day's big faller, pulling back after yesterday's well-received results. The Financial Times' Lex column is today singing the virtues of ARM's "strong fundamentals", but adds that the company's valuation, at 47 times expected earnings, is "through the roof." Following suit, BSkyB was down after strong gains on Tuesday following yesterday's results which showed strong growth in products and higher-than-expected earnings. Meanwhile, inter-dealer broker ICAP leapt into the top spot after saying profits for the current fiscal year will be towards the top end of expectations. The current range of analyst pre-tax profit forecasts for the year to March 31st runs from £336m to £358m, with a median figure of £347.4m. Other financials were also gaining, buoyed by the improving outlook in the Eurozone. Banking peers RBS, Barclays and Lloyds were making gains. Details of the much-heralded senior management shake-up at Lloyds have been revealed, with the group adopting a structure that reduces the number of bosses reporting directly to Group Chief Executive António Horta-Osório to five. Miners were also climbing, with Rio Tinto and BHP Billiton higher after doing a spot of trading that will see Rio gain majority control of South African miner Richards Bay Minerals. FTSE 100 - RisersICAP (IAP) 356.80p +6.19%Barclays (BARC) 222.70p +4.78%Schroders (SDR) 1,516.00p +4.55%Kingfisher (KGF) 266.70p +4.30%Rolls-Royce Holdings (RR.) 766.50p +4.21%Weir Group (WEIR) 2,034.00p +4.04%Royal Bank of Scotland Group (RBS) 27.68p +3.98%Schroders (Non-Voting) (SDRC) 1,235.00p +3.52%Fresnillo (FRES) 1,797.00p +3.51%Burberry Group (BRBY) 1,389.00p +3.50%FTSE 100 - FallersARM Holdings (ARM) 601.00p -1.39%Smith & Nephew (SN.) 610.00p -0.81%Petrofac Ltd. (PFC) 1,448.00p -0.48%Shire Plc (SHP) 2,096.00p -0.47%British Sky Broadcasting Group (BSY) 687.50p -0.36%Admiral Group (ADM) 939.50p -0.16%Royal Dutch Shell 'B' (RDSB) 2,307.50p -0.04%NR