Sector movers: Apple's figures boost chip firms

20th Jul 2011 14:24

Stellar results from US tech giant Apple boosted the technology hardware and equipment sector on Wednesday.UK-listed chip companies ARM Holdings and Imagination Technologies were sizzling after Apple, which uses their technology in its gadgets, posted another record-breaking quarter, with revenue rising 82% year-on-year and profits up 125% - the latter almost twice as big a gain as the market had been expecting.FTSE 250-listed Imagination, whose technology is used in the Apple iPhone and iPad, saw its share price jump by over 10%, while ARM, whose technology is used in the iPhone, posted more modest gains on the FTSE 100.Meanwhile, drugs giant AstraZeneca fell, meaning that the pharmaceuticals and biotechnology sector was under the weather.Astra (along with US peer Bristol-Myers Squibb) received a blow when the US Food and Drug Administration's (FDA) Advisory Committee rejected their jointly-developed diabetes drug, dapagliflozin, though the vote was a close one. BCTop performing sectors so far todayTechnology Hardware & Equipment 763.81 +3.77%Banks 4,193.80 +2.35%Industrial Metals & Mining 7,350.75 +2.29%Oil Equipment, Services & Distribution 25,683.99 +1.70%Life Insurance 4,189.40 +1.65%Bottom performing sectors so far todayFood & Drug Retailers 4,599.00 -0.31%Pharmaceuticals & Biotechnology 9,460.51 -0.14%Health Care Equipment & Services 3,703.18 -0.09%Tobacco 31,502.54 -0.03%