Sector movers: ARC bid acceptance lifts tech stocks

18th Aug 2009 12:11

Chip designer ARC International is leading the technology hardware and equipment sector higher after recommending a £25.2m cash bid from US semiconductor intellectual property firm Virage Logic.The 16.25p a share investors will receive is a 38% premium to the price traded a day before the UK firm announced it had received an approach back in July.Shares in real estate stocks are lower following a strong run in recent days after British Land said it saw the value of its property portfolio fall to £8.18bn in the first quarter.The company was boosted towards the end of last week by reports it could get a bid worth £10bn, but chief executive Chris Grigg poured cold water on such talk today.Top performing sectors so far todayAutomobiles & Parts 2,663.06 +3.36%Mining 15,534.42 +2.95%Forestry & Paper 2,991.21 +1.95%Technology Hardware & Equipment 280.90 +1.86%Electricity 6,290.97 +1.67%Bottom performing sectors so far todayReal Estate 1,930.54 -1.13%Food Producers & Processors 3,977.76 -0.67%Insurance (non-life) 1,208.52 -0.37%Mobile Telecommunications 2,899.44 -0.36%Food & Drug Retailers 4,228.34 -0.31%