Sector movers: ARM lifts tech stocks, miners rise

22nd Jul 2014 15:28

A positive market reaction to quarterly results from ARM Holdings helped tech stocks jump on Tuesday, while a return of risk appetite lifted the miners.Chip designer ARM, which makes processors for smartphones and tablets, said pre-tax profit in the six months to June 30th rose 9% year-on-year to £94.2m, ahead of the £91m estimated by analysts.Turnover was also 9% higher at £187.1m, beating the £183m forecast, with 36% growth in licensing sales to £89.6m offsetting a 9% fall in royalty revenues to £80.3m.Mike van Dulken, Head of Research at Accendo Markets, said that licensing revenues were helped by a strong handheld device market and higher chip shipments, "which bodes well for future royalties whose growth is already seen improving in the second half".Others in the London-listed tech sector were also making decent gains today, including Ubisense, CSR, Filtronic and Pace.Meanwhile, mining stocks were benefitting from a recovery in sentiment today as geopolitical risk eased slightly, following recent deadly fighting in Gaza and heightened tensions between Russia and the West.Glencore, Kazakhmys, Antofagasta and BHP Billiton were among the best performers.Even Anglo American was in demand despite saying that the bulk of its iron ore division, which accounts for around half of group profits, saw underlying earnings drop 28% in the first half.Top performing sectors so far todayTechnology Hardware & Equipment 1,053.30 +3.71%Mining 18,024.89 +2.06%Real Estate Investment Trusts 2,853.77 +2.04%Financial Services 7,927.20 +1.59%Oil Equipment, Services & Distribution 24,087.20 +1.59%Bottom performing sectors so far todayFood & Drug Retailers 3,586.01 -2.61%Industrial Transportation 2,800.75 -2.14%Personal Goods 22,817.53 -0.46%Electronic & Electrical Equipment 3,728.37 -0.32%Industrial Metals & Mining 1,217.57 -0.25%BC