Sector movers: ARM lifts tech stocks, RSA weighs down insurers

13th Dec 2013 15:25

Technology stocks were making gains on Friday on hopes of new business for microchip designer ARM Holdings, while the non-life insurance sector was dragged lower by a sell-off at RSA Insurance.ARM was the best performer on the FTSE 100 in afternoon trade, up 3.8% at 1,009p, after Bloomberg reported that Google is considering designing its own server processors using the British company's technology.As of yet, no decision has been taken by Google, which is among the largest buyers of server processors, and plans could change, the news agency said, citing a personal close to the matter.Sector peer Imagination Technologies edged higher today, as sentiment continues to recover after the firm gave gloomy guidance for its second half. The company warned about slowing shipments for the rest of the financial year, owing to a deceleration in the high-end smartphone market.Others in the sector including CSR, Wolfson Microelectronics and BATM Advanced Communications were also making gains today.Insurers were the worst performers of the day after a 12.5% drop in the share price of RSA to 87.2p, as it lowered its 2013 earnings forecast after identifying issues in its Irish business and experiencing adverse weather in Europe. At the same time the group announced the resignation of Group Chief Executive Simon Lee with immediate effect.Insurance counterparts Novae, esure and Brightside were also lower.Top performing sectors so far todayTechnology Hardware & Equipment 1,160.13 +2.94%Aerospace and Defence 5,160.38 +1.17%Media 6,108.45 +1.07%Industrial Metals & Mining 1,257.44 +0.81%Life Insurance 6,506.15 +0.81%Bottom performing sectors so far todayInsurance (non-life) 1,721.26 -1.97%Personal Goods 23,424.77 -0.94%Mobile Telecommunications 5,290.57 -0.61%Oil & Gas Producers 7,833.19 -0.57%Construction & Materials 4,006.26 -0.52%BC