Sector movers: ARM slump dents tech index

26th Oct 2010 12:43

Big losses at ARM Holdings savaged Technology Hardware & Equipment on Tuesday.ARM shares slumped 7% despite a big increase in both sales and income as brokers think the share price has got ahead of itself and is due a correction.KBC Peel Hunt told its clients take profits and Panmure Gordon keeps its 'sell' stance on valuation grounds."A healthy amount of bid speculation has also been thrown in over the last six months, something which we feel is highly unlikely," Panmure said.Miners were also on the back foot on profit taking following another good run recently. The sector is up by around a fifth since the beginning of September.There was something to cheer at Household Goods & Home Construction though. McBride, the maker of supermarket own-label products, added to yesterday's gains. On Monday it said trading was in line with expectations despite intense competition.Luxury interior furnishings firm Walker Greenbank has also improved over 3%. Earlier this month, it confirmed the business is "comfortably" beating pre-recession levels, driven by growth at its wallpaper and fabric printing factories.Top performing sectors so far todayAlternative Energy 2,730.26 +2.52%Household Goods & Home Construction 6,294.49 +0.63%Construction & Materials 3,685.11 +0.43%Insurance (non-life) 1,522.83 +0.33%Aeronautics and Defence NULL 0.00%Bottom performing sectors so far todayTechnology Hardware & Equipment 568.07 -3.77%Mining 24,494.86 -2.53%Automobiles & Parts 4,271.65 -2.04%Food Producers & Processors 4,846.13 -1.93%Life Insurance 4,032.90 -1.70%