FTSE 100 movers: ARM leads the charge after strong Q2

22nd Jul 2014 15:53

Chip designer ARM Holdings was a high riser as it delivered a confident outlook, hailing a "healthy pipeline of opportunities" after strong licensing results helped profits beat expectations in the second quarter. The tech group, 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.Housebuilders recovered from yesterday's declines, which came after Rightmove data showed that the average asking price for a UK home dropped 0.8% from £272,275 in June to £270,159 in July. Today's session saw Barratt Developments and Persimmon move firmly into positive territory. Mining stocks were also on the rise on the back of renewed risk appetite, as investors shrugged off declining metal prices. Anglo American, Antofagasta, Rio Tinto and BHP Billiton were making decent gains. Anglo rose 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.Heading the other way was Royal Mail after tougher competition in the corporate market in the first quarter resulted in a weaker-than-expected performance in UK parcels, meaning full-year revenues are likely to be lower than forecasts.Supermarket giant Tesco was also in the red, completely erasing gains made on Monday after investors welcomed the resignation of its Chief Executive Philip Clarke. However, it appears that the market was finally reacting today to a simultaneous profit warning from the grocer on the back of a "challenging" second quarter. Pushing the stock further south were Deutsche Bank and Barclays, which cut their respective target prices. Rivals Wm Morrison and J Sainsbury were also lower.FTSE 100 - RisersARM Holdings (ARM) 870.50p +4.44%Persimmon (PSN) 1,290.00p +3.53%easyJet (EZJ) 1,392.00p +3.49%Anglo American (AAL) 1,597.00p +3.33%Barratt Developments (BDEV) 365.50p +3.19%International Consolidated Airlines Group SA (CDI) (IAG) 333.20p +3.13%British Land Co (BLND) 734.50p +3.02%St James's Place (STJ) 773.00p +3.00%Glencore (GLEN) 368.70p +2.89%Petrofac Ltd. (PFC) 1,210.00p +2.72%FTSE 100 - FallersRoyal Mail (RMG) 446.90p -4.10%Tesco (TSCO) 277.55p -3.85%Morrison (Wm) Supermarkets (MRW) 171.30p -1.38%Sainsbury (J) (SBRY) 314.10p -1.32%Imperial Tobacco Group (IMT) 2,630.00p -0.64%Pearson (PSON) 1,100.00p -0.54%Centrica (CNA) 311.80p -0.32%Burberry Group (BRBY) 1,441.00p -0.21%CRH (CRH) 1,460.00p -0.21%Weir Group (WEIR) 2,747.00p -0.11%NR