Sector movers: ICAP, Brewing Dolphin lift financial services

1st Feb 2012 15:32

The financial services sector was given a lift today by well-received statements from inter-dealer broker ICAP and stockbroker and wealth manager Brewin Dolphin.FTSE 100 firm ICAP was 7% higher in afternoon trading after saying that profits for the current fiscal year are expected to be towards the top end of expectations. The current range of analyst pre-tax profit forecasts for the year to March 31st runs from £336m to £358m, with a median figure of £347.4m.Meanwhile, FTSE 250 peer Brewin Dolphin said funds under management increased by 3.8% since 30 September 2011, with discretionary funds up 5.1%. Total managed funds rose to £24.9bn after a £16.4bn injection from its discretionary investment arm.Heading the other way was the technology hardware and equipment sector, with ARM Holdings providing a drag.Chip designer ARM was the day's biggest faller on London's blue chip index after, pulling back after yesterday's well-received results. The Financial Times' Lex column is today singing the virtues of ARM's "strong fundamentals", but adds that the company's valuation, at 47 times expected earnings, is "through the roof."BCTop performing sectors so far todayPersonal Goods 21,918.44 +4.65%Financial Services 4,860.35 +3.69%Chemicals 7,702.80 +3.66%Forestry & Paper 5,628.03 +3.47%Electronic & Electrical Equipment 3,122.20 +3.30%Bottom performing sectors so far todayTechnology Hardware & Equipment 762.92 -1.09%Health Care Equipment & Services 3,460.57 -0.36%Mobile Telecommunications 3,932.49 -0.34%