Sector movers: Software and tech stocks lead gains

27th May 2014 14:34

Strong gains from AVEVA gave software stocks a boost on Tuesday, while ARM Holdings was providing a lift in the technology sector.AVEVA, which supplies engineering data and IT systems to power plants, shipping and energy facilities, beat forecasts with its annual results today, posting an 11% rise in adjusted pre-tax profit to £78.3m on revenues up 8% at a record £237.3m.The company said results were helped by its Engineering and Design Systems division, while progress was made with its new 3D design platform, AVEVA Everything 3D. Figures from the Enterprise Solutions business, however, disappointed."We see this as a resilient performance and outlook in what are mixed end markets," said analysts at Investec, who kept their 'buy' rating on the stock.The share price was up 9.5% at 2,366p by 14:42, a level not seen since January.Sage Group, which makes accountancy and business software, was also putting in decent gains today, along with software peers Quindell, Playtech and Telecity.Meanwhile in the tech sector, ARM Holdings was a high riser, up 4.1%, after Numis Securities lifted its target price for the stock from 880p to 920p following the chip designer's investor day. The broker said the investor day "increased visibility of significant share gains in network infrastructure which can be a material growth driver over the next five years".CSR, Spirent Communications, Wolfson Microelectronics and Imagination Technologies were also performing well.Top performing sectors so far todaySoftware & Computer Services 1,200.65 +3.26%Technology Hardware & Equipment 1,095.65 +2.82%Industrial Metals & Mining 1,258.19 +2.33%Construction & Materials 4,441.77 +2.28%Automobiles & Parts 9,268.09 +2.09%Bottom performing sectors so far todayPharmaceuticals & Biotechnology 12,758.01 -0.38%Food & Drug Retailers 3,896.43 -0.37%Electricity 9,691.92 -0.17%Mining 17,023.22 -0.15%Oil & Gas Producers 8,547.50 -0.08%BC