A decent open from Wall Street failed to kickstart the UK market and it finished the day flat. The E...
A decent open from Wall Street failed to kickstart the UK market and it finished the day flat. The European Central Bank's decision to leave interest rates unchanged fortified an already uninspired mood in the UK.
On the upside, technology stocks were in fine form, particularly those from the hardware and software sectors, cheered by bullish news from ARM. Another surging open from the Nasdaq also helped enthusiasm.
The FTSE 100 finished the day down 14.9 points to 5788.1.
UK trading was tentative today in light of the decent gains the FTSE 100 has made so far this week. The city continued to tread carefully, unprepared to leap out of bear territory.
Chip designer ARM spearheaded FTSE 100 gainers after it unveiled first-quarter results that bettered the city's expectations. Profits came in at £11.4m against analysts' forecasts of £10.9m. Furthermore, ARM said it's confident about the outlook for the next two quarters with demand for its products and services strong. The stock rallied 28p to 308p.
Home shopping retailer GUS also enjoyed the day with shares up 54p to 501p. An upbeat trading update encouraged the city as well as broker ABN Amro, who raised its recommendation on the stock from hold to buy.
Fallers were predominantly from the old economy and the pharmaceutical and financial sectors looked particularly weak. Fund manager Schroders led the declines, down 63p to 959p.
Over in the US, Wall Street's technology optimism wasn't too dented by Motorola's worse than anticipated loss yesterday. The Nasdaq opened in good form continuing its strong rally this week but the other major indices were flat.
Morning trade saw the Dow Jones slip 93.11 to 10009.63, still above the psychological 10000 barrier. The Nasdaq rallied 45.15 to 1897.18 while the Standard & Poor's 500 shed 4.5 to 1163.88.
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