Despite a resurgent day's trade on Wall Street yesterday the FTSE 100 struggled to get going today a...
Despite a resurgent day's trade on Wall Street yesterday the FTSE 100 struggled to get going today and was flat at midday. Technology stocks were in good spirits but a decision from the European Central Bank to leave rates unchanged maintained the city's uninspired mood.
At midday the FTSE 100 1.9 points to 5801.1.
Investors were tentative today in light of the decent gains the index has made so far this week. The ECB's decision to leave Eurozone interest rates unchanged stirred anxiety that the central bank is not responding fast enough to the economic slowdown that has infiltrated Europe.
Wall Street's good humour was dented after trade yesterday by the announcement of a worse than anticipated loss from telecom bellwether Motorola.
In the UK, chip designer ARM led the 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 38p to 318p.
ARM's decent results lifted the tech sector with Misys on the leader board, up 49.5p to 490p and CMG, up 27p to 460p.
Home shopping retailer GUS also enjoyed the day with shares up 49.5p to 496.5p. An upbeat trading update encouraged the city as well as broker ABN Amro who raised its recommendation from hold to buy.
Fallers were predominantly from the old economy and fund manager Schroders led a decline for the financial sector, down 46p to 972p.
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