FTSE Gains as ARM Profits

Thu, 22nd Oct 2015

The FTSE 100 closed up very slightly, after a choppy trading session which saw tech and media companies making gains, but miners struggling.

By the close of training, the FTSE 100 was up by 3.29 points - a gain of 0.05 percent, closing at 6,348.42, while the FTSE 250 was up by 52.65 points, a gain of 0.31 percent, putting it above the 17,00 level, which is a key resistance point for the index at the moment.

The FTSE 100’s gains came, in part, from a significant gain in ARM holdings, which added 6.54 percent (up to 1026p), after it announced gains in pretax profits up to 102.9 million, which was a 30 percent increase on the year, and a 23 percent rise in GBP revenues. Meanwhile, MERL gained 4.6 percent, after announcing plans for a joint venture with China Media Capital to build a new Legoland Park in Shanghai, with the potential for other future attractions to be built in other parts of China.

Reckitt Benckiser gained 2.54 percent, up to 6300p, after its full-year like-for-like revenue growth targets increased from 4.5 percent up to 5 percent, following a strong hird quarter. Sky gained 2.53 percent after a strong first quarter update, and British Gas gained 1.45 percent, with other oil and gas companies following suit, and also posting strong gains.

Unfortunately, losses in the commodities industry offset those gains, with Anglo American shedding 2.5 percent. Pearson shed 15.95 percent after adjusting its full-year figures following forex movements and several disposals.

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