Britain's top equity index drifted back up towards four-month highs on Wednesday, with technology group ARM boosted by Apple's record profits...
Britain’s top equity index drifted back up towards four-month highs on Wednesday, with technology group ARM boosted by Apple’s record profits and data company Experian up on a dividends pledge.
The blue-chip FTSE 100 index was up by 0.2 percent at 6,827.11 points in early session trading, recovering slightly from a 0.6 percent decline on Tuesday.
ARM, which rose 1.9 percent to 1,051 pence, gave one of the biggest lifts to the FTSE.
ARM, whose chip designs are used in nearly all of the world’s mobile phones, was boosted after Apple’s quarterly results smashed Wall Street expectations with record sales of big-screen iPhones in the holiday shopping season.
Beaufort Securities sales trader Basil Petrides said that while he did not want to buy ARM shares at current levels, he would look to buy the stock if it fell below 1,000 pence.
“You have to be a buyer of ARM on the dip. It not only provides Apple with chips but also Samsung, and they get all the royalties,” said Petrides.
Mining stocks also rose. The sector was helped by a recovery in the price of copper, while Anglo American advanced 1.9 percent as it posted annual production ahead of its guidance, even though it also warned of impairment charges for its 2014 financial year.
Data company Experian also advanced 3.6 percent, making it the best-performing FTSE 100 stock in percentage terms, after the company issued an upbeat outlook at an investor seminar, including pledges to grow its dividend.
The FTSE 100 hit a peak last year of 6,904.86 points, which marked its highest level since early 2000, although it then lost ground towards the end of 2014.
“I can’t buy enthusiastically at these levels, with worries over the Greek economy still an issue, but I am cautiously optimistic,” said Berkeley Futures’ associate director Richard Griffiths.