ARM Holdings, CSR lead gains on FTSE 100, 250

| January 5, 2011 | 0 Comments
ARM Holdings, CSR lead gains on FTSE 100, 250

Most European equities markets were lower Wednesday, dropping on continued concerns that the debt crisis in some nations in the region could get worse, and after the minutes of the most recent meeting of the US Federal Reserve said yesterday that the US economy has not recovered enough to make any cutbacks in its asset- purchase program.

The better news, that the service sectors in the US and in Europe, and Europe’s manufacturing sector, grew more than expected last month, limited but did not reverse declines.

London markets were higher, however, with the FTSE 100 adding 0.5 percent to 6,043.86, while the FTSE 250 was up 0.16 percent to 11,741.6.

The best performance on both indexes came from manufacturers of semiconductors for cell phones, as ARM Holdings, which makes chips for Apple Inc’s (NAS: AAPL) iPhone, added 7..65 percent on the 100 and CSR (LSE: CSR), which makes chips for Nokia phones, gained 7.82 percent on the 250.

Gains for both came after Qualcomm (NAS: QCOM), the world’s biggest phone-chip manufacturer, said it will buy San Jose, California-based Atheros Communications (NAS: ATHR) for an all-cash deal worth more than $3 billion.

In the basic resources sector, which includes miners, most constituents were lower, with only two gainers in the sector as iron ore miner Ferrexpo (LSE: FXPO) added 1.56 percent and papermaker Mondi (LSE: MNDI) gained just 0.09 percent.

The two biggest decliners on the 100 were miners, as Antofagasta (LSE: ANTO) fell 2.22 percent and African Barrick Gold (LSE: ABG) dropped 2.2 percent, while the worst performance in the sector came from Hochschild Mining (LSE: HOC), which fell 3.94 percent on the 250.

The energy sector, on the other hand, was mostly higher, led by a gain of 5.53 percent for Heritage Oil (LSE: HOIL).

The biggest decline on the 250 came from dairy products company Dairy Crest Group (LSE: DCG), which was down 4.98 percent, followed by estate agents Savills (LSE: SVS) with a decline of 4.92 percent.

The FTSE Eurofirst 300 was down 0.09 percent to 1,141.04 while the CAC-40 fell 0.29 percent to 3,904.61, the Dax was 0.51 percent lower to 6,939.82 and the IBEX dropped 0.88 percent to 9,801.4.

Markets in the Asia-Pacific region were lower after the minutes from the most recent US Federal Reserve meeting were released yesterday, and after significant declines in commodities prices.

The Nikkei 225 was 0.17 percent lower to 10,380.8 in Tokyo, while the Topix index was down 0.01 percent to 911.69 and the Mothers market dropped 0.34 percent to 439.75.

A weaker yen helped automobile manufacturers as Toyota Motor (TYO; 7203) added 0.9 percent and Mazda Motor (TYO: 7261) was up 2.5 percent.

Toshiba Corp (TYO: 6502) gained 2.5 percent as well, on a media report that it’s Westinghouse Electric Co unit will join China in the development of a nuclear reactor.

Yahoo! Japan (TYO: 4589) was down 4.7 percent after Goldman Sachs began coverage with a “sell” recommendation.

Elsewhere in the region, South Korea’s Kospi fell 0.12 percent to 2,082.55, while the Shanghai Composite was down 0.49 percent to 2,838.59.

The S&P/ASX200 was 0.58 percent lower to 4,714.9 in Australia, while the Sydney Ordinaries dropped 4,820.7.

India’s Sensex was down 0.96 percent to 20,301.1, while the Taiex was 1.68 percent lower to 8,846.31 in Taiwan.

On the other hand, the Straits Times Index added 0.12 percent to 3,254.25 in Singapore while Hong Kong’s Hang Seng gained 0.38 percent to 23,757.8.

Equities markets in New York were higher at just past 1 p.m. local time, with the Dow Jones Industrial Average up 0.32 percent to 11,728.9, while at the same time the S&P 500 had added 0.41 percent to 1,275.41 and the Nassdaq Composite was 0.55 percent higher to 2,696.1.

Crude oil prices were on the rebound after earlier declines, with gains coming after the US Energy Information Administration said that crude oil inventories in the US fell by 4.16 million barrels last week and on a private report which showed that the US private sector added 297,000 new jobs last month.

At just before 1 p.m. in New York, February contracts for West Texas Intermediate crude were $1.25 higher to $90.63 per barrel while Brent crude was lately reported up $2.07 to $95.60 per barrel.

In metals trade in New York, copper prices were up but gold and silver were both slightly lower.

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