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Sunday 13th of June 2010
June 10, 2010    

ARM Holdings top gainer on 100 amid bid rumors

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by Elaine Frei
ARM Holdings top gainer on 100 amid bid rumors

European equities markets were higher Thursday, with gains coming on indications that recovery from the recession is continuing despite issues such as Europe’s debt problems, and after Germany’s constitutional court turned down an application for an order to block that nation’s participating in a regional rescue fund.

The FTSE 100 was 0.92 percent higher to 5,132.5 in London, while the FTSE 250 gained 1.29 percent to 9,609.68.

Chipmaker ARM Holdings (LSE: ARM) added 5.88 percent to lead gains on the 100, and was up as much as 32 percent earlier in the session, on renewed speculation that Apple (NAS: AAPL) might make an offer for the company, which makes semiconductors for use in Apple’s iPhone.

ARM denied similar reports in April, and a spokesman for the company said there had been no approach from the US company.

BP (LSE: BP) dropped another 6.65 percent on a new, higher estimate of how much oil is leaking form its damaged well in the Gulf of Mexico, and while most of the energy sector was higher, Royal Dutch Shell (LSE: RDSA, RDSB) also saw declines, with its ‘A’ shares down 0.51 percent and its ‘B’ shares fell 1.12 percent.

Melrose Resources (LSE: MRS) had the best day in the energy sector as it added 2.83 percent.

All miners were up in London, with the exception of Hochschild Mining (LSE: HOC), which fell 1.04 percent; Eurasian Natural Resources (LSE: ENRC) turned in the best performance in the sector, adding 4.48 percent.

The retail sector was mixed as Home Retail Group (LSE: HOME) dropped 4.08 percent after it said sales were down in the first quarter.

Video games retailer Game Group (LSE: GMG) turned in the worst performance in the retail sector, falling 4.89 percent on sales that were down more than had been anticipated, while auto parts retailer Halfords Group (LSE: HFD) was the best performer in the sector as it added 6.04 percent.

Banks were higher on the session, led by Lloyds Banking Group (LSE: LLOY), which was up 4.56 percent.

The FTSE Eurofirst 300 was up 1.49 percent to 1,013.28 while the Dax added 1.2 percent to 6,056.59, the CAC-40 was 2.03 percent higher to 3,516.64 and the IBEX gained 3.72 percent to 9,198.2 on more demand for Spanish government debt..

The European Central Bank held interest rates at 1 percent, while the Bank of England also kept rates steady at 0.5 percent.

Most markets in the Asia-Pacific region were higher, but the Shanghai Composite dropped 0.82 percent to 2,562.58 on the session.

Customs bureau data showed that exports from China were up 48.5 percent in May, putting the nation’s trade surplus at $19.5 billion for the month, but the National Bureau of Statistics said that property prices added 12.4 percent in May, despite all efforts by the government to cool down the real estate market.

Shenzhen-listed China Vanke (SZSE: 000002) was down 2.1 percent, while in Shanghai Poly Real Estate Group (SSE: 600048) fell 2.2 percent and Gemdale Corp (SSE: 600383) dropped 3.3 percent.

The Nikkei 225 was up 1.1 percent to 9,542.65 in Tokyo, while the Topix index added 0.75 percent to 856.79 and the Mothers market gained 1.62 percent to 417.31 as new figures showed that Japan’s gross domestic product grew more than anticipated in the first quarter.

Among gainers on the day in Tokyo were security group Secom Co (TYO: 9735), which added 1 percent while advertising agency Dentsu (TYO: 4324), which gets almost all of its revenues domestically, was up 2.6 percent.

Tokyo Electron (TYO: 8035) was 2.5 percent higher and industrial robot manufacturer Fanuc Ltd (TYO: 6954) added 6.2 percent, but consumer electronics giant Sony (TYO: 6758) dropped 1.6 percent on the session.

The Hang Seng added 0.06 percent to 19,632.7 in Hong Kong, while South Korea’s Kospi was up 0.27 percent to 1,651.7.

In Australia, the Sydney Ordinaries gained 1.04 percent to 4,448.4 and the S&P/ASX200 was 1.14 percent higher to 4,435.3 on the news that 26,900 more people were employed in Australia in May than in April, taking the unemployment rate from 5.4 percent down to 5.2 percent.

The Straits Times Index was up 1.23 percent to 2,779.58 in Singapore, Tawian’s Taiex added 1.56 percent to 7,181.77, and the Sensex gained 1.59 percent to 16,922.08 in India.

New York markets were higher in midday trade as the Dow Jones Industrial Average added 1.82 percent to 10,079.27, the S&P 500 was up 1.7 percent to 1,073.63 and the Nasdaq Composite was 1.42 percent higher to 2,189.61.

Crude oil prices were up as West Texas Intermediate crude traded above $75 per barrel, while in the metals markets copper and silver were both higher but gold prices were down slightly.

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