ARM Holdings leads gains on FTSE 100

| February 7, 2011 | 0 Comments
ARM Holdings leads gain on FTSE 100

European equities markets were higher Monday on hopes that the global economy is recovering.

The FTSE 100 added 0.89 percent to 6,051.03 in London, while the FTSE 250 was up 1.24 percent to 11,811.1.

Chipmaker ARM Holdings (LSE: ARM) added 3.91 percent to lead gains on the 100, while engineering services group Bodycote (LSE: BOY) was up 6.88 percent as best performer on the 250.

The energy sector was higher, led by oil explorer Exillon Energy (LSE: EXI) with a gain of 4.08 percent, while the only decline in the sector came from EnQuest (LSE: EQI), which was 2.67 percent lower.

Cairn Energy (LSE: CNE) gained 2.13 percent after it said the sale of its India unit to Vedanta Resources (LSE: VED) should be complete in approximately two months.

Miners were also mostly higher, with Xstrata (LSE: XTA) adding 3.56 to lead gains, while Eurasian Natural Resources (LSE: ENRC) dropped 0.67 percent to turn in the worst performance of three decliners in the sector.

Randgold Resources (LSE: RRS) was up 2.61 percent after it said profits are up 49 percent and that it expects production to rise by up to 80 percent this year.

Insurers were mostly higher, but two in the sector were among the five biggest decliners on the 100, with Resolution Ltd (LSE: RSL) down 1.6 percent as the worst performer on the 100, while Old Mutual (LSE: OML) fell 0.9 percent.

Hiscox (LSE: HSX) was the biggest decliner in the insurance sector, dropping 1.65 percent on the session.

Most telecoms were down on the session, led by BT Group (LSE: BT) with a drop of 1.6 percent, while the best of two gainers in the sector was Cable & Wireless Communications (LSE: CWC), which added 0.46 percent.

The biggest decliner on the 250 was student housing specialist Unite Group (LSE: UTG), which fell 3.9 percent.

The FTSE Eurofirst 300 was up 0.0 percent to 1,175.72 while the IBEX added 0.63 percent to 10,922.6, the Dax was 0.93 percent higher to 7,283.62 and the CAC-40 gained 1.08 percent to 4,090.8.

Most markets in the Asia-Pacific region were higher as some came back from days off in observance of the Lunar New Year.

The Nikkei 225 was 0.46 percent higher to 10,592 in Tokyo while the Topix index added 0.54 percent to 940.43 and the Mothers market gained 1.79 percent to 480.96 as the yen weakened.

Banks were higher as Sumitomo Mitsui Financial Group (TYO: 8316) added 0.7 percent, while Mizuho Financial Group (TYO: 8411) was up 1.2 percent and Mitsubishi UFJ (TYO: 8306) was 1.6 percent higher.

Consumer lender Credit Saison (TYO: 8253) gained 8.7 percent after it raised its net income forecast by 38 percent for the full year ending 31 March.

Yamaha Corporation (TYO: 7951) was up 1.7 percent after Tachibana Securities raised its recommendation on the musical instrument manufacturer from “outperform” to “strong outperform”, while Yokogawa Electric (TYO; 6841) gained 7.6 percent after Nomura raised its target share price for the electrical engineering and software company.

Other gainers in the region included Australia’s markets, with the Sydney Ordinaries adding 0.11 percent to 4,964.3 while the S&P/ASX200 was up 0.12 percent to 4,868.5.

India’s Sensex was 0.16 percent higher, to 18,037.2, while the Kospi gained 0.47 percent to 2,081.74.

The Straits Times index was 0.59 percent lower to 3,192.18 in Singapore, while Hong Kong’s Hang Seng dropped 1.49 percent to 23,553.6.

The Shanghai Composite and Taiwan’s Taiex remained closed in observance of Lunar New Year.

New York equities markets were higher in midday trade, with the Dow Jones Industrial Average up 0.67 percent to 12,173.5 while the S&P 500 had added 0.8 percent to 1,321.32 and the Nasdaq Composite was 0.92 percent higher to 2,794.9.

Crude oil prices were lower at midday in New York as March contracts for West Texas Intermediate crude fell $1.26 to $87.77 per barrel, while at last report Brent crude had dropped 76 cents to $99.07 per barrel on the ICE Futures Europe exchange in London.

Metals prices were mixed as copper fell in New York after hitting a record high earlier on supply concerns, while three-month contracts on the London Metal Exchange also set a new record at $10,160 per tonne before closing $54.50 above Friday’s close at $10,104.50 per tonne.

Gold and silver were both slightly higher in midday trade in New York.

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