Despite not relying as heavily on Apple as some rivals, it was blue-chip Arm Holdings that took the hardest kicking yesterday as investors digested the lukewarm launch of a new iPhone and Apple Watch.
Cambridge-based microchip designer Arm slipped 23.5p to 949p, or 2.4 per cent, following what most analysts perceived to be an underwhelming product launch from Apple, to which Arm licenses intellectual property.
But, as broker Liberum pointed out, only an estimated 5 per cent of Arm’s revenues come from Apple. More exposed are Imagination Technologies and Laird, who derive roughly 30 per cent and 18 per cent of earnings from Apple respectively. Imagination shed just 2.5p to 207.5p, while Laird gave up only 3.2p to 297.8p.
The FTSE 100 was frozen, up 1.11 points at 6830.11. Brenda Kelly, market commentator at IG, said: “Normality in the UK seems to have been suspended as the political establishment decamps to Scotland to mount a final push to save the Union.”
B&Q owner Kingfisher added 13.1p to 320.3p as investors backed a boardroom reshuffle, while a solid set of results from Barratt Developments helped the housebuilder put on 10.3p to 377.4p.
African Barrick Gold rose to the top of the mid-cap index, 10.2p better at 239.9p, thanks to an upgrade from Goldman Sachs. The investment bank believes the recent increase in gold prices means there’s now some value there.
A disappointing World Cup for Greene King and forecasts of more hard graft ahead saw investors drain their pints and leave, putting it 34p lower at 797.5p.
Video ad tech specialist Blinkx climbed 2p to 39.25p as a well-known City figure added his signature to the company’s share register. Richard Griffiths, founder of stockbroker Evolution and ORA Capital Partners, revealed a 3.5 per cent stake in the business.
A profits upgrade from touch-screen specialist Zytronic saw it rise 31.5p to 254p on AIM. The company said revenue is currently around 8 per cent higher than this time last year.
Sula Iron and Gold added 0.2p to 2.32p on news its resuming work on in Sierra Leone.Reuse content