Sector movers: Apple results give UK tech stocks a boost, ARM rises

Forecast-busting results from US smartphone and tablet giant Apple gave London-listed tech shares a boost on Wednesday, especially those of supplier ARM Holdings.

ARM, the semiconductor and software design firm whose chips are used in Apple’s iPhones, was bolstered by the news that the California-based group sold 74.5m of the smartphones in three months to December.

Apple’s chief executive Tim Cook said that demand for the iPhone was “staggering”, as the company reported a record quarterly net profit of $18bn, well ahead of analysts’ expectations.

“Apple results beat even the highest of company or analyst expectations as the new iPhone 6 and iPhone 6 plus smartphones flew off the shelves,” said analyst Jasper Lawler from CMC Markets.

ARM’s shares were up 1.4% at 1,045.75p ahead of the close.

“Following on from last night’s jaw-dropping Apple figures, ARM Holdings, the chip maker of choice for smartphone manufacturers has received a healthy boost,” said IG’s Alastair McCaig.

Others in the technology hardware and equipment sector were also higher, including Imagination Technologies, Pace, Laird, Vislink and Sepura.

Top performing sectors so far today
Beverages 14,904.45 +1.89%
Electricity 9,330.47 +1.82%
Technology Hardware & Equipment 1,243.05 +1.62%
Household Goods & Home Construction 13,243.22 +1.48%
Real Estate Investment Trusts 3,328.66 +1.36%

Bottom performing sectors so far today
Food & Drug Retailers 3,166.00 -2.49%
Oil & Gas Producers 7,240.39 -2.02%
Chemicals 11,529.24 -1.55%
Banks 4,338.86 -0.79%
Industrial Transportation 2,792.33 -0.75%