Stock market live Oct 24: Top gainers-ARM Holdings, Petrofac, Shire

Written on:October 24, 2012
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Mario Draghi

ECB President Mario Draghi pledges to protect euro

The UK stock market fell lower than 0.1% to 5,797.12 failing to rebound this morning as investors take their time to absorb the poor earnings of companies across the world.

The UK stocks fell despite an upswing in the Chinese economic data and European Central Bank President Mario Draghi’s assurances to do everything possible in his power to protect the euro.

British American Tobacco (BATS), the cigarette and tobacco giant, reported lesser-than-expected organic revenue growth and volumes in third quarter. BATS sales fell 1% on the back of adverse exchange rate movements. Sector peer Imperial was in demand after Goldman Sachs upgraded the shares to ‘neutral’.

InterContinental Hotels Group (IHG), the Holiday Inn and Crown Plaza owner, saw moderate growth in US revenue per available room (RevPAR) in the third quarter due to seasonal impacts. Experian retreated after yesterday’s rise. Jefferies labelled the stock as a “core support services holding” but downgraded its rating on the shares from ‘buy’ to ‘hold’ on valuation grounds.

UBS cut its recommendations to ‘neutral’ on media giant WPP saying that a “macro slowdown poses a risk to expectations”, bringing down its stocks.

ARM Holdings, the chip designer, continued its upsurge after its impressive third-quarter results yesterday. Kazakhmys, EVRAZ, ENRC and Vedanta followed ARN’s course and emerged as the best performers this morning.

The top ten gainers among the UK stocks this morning include ARM Holdings 653.50p +2.11%, Petrofac Ltd. 1,554.00p +1.04%, Shire Plc 1,780.00p +0.79%, Compass Group 676.00p +0.67%, Serco Group 569.50p +0.62%, Croda International 2,273.00p +0.58%, Sage Group 302.70p +0.56%, BP 435.30p +0.47%, Associated British Foods 1,351.00p +0.45%, and Burberry Group 1,139.00p +0.44%.

The top ten losers among the UK stocks this morning include Weir Group 1,658.00p -2.76%, Smiths Group 1,030.00p -2.55%, Lloyds Banking Group 39.57p -1.79%, British Sky Broadcasting Group 708.00p -1.73%, Barclays 228.95p -1.59%, Old Mutual 170.30p -1.45%, Experian 1,072.00p -1.38%, ITV 85.60p -1.33%, Royal Bank of Scotland Group 274.30p -1.22%, and Rolls-Royce Holdings 844.50p -1.11%.

Related:
Stock market live Oct 23: Top gainers-ARM Holdings, Experian, Wolseley
Stock market live Oct 22: Top gainers-BP, Randgold Resources, Evraz

     

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