Reuters: Hot Stocks: ARM and miners knock UK's FTSE 100 off 7-week highs

Reuters: Hot Stocks Reuters.com is your source for breaking news, business, financial and investing news, including personal finance and stocks. Reuters is the leading global provider of news, financial information and technology solutions to the world's media, financial institutions, businesses and individuals. // via fulltextrssfeed.com

ARM and miners knock UK's FTSE 100 off 7-week highs Jul 25th 2013, 10:54 Thu Jul 25, 2013 6:54am EDT * FTSE 100 down 1 pct, unmoved by in-line GDP * ARM falls after bearish revenue forecast from customer * Lingering demand concerns hit mining stocks By Sudip Kar-Gupta LONDON, July 25 (Reuters) - A drop in mining stocks and chip designer ARM knocked Britain's benchmark equity index off seven-week highs on Thursday, with some traders expecting the market's recent rally to stall in the near term. The blue-chip FTSE 100 index was down by 1 percent, or 65.72 points, at 6,554.71 points in mid-session trade. ARM was the worst-performing FTSE 100 stock, falling 6.8 percent after its U.S customer Broadcom forecast lower-than-expected revenues, while major mining stocks fell on lingering concerns about slower demand and oversupply. Drops in miners Rio Tinto, BHP Billiton and ARM together knocked the most points off the FTSE 100. "We've been getting progressively bearish over the last few weeks," said Logic Investments' trading director Darren Easton. Easton said he would buy up small positions on the FTSE 100 at the 6,550 and 6,560 level and hold them up to 6,600 before then selling out for a profit. Data showing UK economic growth of 0.6 percent in the second quarter also failed to lift the market, with equity traders saying that while the growth was welcome, it was not strong enough to push up the FTSE 100. "The economy is on a stronger footing but there are still numerous challenges, not least from stubbornly high inflation and static or negative wage growth, both of which will inhibit spending," said MB Capital trading director Marcus Bullus. The FTSE 100 hit a 13-year high of 6,875.62 points in late May. It then eased back over the course of June due to expectations that the U.S. Federal Reserve will gradually scale back economic stimulus measures that had driven a global equity rally, but the FTSE remains up 11 percent since the start of 2013. (additional reporting by David Brett; Editing by Ruth Pitchford) Link this Share this Digg this Email Reprints

You are receiving this email because you subscribed to this feed at blogtrottr.com. If you no longer wish to receive these emails, you can unsubscribe from this feed, or manage all your subscriptions