Two of the UK’s most prominent technology firms, ARM and Sage, have eased an ailing London stock index this morning with their postive performances.
As the FTSE 100 index slipped 24 percent in morning trading, bullish comments from financial analysts helped drive the two IT firms’ share prices upwards.
ARM Holdings, which makes components used in Apple devices, made the largest gain on the index – up three percent to 613.5 pence on a stiff day for other firms – after UBS recommended its stock.
Gareth Jenkins, analyst at the bank, said “solid” smartphone and tablet sales in the near term would boost ARM.
Meanwhile, accountancy software firm Sage saw shares climb 2.1 percent to 299 pence in early trading, after Merrill Lynch issued a “buy” note for its stock. The bank highlighted Sage’s assertive business strategy as well as plans to return cash to shareholders.
The news comes during a day that mining and financial stocks plummeted, on the back of nervousness in the Eurozone and concerns over job cut plans at the Royal Bank of Scotland.