Arm gives a lift to market; Burberry slumps
Thur: ARM Holdings and Hargreaves Lansdown offset an 8.2% slump in Burberry‘s shares after it missed sales forecasts due to its exposure to China. The luxury fashion retailer said it would cut costs to minimise the impact on full-year profits.
ARM jumped after the wider semi-conductor sector was lifted by market chatter regarding possible mergers and encouraging results from Taiwan Semiconductor Manufacturing.
Hargreaves Lansdown continued its rally as Baroness Altmann confirmed the government’s priorities for pension policy including the continued roll-out of auto-enrolment and the continued implementation of pension freedom, both of which Hargreaves is benefiting from, as results earlier in the week had shown.
WH Smith rose after saying the travel business was in good shape while Serco slumped after a broker downgrade because the government’s proposed ‘living wage’ adds another tier of unknowns to the Serco story.
The FTSE 100 index, which had fallen for the last three sessions, finished 1.1% higher at 6,338.67 points.