Technology stocks hit by Apple iPhone cutback

London Stock ExchangeWed: The market was down again following yesterday’s rebound from the sharp fall on Monday.

The FTSE 100 was down 70 points at 6,061 near the close.

Shares in ARM Holdings are one of the biggest losers, down more than 3% after reports that Apple is scaling back production of its iPhones. ARM designs computer chips used in mobile phones and tablet computers.

Imagination Technologies, which designs graphics chips for mobile devices, is down almost 1%.

Oil prices slid more than 4% to a new 11-year low below $35 a barrel as the stand-off between Saudi Arabia and Iran made any cooperation between major exporters to cut output even more unlikely.

The furore over Saudi Arabia’s execution of a Shi’ite cleric has stripped nearly 8% off the price of oil in the last three trading days, killing speculation that OPEC members might agree to production cuts to lift prices.

J Sainsbury was flat at 242p following its declared interest in acquiring Home Retail Group which lost 9p at 130p after gaining 40% yesterday.

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