However, the underlying performance of the index constituents was more mixed than was evident from the headline figure. This was mainly due to an 11% rise in the shares of top index heavyweight, ARM Holdings, following the release of third quarter figures. The company reported that revenues stood at £144.6m, up 20%, while profit before tax was £55.3m, compared to £43m in the same period a year ago. On the outlook, the company commented that it expects group dollar revenues for the fourth quarter to be in-line with current market expectations.
Johnson Matthey dipped 3.2%, reflecting a fall in platinum prices. Meanwhile, Numis Securities downgraded the company from “Add” to “Hold” and cut its target price from 2467p to 2369p.
Cyan Holdings surged 31% and emerged as the top gainer in the Cambridge Index for the second successive week, after it revealed that its manufacturing partners have finished the installation and commissioning of their pilot projects in India.
CSR edged up 0.7%, after the company revealed better-than-expected revenues of $282.7m for the third quarter, compared to $243.3m in the same period a year earlier. Underlying operating profit widened to $32.2m from $24.3m and the company expects fourth quarter revenues to be in the range of $235m to $255m. Elsewhere, Investec reaffirmed its “Buy” rating on the shares of DS Smith, while Blinkx, up 0.5%, confirmed that its interim results will be published on 14 November.
Aveva Group, down 2.4%, confirmed that its first half results will be released on 12 November. The company also announced that it has inked an agreement with Microsoft to accelerate the delivery of a tablet application supporting its 'Future of Plant Design' solution.
Abcam announced that it was well positioned to deliver continued growth despite the ongoing challenges it faces in Western markets, but fell 2% as markets reflected a note of caution. Bango, down 1.7%, announced that subscribers for its mobile payment platform have exceeded one billion. HiWave Technologies, unchanged at 1.0p, announced that its BMR speaker drivers have been adopted by Revo for use in its award winning products.
In the UK, the FTSE 100 index closed 1.5% lower, at 5,806.7, as a report from the CBI pointed to an uncertain outlook for UK manufacturing, while in the Eurozone manufacturing activity unexpectedly deteriorated in October. The FTSE techMARK 100 Index fell 0.5% to 2,399.3, while the FTSE AIM 100 Index declined 2.8% to 3,134.7.
US markets mostly ended lower last week following weak trading statements from companies such as 3M, DuPont and Caterpillar, which are widely interpreted as a barometer to judge the health of the global economy. The Dow Jones Index eased 1.8% to 13,107.2, while the Nasdaq Index fell 0.6% to 2,988.0.
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