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ARM leads Britain's FTSE 100 index higher
July 24, 2013 / 7:16 AM / 4 years ago

ARM leads Britain's FTSE 100 index higher

LONDON, July 24 (Reuters) - Britain’s benchmark equity index rose on Wednesday, with ARM outperforming after the chip designer posted forecast-beating profits while solid results overnight from Apple also boosted sentiment.

The blue-chip FTSE 100 index rose by 0.3 percent, or 20.29 points, to 6,617.73 points by 0704 GMT, pushing the index back towards seven-week highs reached in the previous day.

ARM topped the FTSE’s leaderboard, rising 3 percent after it beat expectations with a 30 percent rise in adjusted pre-tax profits.

Traders also pointed to forecast-beating iPhone sales from Apple overnight, which ARM supplies with chips, as further lifting the tech sector and improving sentiment for equities. (Reporting by Sudip Kar-Gupta; Editing by Alistair Smout)

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