22/07/14 Market Movements

Market news

The FTSE100 closed up 66.9 points at 6,795.34 lifted by technology group ARM, which posted higher profits and beat analysts’ expectations.

Global equity markets were also buoyed by news that pro-Russian rebels have handed the black boxes of the Malaysia Airlines plane after pressure from Western governments.

ARM jumped 5.7%, making it the best-performing FTSE stock in percentage terms, after the company – which sells blueprints for chip designs – posted higher than expected second quarter profits.

Tesco was the biggest faller of the day, down 3.9%  as Deutsche Bank and Exane BNP Paribas both cut their price targets on the stock, a day after the supermarket retailer announced a profit warning and a change in chief executive.

Despite the daily rise of 0.99%, the FTSE100 remains 1.2% below its July high.