Barclays and ARM weigh on FTSE amid a little sun from TUI - London Report

BRITAIN’S leading share index gave up early gains yesterday, led down by a late drop in chip designer ARM and a fall in Barclays after a broker downgraded the stock.

The blue chip FTSE 100 index was down 28.71 points, or 0.41 per cent, at 6,990.97 points by the close, having hit a record intra-day high of 7,065.08 on Tuesday.

ARM, which licenses chips to Apple, fell after the Wall Street open, dropping 6.1 per cent by the close as the US sector was hit by a downgrade to processor maker AMD and worries over growth after a stellar run.

ARM’s fall was its biggest since January 2014.]

Barclays was the biggest drag on the index, down 2.5 per cent and trimming 4.2 points off the index after Investec downgraded its rating on the stock to “hold” from “buy”.

Travel firm TUI was the top FTSE 100 gainer, rising 2.6 per cent after it said it was confident of meeting a target to lift full-year underlying operating profit by 10 to 15 per cent, helped by rising holiday sales and prices.

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