Strong Arm and a sunnier Sky lift the FTSE close to record - London Report

THE TOP share index advanced yesterday towards a recent record high, with shares in ARM Holdings and Sky rising sharply after the companies announced strong profits.

The blue-chip FTSE 100 was up 10.80 points, or 0.2 per cent, at 7,062.93 points by the close, after gaining 0.8 per cent in the previous session.

However, the index pared earlier gains after coming within 0.2 per cent of a record high of 7,119.35 points, hit last week.

Shares in Sky rose five per cent, the top gainer in the FTSE 100, as solid demand for pay TV at home and an improving picture in Europe helped it post a 20 per cent jump in nine-month profit.

“Another set of encouraging numbers underlines Sky's determination to position itself as a major European force within the media sector,” Richard Hunter, head of equities at Hargreaves Lansdown Stockbrokers, said.

ARM Holdings rose 3.9 per cent after the chip designer -- whose technology powers Apple’s iPhones -- said its pre-tax profit was up 24 per cent.

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