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Arm leads technology shares lower as FTSE 100 falls 1% Arm leads technology shares lower as FTSE 100 falls 1%
(35 minutes later)
With the US technology market Nasdaq slumping 3.1% on Thursday - its worst day since 2011 - there were no prizes for guessing the day's big fallers elsewhere.With the US technology market Nasdaq slumping 3.1% on Thursday - its worst day since 2011 - there were no prizes for guessing the day's big fallers elsewhere.
The FTSE 100 has dropped 63.42 points to 6578.55, with chip designer Arm leading the way down. Arm has lost 41p to 963p while rival Imagination Technologies has lost 10p to 202.1p, one of the biggest fallers in the mid-cap FTSE 250.The FTSE 100 has dropped 63.42 points to 6578.55, with chip designer Arm leading the way down. Arm has lost 41p to 963p while rival Imagination Technologies has lost 10p to 202.1p, one of the biggest fallers in the mid-cap FTSE 250.
Software group Sage is down 11.4p at 387.8p while set-top box maker Pace has fallen 20.6p to 415p. Rebecca O'Keeffe at Interactive Investor said:Software group Sage is down 11.4p at 387.8p while set-top box maker Pace has fallen 20.6p to 415p. Rebecca O'Keeffe at Interactive Investor said:
Michael Hewson, chief market analyst at CMC Markets UK, said:Michael Hewson, chief market analyst at CMC Markets UK, said:
The listed dotcom businesses - including some recent arrivals - are also being hit hard. Asos is down 140p at £43.80, Just Eat has lost 10p to 240p, AO World is off 6.5p at 273.5p and Boohoo has dropped 3.5p to 50.25p.
There were also further worries about a slowdown in China following Thursday's disappointing export figures, with weaker than expected inflation data. On top of that, of course, there is the continuing tensions in Ukraine, with talk of further troop movements by Russia and threats to cut off the country's gas supply.There were also further worries about a slowdown in China following Thursday's disappointing export figures, with weaker than expected inflation data. On top of that, of course, there is the continuing tensions in Ukraine, with talk of further troop movements by Russia and threats to cut off the country's gas supply.
Supermarkets, under pressure recently on concerns about price wars as the discounters taking market share from the big four, have recovered some of their losses. Morrisons is up 2.4p at 199.7p while J Sainsbury has added 1.3p to 310.9p.Supermarkets, under pressure recently on concerns about price wars as the discounters taking market share from the big four, have recovered some of their losses. Morrisons is up 2.4p at 199.7p while J Sainsbury has added 1.3p to 310.9p.