Market movements balance out

The FTSE-100 Index is down 1.5 points after the European Central Bank decided to keep interest rates on hold.

The Footsie now stands at at 5801.5 as traders are worried that average earnings figures have risen by more than expected, making an interest rate cut less likely.

Chip designer, Arm Holdings, pleased the City with an upbeat first quarter report and said it was confident about the next six months - an outlook that has lifted shares by 13%, or 36½p, to 316½p.

That has boosted confidence elsewhere in the tech and telecom sector, with Misys, up 48½p at 489p, computer services group CMG, ahead 29½p at 462½p, and Logica 49p stronger at 925p. Marconi shares picked up another 9p at 350p.

Great Universal Stores has gained of 11%, or 51p at 498p thanks to a 45% leap in second-half sales at its Burberry operation and gains at Argos.

JJB Sports reckons that the trend for healthy living is extending to its bottom line as its profits soared, with the shares rising 51½p, at 720p, in response.

But disappointing results from a trial of a lung cancer drug cost SR Pharma 77% of its share value, with prices down 242½p at 71p.

And leather maker Pittards is on the slide after that the foot-and-mouth crisis would hit profits badly. It lost 6% of its value, falling 3½p to 56½p.