Icap has dropped more than 4% after the interdealer broker reported a dramatic drop in foreign exchange trading volumes in April.
Electronic broking volumes fell 47% to
Close behind is chipmaker CSR, down 20.5p at 542.5p. Following last week's news of a worse than expected outlook for the second quarter, analysts at
CSR benefits from a strong position and good growth in voice and music. However, its other segments face challenges; the consumer decline is accelerating, automotive growth looks modest, and legacy is becoming less relevant (10% of 2014 sales). BT Smart sales are just beginning but CSR's reliance on voice and music remains a concern; however, on a now more reasonable multiple we retain our sector perform rating.
But set-top box maker Pace, which fell last week on worries about its revenues if two key US customers merged but recovered on Tuesday after a positive
Arris, which is Pace's closest peer reported strong first quarter 2014 results last night and gave good guidance. Strong result and positive read across to Pace.
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