Babcock shares lag after first-half results "Babcock has been one of the best performers in the sector for some time and, whilst today's figures were good, we move from 'Buy' to 'Hold', mostly a valuation call after a strong run up," said broker Investec. The shares advanced 4pc over the course of last week, finishing higher on every day. Trading volumes in London were low yesterday amid uncertainty over the outcome of the vote and the possible implications for the so-called fiscal cliff, a package of tax increases and spending cuts due to come into force next year. The FTSE 100 edged up 31 points and the FTSE 250 added 34 points in early deals. "A result at the earliest possibility would be welcome so that whoever is elected President they can get on dealing with the fiscal cliff as soon as possible," said Angus Campbell, head of market analysis at Capital Spreads. Elsewhere on the blue-chip index, chip designer ARM Holdings climbed 3.7pc after the company said it was part of a consortium buying 580 MIPS Technologies patents for $350m. FTSE 250 group Imagination Technologies, up 0.2pc, is acquiring the MIPS' operating business for $60m. Fellow mid-cap company Talvivaara, a nickel producer, lost a further 3.8pc after the group said on Monday that it has halted operations at a plant in Finland because of a waste water leak. The miner suffered the heaviest fall on the FTSE 250 this morning.