Cambridge Index falls 1.7%

060120_The Cambridge & FTSE AIM 100 Index Movement

The Cambridge Index declined 487.9 points or 1.7% to close at 27,938.2, as the top five index heavyweights posted weekly losses to their share prices.

Abcam, down 3.3%, announced that it has successfully completed the acquisition of Expedeon Limited, Innova Biosciences Limited and TGR BioSciences from Expedeon AG. Peel Hunt reiterated its “Add” rating on the stock.

CyanConnode Holdings, up 41.7%, announced that it has received a new order from its distributor and technology partner, The JST Group (JST), for the delivery of 33,000 units of its IPV6 Standards-Based Omnimesh Advanced Metering Infrastructure (AMI) to Thai state enterprise, Metropolitan Electricity Authority (MEA). Cyancannode will supply its hardware, head end system (HES) along with an annual maintenance contract (AMC) and will receive 25% of the total consideration amounting $400k upfront payment at the time of delivery. Following the completion, it expects an extension of the contract to a further 200,000 units. Separately, CyanConnode announced today that it has obtained an official purchase order from partner Genus Power Infrastructures Limited amounting £3.3m. Science Group, up 3.3%, announced that it has appointed Liberum Capital Limited as joint broker with immediate effect.

Bango, down 15.4%, in its trading update for FY2019, announced that it anticipates group revenue to rise by at least 40% to £9.3m, which is below market expectations due to delay in two contracts. Further, it expects end-user spend (EUS) to advance more than double to £1.1b, with operating costs to remain in line with previous targets. Also, Bango expects adjusted EBITDA for the full year to be positive and over £400k. The company informed that its strategy day will be held on 29 January 2020 in London.
UK markets closed mostly higher last week, led by gains in energy and financial sector stocks. Britain’s mortgage approvals advanced to a 3-year high level in November, while the annual house prices rose as expected in December. The UK’s manufacturing PMI fell to its lowest level since July 2012 in December, while the nation’s construction sector activity dropped for the eight successive months in December. The FTSE 100 index declined 0.3% to settle at 7622.4, while the FTSE AIM 100 index rose 0.8% to close at 4960.2. Meanwhile, the FTSE techMARK 100 index gained 0.1% to end at 6006.6.

US markets ended mixed in the previous week, amid escalating tensions in the Middle East, after an airstrike by the US killed a high-ranking Iranian military commander. The US Chicago Fed purchasing managers’ index advanced in December, while the pending home sales rose in November. Meanwhile, the US ISM manufacturing PMI unexpectedly fell to its lowest level since June 2009 in December and the nation’s consumer confidence index dropped in December. Minutes of the US Fed’s December meeting revealed that the policymakers unanimously agreed to keep the monetary policy unchanged as long as needed, despite ongoing global trade tensions. The DJIA index marginally fell to end at 28634.9, while the NASDAQ index gained 0.2% to close at 9020.8.

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