The Cambridge Index tanked 4463.8 points or 18.4% to close at 19854.4, after the World Health Organization declared the coronavirus outbreak as a pandemic.
Cambridge Index sinks 18.4%
Abcam, down 14.4%, announced that its interim revenues advanced to £138.2m from £124.7m reported in the same period last year. The company’s profit before tax declined to £26m from £33.7m reported in the previous year. JPMorgan Chase & Co raised its target price on the stock to 1,188p from 1,134p and gave a “Neutral” rating.
Frontier Developments, down 4.6%, announced a multi-year exclusive licence with Formula One Management (FOM) for developing and publishing management games annually for the world's most prestigious motor racing competition, FIA FORMULA ONE WORLD CHAMPIONSHIP (F1). Liberum Capital increased its target price on the stock to 2,000p from 1,875p and maintained a “Buy” rating. Peel Hunt reaffirmed its “Buy” rating on the stock.
Amino Technologies, up 0.4%, announced the installation of its 24iSmart Operator product by T-Mobile Czech Republic and Slovak Telekom to deliver IPTV and TV Anywhere video experiences to the customers of T-Mobile TV GO, Magio GO and Digi GO in the Czech Republic and Slovakia. FinnCap reaffirmed its “Corporate” rating on the stock.
Dialight, down 9.8%, announced today that its FY2019 revenues declined 11% to £151m, while it reported a loss before tax of £12.5m.
Marshall Motor Holdings, down 12.3%, announced that its annual revenues advanced to £2.3m from £2.2m and profit before tax widened to £19.6m from £18m. The company’s board declared a final dividend of 5.69p per share.
Gaming Realms, down 17.2%, announced a three-year partnership deal with Sky Betting & Gaming (SBG) to make available its Slingo Rainbow Riches content on SBG's Sky Vegas online casino. Moreover, the company has signed a deal with Draftkings Inc. to offer its Slingo Originals content on DraftKings' New Jersey site.
Sareum Holdings, down 17.4%, announced that a new research published in the journal, Cancer Research, highlighted the anti-cancer effect of its CHK1 inhibitor, SRA737, in multiple human lung and colorectal cancer cells, when used in combination with small molecules that block the function of a family of proteins involved in DNA replication and repair.
Jefferies International boosted its target price on Kier Group, down 21%, to 110p from 90p and gave a “Hold” rating.
Oracle Power, down 36.8%, announced that a letter from the Ministry of Energy for the Government of Sindh to the Chairman of the China Pakistan Economic Corridor Authority, confirmed continued and strong support for the development of Thar Block VI, which is fully-owned by Oracle.
UK markets closed significantly lower in the previous week, amid igniting fears of global economic downturn, following a rapid spread of the deadly coronavirus and a sharp plunge in oil prices. In economic news, British retail sales across all sectors fell more than expected in February, while the nation’s industrial production surprisingly dropped in January. Moreover, the UK GDP growth remained flat in January. In major news, the Bank of England, in a surprise move, trimmed the benchmark interest rate to 0.25% from 0.75%, to lessen the impact of fast-spreading coronavirus on the economy. The FTSE 100 index fell 17% to settle at 5366.1, while the FTSE AIM 100 index slid 13.3% to close at 3763.8. Meanwhile, the FTSE techMARK 100 index lost 16.3% to end at 4518.
US markets plunged last week, amid lingering concerns over the spread and impact of coronavirus on the world economy. Moreover, US President Donald Trump imposed a travel ban on Europe to the US for 30 days. On the data front, the US annual consumer price rose more than expected in February, while the Michigan consumer sentiment index fell less than expected in March. The DJIA index slumped 10.4% to end at 23185.6, while the NASDAQ index tumbled 8.2% to close at 7874.9.
16032020_The Cambridge & FTSE AIM 100 Index Movement
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