The Cambridge Index declined 53.39 points or 0.3% to close at 19801, as seven of the top ten Index heavyweights posted weekly losses to their share prices.
Cambridge Index falls 0.3%
Liberum Capital reaffirmed its “Hold” rating on Abcam, up 2.6%, with a target price of 1370p.
Bango, up 39.7%, announced that its FY2019 revenues jumped to £9.1m from £6.6m reported in the last year. The company’s loss before tax narrowed to £3.1m from £3.6m in 2018. Bango stated that the COVID-19 outbreak will be positive for its trading performance, following a surge in consumer spending on online services and entertainment. Separately, the company launched its carrier billing payment services for the monthly subscription based 5G games streaming platform, Hatch.
Cambridge Cognition Holdings, up 7.1%, announced a new £1.4m contract with a pharmaceutical client for three phase II studies for a period of two years. Separately, the company announced that it has been awarded a prestigious Innovative Medicines Initiative grant.
Oracle Power, down 4.2%, announced that it has appointed Mr Glen Lewis to its Board of Directors as a Non-Executive Director with immediate effect.
Dialight, down 8.6%, announced that its FY2019 revenues dropped to £151m from £169.6m reported in the last year. The company reported a loss before tax of £12.5m, compared to a profit of £7.4m in 2018.
CyanConnode Holdings, down 10.1%, today announced a new follow-on order for the Metropolitan Electricity Authority in Thailand for additional Omnimesh perpetual software licenses.
Tristel, down 15.1%, today announced a partnership deal with Byotrol for developing two additional biocidal products and formulations, supplied and licensed to Tristel.
Quartix Holdings, down 22.5%, announced that it has provided work from home facility to its employees, to protect its employees and business from the deadly coronavirus outbreak. Also, the company is planning to recommend the rejection of AGM Resolution 2, as it would be the easiest way to cancel dividend.
Quixant, down 25%, announced that it has postponed the release of its full year audited results to 31 March 2020, as the Group's auditor, KPMG LLP, needed more time to complete its work.
LPA Group, down 25.7%, announced that the current trading remains in line with its expectations and till date has not experienced any undue impact from Covid-19 outbreak. LPA has decided to suspend its final dividend. Separately, the company announced the retirement of its President, Michael Rusch, from the Board.
1Spatial, down 35.7%, today announced that it anticipates revenue and adjusted EBITDA for the year ended 31 January 2020 to be around £23m and £3m, respectively.
UK markets plunged in the prior week, after the US President Donald Trump extended the coronavirus-related travel restriction to the UK and Ireland. In major news, the Bank of England trimmed its key interest rate to 0.1% from 0.25% and announced additional bond purchases worth £200b, to offset the economic impact of the deadly coronavirus outbreak. The FTSE 100 index declined 3.3% to settle at 5190.8, while the FTSE AIM 100 index plummeted 15.2% to close at 3190.6. Meanwhile, the FTSE techMARK 100 index tumbled 7.8% to end at 4165.4.
US markets slumped last week, amid rising fears that state-wide lockdown imposed by New York and California to restrict the spread of coronavirus would damage the US economy. In major news, the US Fed lowered its benchmark interest rate in the target range of 0% to 0.25% from a previous target range of 1% to 1.25%, and announced additional asset purchases worth $700b, to support the economy during the coronavirus pandemic. The DJIA index slumped 17.3% to end at 19174, while the NASDAQ index plunged 12.6% to close at 6879.5.
A Cambridge and international trading company