Cambridge Index gains 0.7%


31-03-2020
300320_The Cambridge & FTSE AIM 100 Index Movement

The Cambridge Index advanced 133.9 points or 0.7% to close at 19934.9, as six of the top ten index heavyweights posted weekly gains to their share prices.

AVEVA Group, up 4.2%, announced the resignation of Emmanuel Babeau from its Board and announced the nomination of Olivier Blum by Schneider Electric to replace Mr Babeau as a Non-Executive Director of AVEVA. Jefferies Financial Group slashed its target price on the stock to 3,500p from 4,100p and gave a “Hold” rating.

DS Smith, up 1.3%, announced that Adrian Marsh’s previous resignation will be treated as withdrawn and he will continue as Group Finance Director, after Adrian reversed his decision of joining William Hill. Berenberg Bank reaffirmed its “Hold” rating on the stock with a target price of 300p.

Johnson Matthey, down 6%, today, announced that it expects to deliver group operating performance for the year ending 31 March 2020 below current market expectations. JP Morgan raised its rating on the stock to “Neutral” from “Underweight”.

Feedback, up 62.5%, announced that it will offer its Bleepa plaftform as a tool to assist coronavirus response.

Sareum Holdings, up 35.2%, announced that its interim operating loss narrowed to £0.7m from £0.9m reported in the same period last year. Separately, Sareum announced a deal with a Chinese pharmaceutical firm to grant licence to the latter to develop, manufacture and commercialise certain small molecule inhibitors.

1Spatial, up 33.3%, announced that it anticipates annual revenue to surge 31% to around £23m and adjusted EBITDA to more than double to £3m.

Horizon Discovery Group, up 8.2%, announced that it will postpone the publication of preliminary results for at least two weeks, as per the request from the Financial Conduct Authority (FCA).

Tristel, up 7.1%, announced a partnership deal with Byotrol for developing two additional biocidal products and formulations, supplied and licensed to Tristel.

Amino Technologies, up 6.3%, today, withdrew its AGM resolution 3 and has cancelled the payment of the final dividend, due to the impact of Covid-19 outbreak.

IQGeo Group, up 1.6%, has expanded its contract with Tokyo Electric Power for £1.8m on a subscription basis.

CyanConnode Holdings, down 2.5%, received a new follow-on order for the Metropolitan Electricity Authority in Thailand for an additional Omnimesh perpetual software licenses.
Marshall Motor Holdings, down 2.6%, announced the temporary closure of all its retail sites across the UK.

Quartix Holdings, down 6.1%, announced that trading performance for the period was consistent with meeting market anticipations for the year.

Xaar, down 7%, announced that it expects FY2019 revenues to be around £49.4m.

Quixant, down 8.3%, announced that Gaye Hudson has resigned as a Non-Executive Director.

Cambridge Cognition Holdings, down 9.5%, has postponed the publication of its annual results, following guidance from the FCA.

Kier Group, down 16.2%, today, announced that trading from 1 January 2020 till date has been in line with the Board's expectations.

UK markets finished significantly higher last week, after the Bank of England kept the benchmark interest rate unchanged and signalled at further asset purchases, if needed. On the data front, the UK manufacturing PMI fell in March, while the services PMI declined to its lowest level since January 1998 in March. The FTSE 100 index advanced 6.2% to settle at 5510.3, while the FTSE AIM 100 index jumped 6.8% to close at 3407.7. Meanwhile, the FTSE techMARK 100 index surged 9.1% to end at 4543.7.

US markets ended sharply higher in the previous week, following an approval of a massive stimulus bill from the US Senate to tackle the economic fallout due to coronavirus pandemic. In economic news, the number of Americans filing for unemployment benefits jumped to a record high in the previous week, while the US services PMI dropped in March. The DJIA index surged 12.8% to end at 21636.8, while the NASDAQ index climbed 9.1% to close at 7502.4.

 

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