Cambridge Index jumps 7.0%

Cambridge Index 11 Jan 2021

The Cambridge Index climbed 1,726.4 points or 7.0% to close at 26419.2, as eight of the top ten Index heavyweights posted weekly gains to their share prices.

Gaming Realms surged 69.7%, as the company secured a provisional iGaming supplier licence by the Michigan Gaming Control Board, in an effort to expand its footprint in the US.

Oracle Power, up 9.5%, announced today that the final quarter of the year was a significant period for the company, presenting considerable opportunities.

GRC International Group, up 6.1%, announced today that it has launched a new website for its subsidiary, DQM GRC, based on its award-winning Privacy by Design capability and market leading position in services for commercial data owners.

Quartix, up 5.7%, announced today that it anticipates revenue, profit and free cash flow to be in line with current market forecasts.

Science Group, up 3.6%, in its trading update for the 12 months to 31 December 2020, announced that its revenue is expected to be around £73m compared to the previous year. Further, the preliminary results for the year are anticipated to be released in mid to late March.

Sareum, down 27.8%, announced that the United States Patent and Trademark Office has officially granted its US patent application no. 16/351,620, in respect of an invention associated with its proprietary SDC-1802 TYK2/JAK1 Kinase Inhibitor Programme. Separately, the firm announced that the licensing partner for its FLT3+Aurora kinase programme has decided not to exercise its option to continue the development of the programme.

UK markets ended firmer last week, as the UK government unveiled a fresh £4.6b stimulus package and as Britain’s government accelerated its vaccination rollout. On the data front, the UK manufacturing PMI rose to a three-year high level in December, as factories rushed to complete work before the end of the Brexit transition period, while mortgage approvals climbed to its highest level since August 2007 in November. Meanwhile, the British shop price index continued with its downward trajectory, as struggling stores offered huge discounts to shoppers, while the Markit Construction PMI unexpectedly declined in December. Also, the UK house price index rose less than expected in December.

In major news, British Prime Minister Boris Johnson announced a fresh lockdown to curb the spread of the new variant of the coronavirus. The FTSE 100 index jumped 6.4% to settle at 6873.3, while the FTSE AIM 100 index rose 1.6% to close at 5989.5. Also, the FTSE techMARK 100 index gained 2.6% to end at 6443.3.

US markets ended higher in the previous week, amid prospects for a larger fiscal stimulus and infrastructure spending under President Joe Biden’s administration. On the macro front, US manufacturing PMI accelerated at its fastest pace since 2014 in December, thereby extending a recovery in the factory sector, while the nation’s service sector activity strengthened in December. Additionally, the US ISM manufacturing PMI unexpectedly rose to a two-year high in December, while factory goods orders advanced for the seventh straight month in November, driven by recovery in manufacturing sector.

On the flipside, the private sector employment unexpectedly dropped for the first time since April in December, whereas weekly jobless claims unexpectedly fell in the week ended 1 January 2021. Also, the US nonfarm payrolls unexpectedly declined in December, leading to further slowdown in jobs growth. In the other news, the US Federal Reserve, in its monetary policy meeting minutes, revealed that it would continue its bond purchase program at its current pace, until substantial further progress is achieved. The DJIA index added 1.6% to end at 31098, while the NASDAQ index climbed 2.4% to close at 13202.



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