Cambridge Index declines 3.5%


02-02-2021
Cambridge Index 1 Feb 2021

The Cambridge Index dropped 993.3 points or 3.5% to close at 27074.5, as seven of the top ten Index heavyweights posted weekly losses to their share prices.

AVEVA Group, down 5.1%, announced that David Ward, currently Company Secretary and Finance Director, intends to step down from his role and would be joining GB Group Plc, with effect from 17 May 2021.

Abcam, down 2.4%, announced that it has appointed Bessie Lee and Mark Capone as Non-Executive Directors, with immediate effect.

Gaming Realms, up 7.2%, announced that it has inked a three-year direct-integration deal with BetMGM to expand its footprint in the US.

SDI Group, up 2.2%, announced that its subsidiary Monmouth Scientific Limited has acquired the business and certain net assets of Uniform Engineering for £350,000.

Netcall, which remained unchanged at 56.5p, announced that trading was in line with board expectations during the first half of FY21.

IQGeo Group, which remained unchanged at 100p, announced that it has won a contract for software and services with a major telecoms network operator.

Sareum, down 6.3%, announced that its CEO, Dr Tim Mitchell, will digitally present between 1 and 5 February 2021, at the 7th Annual LSX World Congress.

LPA Group, down 2.9%, announced that revenues stood at £20.71m, up from £19.53m recorded in the previous year. Due to Covid-19, the Board considered it prudent to cancel the final dividend for the year ended 30 September 2019 and not to declare an interim dividend. Separately, the company announced that it has appointed Robert Bodnar-Horvath as Non-Executive Director and Chairman elect, effective from 1 February 2021.

Oracle Power, down 2.9%, announced that it has started a field-based exploration programme at the Jundee East Gold Project located in Australia.

Kier Group, down 2.7%, announced that Chairman, Matthew Lester, will join the board of directors of Intermediate Capital Group Plc as a Non-Executive Director.

Quixant, down 0.4%, announced that it anticipates to deliver revenue of $63.8m and adjusted profit before tax to be in excess of $1m. The Group expects to report its final results for the year ended 31 December 2020 on 29 March 2021.

UK markets ended lower last week, amid worries over prolonged lockdown restrictions in the country. On the data front, Britain’s unemployment rate rose to a 4-year high level in November, as the second wave of coronavirus infections and fresh government lockdown measures weighed on economic activity. Moreover, the nation’s average earnings rose more than expected in November. In major news, UK Prime Minister, Boris Johnson warned that the Covid-19 lockdown restrictions in England could last until at least 8 March. Adding to the negative sentiment, the IMF has cut UK’s GDP forecast to 4.5% and warned that recovery would take longer than expected. The FTSE 100 index declined 4.3% to settle at 6407.5, while the FTSE AIM 100 index fell 3.2% to close at 5836.3. Also, the FTSE techMARK 100 index lost 2.8% to end at 6261.2.

US markets ended weaker in the previous week, amid concerns over economic recovery. On the macro front, US economic growth slowed in 4Q 2020. Additionally, the nation’s durable goods orders grew at a slower pace in December, while new home sales rose less-than-expected in the same month. On the flipside, US Chicago Fed Purchasing Managers’ Index rose to a 2-year high level in January, while weekly jobless claims dropped for a second consecutive week. Also, US pending home sales fell more than expected in December, while the US consumer spending declined for a second straight month in December, amid fresh business restrictions to contain the spread of Covid-19. Meanwhile, the US Federal Reserve kept its key interest rate steady at 0.25% and maintained the current pace of its asset purchase programme. The DJIA index fell 3.3% to end at 29982.6, while the NASDAQ index lost 3.5% to close at 13070.7.

 

 

A Cambridge and international trading company

Kirly Group Holdings