Cambridge Index rises 2.3%

Cambridge Index 5 July 2021

The Cambridge Index climbed 658.3 points or 2.3% to close at 28775.1, as eight of the top ten Index heavyweights posted weekly gains to their share prices.

AVEVA Group, up 4.2%, announced that it has made a good start to fiscal year 2022, with approximately 10% revenue growth in the first two months of the financial year.

Abcam, up 3.6%, in its pre-close trading update for the six-months ended 30 June 2021, announced that trading has been ahead of the board’s expectations. Further, the company announced that it would release its full results for the six- and twelve-month periods ended 30 June 2021 on 13 September 2021.

Cambridge Cognition, up 31.3%, announced that it has won a contract worth £2.2m for at-home cognitive testing in a virtual clinical trial. Separately, the company announced that it has completed the spin-out of Monument Therapeutics Limited, a drug development company.

Gaming Realms, up 11.9%, announced that in partnership with BetMGM, it has introduced its Slingo Originals content in Michigan.

Sareum, up 5.9%, revealed positive top-line results from its UKRI grant funded Covid-19 research project.

Feedback, up 5.3%, announced that its flagship medical imaging communications platform, Bleepa, has received UKCA mark, a post-BREXIT UK regulatory certification. Separately, the firm announced the resignation of Non-Executive Director, Simon Sturge.

Marshall Motor, up 3.8%, announced the acquisition of Nissan Leicester dealership which includes the purchase of a three-acre freehold site on Abbey Road in Leicester.

Checkit, down 3.5%, announced that it would be holding a Capital Markets Day on 15 July in London.

Oracle Power, down 3.2%, stated that, pursuant to the announcement of 23 June 2021, the geochemical sampling programme covering almost the entire tenement at its 100% owned Jundee East Gold Project, is now underway and would expand on the maiden geochemical sampling programme which returned the highly positive results announced on 14 June 2021.

UK markets ended mostly lower last week, amid fears that the recent spike in coronavirus cases in Britain could slow down the pace of economic recovery. On the data front, the UK’s economy shrank slightly more than initially expected in the first quarter of 2021, due to the re-imposition of lockdown restrictions, while the nation’s manufacturing PMI fell in June, driven by supply-chain and distribution difficulties caused by the coronavirus pandemic.

Meanwhile, British house prices grew at its fastest annual pace in 17 years in June, as investors rushed to seal deals before the end of a stamp duty tax break. Separately, Bank of England Governor Andrew Bailey warned against overreaction to rising inflation and stated that it was likely to be temporary. The FTSE 100 index declined 0.2% to settle at 7123.3, while the FTSE techMARK 100 index lost 0.1% to end at 6849.1. Meanwhile, the FTSE AIM 100 index rose 1.3% to close at 6222.7.

US markets ended higher in the previous week, following stronger than expected recovery in the US labour market. On the macro front, the US weekly jobless claims fell more-than-expected in the week ended 25 June 2021, while nonfarm payrolls climbed more than expected in June, indicating progress in the US jobs market. Moreover, pending home sales rebounded to its highest level since 2005 in May, driven by lower mortgage rates, while the US private sector employment increased more than anticipated in June.

On the flipside, the US ISM manufacturing PMI declined in June, reflecting a slowdown in the pace of growth in new orders, while the region’s construction spending unexpectedly dipped in May, as spending on private construction weakened. The DJIA index rose 1.0% to end at 34786.4, while the NASDAQ index gained 1.9% to close at 14639.3.



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