Cambridge Index adds 0.7%
The Cambridge Index advanced 170.9 points or 0.7% to close at 25232.5, as six of the top ten Index heavyweights posted weekly gains to their share prices.
Barclays Capital reiterated its “Overweight” on AVEVA Group, down 0.9%, with a target price of 3370p.
DS Smith, up 2.3%, announced that Rupert Soames will succeed Jonathan Nicholls as the Senior Independent Director with effect from 03 September 2019. Meanwhile, DS Smith announced the appointment of David Robbie to the position of Non-Executive Director with immediate effect. He will also be joining the Audit, Nomination and Remuneration Committees of the Board and will be the Chairman of the Audit Committee.
IQGeo Group, up 14.1%, in its final results for the year ended 31 December 2018 announced that revenues sank to £10m from the £16.5m reported in the last year. The company also posted a loss before tax of £1.6m against a profit of £0.4m reported in 2017, while it reported a basic loss per share of 2.2p compared to earnings of 0.8p in the prior year.
CyanConnode Holdings, down 1.7%, announced in its trading update that the trading performance for the first three months of 2019 is in line with analysts’ estimates, post its strong revenue generation in 2018. Meanwhile, the company will publish its final results for the year 2018 on 08 May 2019.
Kier Group, down 3.3%, announced the appointment of Andrew Davies as its Chief Executive and Philip Cox as its Non-Executive Chairman. Liberum Capital reissued its “Buy” rating on the stock.
Frontier Developments, down 7.2%, announced that the players of its Planet Coaster game will receive a new free rollercoaster and a premium Classic Rides Collection, both on 16 April 2019. Peel Hunt reconfirmed its “Buy” rating on the stock.
UK markets closed mostly higher last week. The British economy unexpectedly grew more than expected in the three months to February, while the manufacturing production surprisingly advanced in February. Meanwhile, the UK’s trade deficit narrowed less than expected in February. The FTSE 100 index declined 0.1% to settle at 7437.1, while the FTSE AIM 100 index rose 2.3% to close at 4946.5. The FTSE techMARK 100 index gained 0.2% to end at 4876.7.
US markets ended in the green in the previous week, led by gains in banking and technology sector stocks. US producer prices rose to a 5-month high in March, while the consumer price index advanced to a 14-month high in the same month. On the other hand, the JOLTs job openings declined to an 11-month low in February, whereas the Michigan consumer sentiment index declined in April. The US Federal Reserve’s March meeting minutes indicated that the policymakers remained concerned over the global economic slowdown. The DJIA index rose 0.1% to end at 26412.3, while the NASDAQ index gained 0.6% to close at 7984.16s.
NW Brown offers bespoke wealth management and employee benefit services to individuals, corporate bodies and not-for-profit organisations.