Cambridge Index adds 0.8%

12/06/2018

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The Cambridge Index rose 0.8% or 231.6 points to settle at 28,779.1, as heavyweights such as Johnson Matthey and AVEVA Group posted weekly gains to their share prices.

Liberum Capital lifted its target price on Johnson Matthey, up 3.6%, to 4000p from 3300p and maintained a “Buy” rating.

DS Smith, down 1.2%, announced that it has acquired Papeles y Cartones de Europa, known as Europac, for €1.67b. The acquisition will be financed through a rights issue raising nearly €1.15b and a new debt facility of €740.0m.

Numis Securities restated its “Add” rating on AVEVA Group, up 2.4%, with a target price of 2050p.

Numis Securities maintained its “Hold” rating on Greene King, up 6.2%, with a target price of 790p.

Gaming Realms, up 9.4%, announced that its annual revenues dropped to £30.3m, while reported a loss before tax of £6.6m. Separately, it announced a two-year licensing and revenue share agreement with GVC Holdings to introduce its "Slingo Originals" content globally. Meanwhile, the company’s Chairman, Michael Buckley, announced his intention to be the Non-Executive Chairman, while Board members, Atul Bali and Chris Bell, will not stand for re-election in the next AGM. Peel Hunt restated its “Buy” rating on the stock.

Netcall PLC, up 5.6%, announced that MatsSoft Ltd, one of its fully-owned subsidiary has renewed a contract for four-year for a minimum value of £3.7m with UK's largest financial services institutions. FinnCap reconfirmed its “Corporate” rating on the stock.

N+1 Singer reissued its “Buy” rating on Horizon Discovery Group, up 4.3%, with a target price of 194p.

Cambridge Cognition Holdings, down 1.2%, announced a partnership with the University of Bristol to work on the development of innovative brain health products, under the guidance of Professor Marcus Munafò.

Amino Technologies, down 2.4%, in its half-yearly trading update, announced that it expects revenue for H1 2018 to decline to $41m from $49.8m in H1 2017, on the back of a major order being phased in H2 2018. Separately, it announced that Kabelnoord will be using Amino’s MOVE end-to-end multiscreen video platform, to provide next generation TV services as a part of its fibre-to-the-home network expansion plan. Meanwhile, the company has appointed Liberum Capital Limited as its Joint Broker.

Dialight, down 3.9%, announced that it has appointed Steve Good as a Non-Executive Director, who will join the Nominations and Remuneration Committees. Further, Gaelle Hotellier will succeed Stephen Bird as a member and Chairman of the Remuneration Committee.

Numis Securities reissued its “Buy” rating on RhythmOne, down 7.3%, with a target price of 52p.

FinnCap reaffirmed its “Corporate” rating on Frontier Developments, down 8.6%.

Kier Group, down 9.1%, announced a joint venture with Homes England and CKH Developments Ltd. for constructing around 5,400 homes across the country within ten years. Peel Hunt reissued its “Buy” rating on the stock.

Beaufort Securities reaffirmed its “Speculative Buy” rating on CyanConnode Holdings, down 11.6%.

UK markets finished mostly higher in the last week, after the UK services sector activity jumped to 3-month high in May. Moreover, the UK BRC like-for-like sales sharply rebounded in May, while the UK construction PMI climbed more-than-expected in May. Also, the nation’s house prices rose more-than-estimated for May. The FTSE techMARK 100 index added 0.3% to end at 4,784.3, while the FTSE AIM 100 index jumped 1.2% to close at 5,734.4. However, the FTSE 100 index fell 0.3% to settle at 7,681.1.

US markets closed firmer in the previous week, led by gains in technology, retail and financial sector stocks. In economic news, the US ISM services PMI rose more-than-expected in May, whereas the nation’s trade deficit narrowed to a seven-month low in April. Moreover, the US factory orders dropped more-than-expected in April. The DJIA index advanced 2.8% to end at 25,316.5, while the NASDAQ index gained 1.2% to close at 7,645.5.

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