Cambridge Index climbs 3.8%

19/02/2019

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The Cambridge Index advanced 893.8 points or 3.8% to close at 24425.1, as eight of the top ten Index heavyweights posted weekly gains to their share prices.

AVEVA Group, up 3.1%, in its trading update for the nine months ended 31 December 2018, announced that it reported a double-digit revenue growth during the period, while hinted at improvement in its software sales and operating margins. Also, the company marked positive performance post its merger with Schneider Electric industrial software business. Furthermore, AVEVA highlighted that it expects an upbeat outlook for the full year.

DS Smith, up 7.5%, announced that it has appointed Rupert Soames as a Non-Executive Director with effect from 01 March 2019. Peel Hunt lowered its target price on the stock to 460p from 585p and gave a “Buy” rating.

Scientific Digital Imaging, up 4.8%, announced the acquisition of Graticules, a division of Pyser Optics Limited, for a total consideration of £3.4m. The company also announced that it has successfully raised around £2.5m through the placing of 7.3m new ordinary shares at an issue price of 34p per share, with a view to decrease its net debt, following the acquisition of Graticules. In addition to this the company raised £100k via PrimaryBid Limited by offering 0.3m new ordinary shares at 34p per share for subscription.

Bango, down 1.8%, announced that its final results for the year ended 31 December 2018 will be released on 19 March 2019.

IQGeo Group, down 1.9%, announced that it has appointed Paul Taylor, its acting Chairman on an interim basis, as the new Chairman, to succeed Peter Harverson, who announced resignation from the Board of all IQGeo group companies with immediate effect.

RhythmOne, down 2.8%, announced that the Scheme Circular, related to its merger with Taptica International, will be rolled out to its shareholders on 25 February 2019.

Peel Hunt slashed its target price on Xaar, down 3%, to 145p from 180p and gave a “Hold” rating.

UK markets ended in the green last week, lifted by gains in financial and banking sector. British economic growth slowed to a 6-year low in 2018, while the nation’s annual inflation dropped to a 2-year low in January. The UK’s manufacturing production slid in December, whereas industrial production declined more than expected in the same month. The UK’s retail sales accelerated at its fastest pace since December 2016 in January. The FTSE 100 index advanced 2.3% to settle at 7236.7, while the FTSE AIM 100 index added 0.6% to close at 4671.1. Meanwhile, the FTSE techMARK 100 index rose 1.9% to end at 4766.3.

US markets closed higher in the previous week, amid optimism over US-China trade deal as well as upbeat corporate earnings report. US consumer sentiment climbed more than anticipated in February, while the JOLTs job openings surprisingly jumped to a record high level in December. US retail sales unexpectedly eased to its lowest level in 9 years in December, and the small business optimism index dropped to a 2-year low level in January. Also, the US producer price index fell for the second straight month in January. The DJIA index jumped 3.1% to end at 25883.3, while the NASDAQ index climbed 2.4% to close at 7472.4.

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