Cambridge Index declines 2.7%

130519_Cambridge Index

The Cambridge Index fell 694.1 points or 2.7% to close at 24727.3, as four of the top five Index heavyweights posted weekly losses to their share prices.

 Credit Suisse Group lifted its target price on AVEVA Group, down 1.9%, to 3900p from 3000p and gave an “Outperform” rating.

1Spatial, up 9.1%, announced that it has signed two independent share purchase agreements for acquiring Geomap-Imagis Participations for a consideration of €7m. They also launched a placing of 9.9m new ordinary shares in their capital for 31.5p per share in order to raise £3.1m for supporting the acquisition. Further, the company announced that 1Spatial France and 1Spatial Belgium have entered into a new partnership agreement with Esri Inc. 

CyanConnode Holdings, unchanged at 6.8p, announced today that its annual revenues rose nearly threefold to £4.5m in 2018, with its loss before tax narrowing to £6.3m from £11.1m.

Scientific Digital Imaging, down 1.8%, announced that it will visit the Mello 2019 investor conference at Clayton Hotel Chiswick, Chiswick High Road, London, on 16-17 May 2019. The company’s Chief Executive Officer (CEO), Mike Creedon, and Chairman, Ken Ford, will deliver a presentation to the delegates.

Sareum Holdings, down 6.9%, announced that Sierra Oncology has provided a summary of the recent progress in the development of the novel Chk1 inhibitor, SRA737. Sierra revealed that SRA737 is being monitored under two phases that would evaluate its capacity to induce synthetic lethality as monotherapy in Phase 1 and assess the combination of SRA737 potentiated by non-cytotoxic LDG in Phase 2. It expects to post preliminary results for both trials at the 2019 ASCO Annual Meeting in June 2019. Also, it has designed clinical trials and has conducted preclinical research that evaluates SRA737 in combination with other DDR-targeted agents, including poly ADP-ribose polymerase (PARP) inhibitors, as well as with immuno-oncology therapeutics.

Kier Group, down 8.8%, announced that Mr. Bev Dew has resigned from his role as a Finance Director and will leave the company on 30 September 2019, following its full-year results announcement. Peel Hunt reiterated its “Buy” rating on the stock.

UK markets closed lower last week, amid losses in banking and commodity sector stocks. The British economy rose as anticipated in the first quarter, while the manufacturing production climbed more than expected in March. Also, the UK’s trade deficit narrowed in March, whereas house prices rose at its quickest pace in 2 years in April. The FTSE 100 index declined 2.4% to settle at 7203.3, while the FTSE AIM 100 index fell 1.7% to close at 5032.7. Meanwhile, the FTSE techMARK 100 index lost 1.3% to end at 4948.5.

US markets ended in the red in the previous week, after the US President, Donald Trump, decided to impose additional tariffs on Chinese goods worth $200bn. The US inflation advanced weaker than expected in April, while its trade deficit widened in March. Also, the US consumer credit rose at its slowest pace in 9 months in March. The DJIA index fell 1.9% to end at 25942.4, while the NASDAQ index lost 2.5% to close at 7916.9.

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