Cambridge Index declines 3.1%

190819 Cambridge Index movement

The Cambridge Index declined 745.1 points or 3.1% to close at 23402.2, as eight of the top ten Index heavyweights posted weekly losses to their share prices.

Sareum Holdings, up 20.4%, announced that it has appointed Strand Hanson Limited as Nominated & Financial Adviser, with immediate effect.

Bango, up 9.1%, announced that it has signed a business partnership deal with music streaming firm, Spotify Technology, wherein the latter’s streaming service would be made available to operators worldwide to bundle with mobile or fixed subscription plans. Bango aims to provide new offers to specific customers in order to generate higher customer adoption.

Marshall Motor Holdings, up 4.1%, in its interim results for the six months ended 30 June 2019, announced that revenues slightly rose to £1.18b from £1.16b reported in the same period last year. However, its profit before tax declined to £14.8m from £16.2m reported in the previous year, while the basic earnings per share fell to 14.6p from 16.3p. The company’s board declared an interim dividend of 2.85p per share, payable on 20 September 2019 to shareholders on the register as at 23 August 2019.

Cambridge Cognition Holdings, unchanged at 62p, announced that it has introduced its Neuropsychological Test Automated Battery (CANTAB) computerised assessments in Chinese Market, with a view to strengthen its presence globally. The company is in the process of establishing a secure cloud infrastructure by using Amazon Web Services in a Chinese data centre to enable direct compliance with China's scientific data transfer regulations. FinnCap reissued its “Corporate” rating on the stock.

Frontier Developments, down 0.6%, announced that it expects to publish its final results for the year ended 31 May 2019 on 4 September 2019. Separately, the company announced that it has appointed Jefferies International Limited as joint corporate broker with Liberum. Peel Hunt reiterated its “Buy” rating on the stock.

UK markets closed lower last week, weighed down by losses in mining and financial sector stocks. On the macro front, UK’s annual consumer prices advanced more than expected in July, while retail sales rose in the same month. Meanwhile, Britain’s unemployment rate unexpectedly climbed in the three months ended June 2019. The FTSE 100 index declined 1.9% to settle at 7117.2, while the FTSE AIM 100 index fell 3.3% to close at 4367.1. Meanwhile, the FTSE techMARK 100 index lost 1.1% to end at 5292.3.

US markets ended in the red in the previous week, led by losses in banking and industrial sector stocks. On the data front, the US annual inflation climbed more than estimated in July, while the advance retail sales rose in the same month. Moreover, the Philadelphia Fed manufacturing index unexpectedly jumped in August. On the other hand, the Michigan consumer sentiment index fell in August, while the initial jobless claims rose more than anticipated in the last week. Also, the US industrial production surprisingly slid in July, while the housing starts fell for the third straight month in July. The DJIA index fell 1.5% to end at 25886, while the NASDAQ index lost 0.8% to close at 7896.

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