Cambridge Index drops 1.1%

The Cambridge Index fell 215.53 points or 1.1% to close at 19100.6, as six out of the top ten index heavyweights posted weekly losses to their share price.

Kirly Group Cambridge Index

Johnson Matthey, down 0.6%, announced the completion of the sale of its health business to Altaris Capital Partners (Altaris), a leading healthcare investment firm, for a total consideration of £325m. As part of the transaction, JM would retain approximately a 30% equity stake in Veranova.

Feedback, up 12.0%, in its trading update, announced that it expects revenue to be materially ahead of market expectations for the financial year ended 31 May 2022. The company expects to deliver a FY 2022 operational and trading update in mid-June 2022. Separately, the company has appointed Annemijn Eschauzier as a Non-Executive Director, with immediate effect.

GRC International Group, up 3.8%, announced that Alan Calder (CEO) and Chris Hartshorne (Finance Director) would conduct a live presentation relating to the year-end trading update on 7 June 2022 at 11:30am BST.

Kier Group, down 3.2%, announced that it has completed the construction of the Shakespeare North Playhouse, a stunning new theatre in Prescot.

UK markets ended mostly lower last week, amid worries over rising inflation and interest rates. On the data front, UK’s manufacturing PMI dropped to a 16-month low in May, while the nation’s mortgage approvals dropped to its lowest level since June 2020 in April, driven by higher interest rates. Meanwhile, the Nationwide housing prices advanced for a tenth consecutive month in May. The FTSE 100 index declined 0.7% to settle at 7,533.0, while the FTSE techMARK 100 index lost 1.5% to end at 6,071.2. Meanwhile, the FTSE AIM 100 index rose 0.4% to close at 4,640.9.

US markets ended lower in the previous week, as robust US jobs data strengthened expectations for aggressive rate hikes by the US Federal Reserve (Fed). On the macro front, the US factory orders advanced less than expected in April, while the nation’s services PMI fell in May. Additionally, the consumer confidence dropped to a 3-month low in May, amid persistent worries over high inflation and rising interest rates, while the Dallas Fed manufacturing business index declined in May. On the other hand, the US weekly jobless claims dropped in the week ended 27 May 2022, while nation’s non-farm payrolls climbed by more than expected in May. The DJIA index fell 0.9% to end at 32,899.7, while the NASDAQ index lost 1.0% to close at 12,012.7.

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