Cambridge Index drops 1.4%

The Cambridge Index retreated 1.4% or 257.0 points to 18,485.9, led by declines in index heavyweights like ARM Holdings, Greene King and AVEVA Group.


RBC Capital reiterated its “Outperform” rating on ARM Holdings, down 3.9%, with a target price of 1330.0p. Sanford C. Bernstein reissued its “Market Perform” recommendation on the stock with a target price of 1000.0p. BNP Paribas maintained its “Outperform” rating on the stock with a target price of 1300.0p.

Numis Securities reiterated its “Add” rating on Johnson Matthey, up 0.7%, with a target price of 3780.0p. Barclays restated its “Equal-weight” rating on Greene King, up 2.9%, with a target price of 835.0p. Meanwhile, JPMorgan Chase hiked its target price on the stock to 920.0p from 830.0p and maintained its “Over-weight” rating. Canaccord Genuity reissued its “Buy” recommendation on the stock with a target price of 850.0p. Nomura maintained its “Neutral” rating on the stock with a target price of 846.0p. Liberum Capital reissued its “Hold” recommendation on AVEVA Group, down 2.2%, with a target price of 1400.0p.

In its trading update, Scientific Digital Imaging, up 44.8%, announced that its full year pre-tax profit would be at par with management’s forecasts while earnings excluding re-organisation costs will exceed management's earlier projections. The company also indicated that all product lines had contributed to higher revenue in the latter half of the year. FinnCap restated its “Corporate” rating on the stock with a target price of 27.0p. Canaccord Genuity restated that its “Buy” recommendation on Dialight, up 2.6%, with a target price of 900.0p.

Cyan Holdings, down 10.3%, in its results for the full year ended 31 December 2014, stated that it reported a pre-tax loss of £3.3m, unchanged from last year, while its revenue registered a sharp annual increase to £193,550. Further, the company indicated that it has strengthened its sales and marketing team during the period and made some senior appointments in Asia, and the Europe, Africa, Americas and Australasia regions. Separately, the company announced that it has been selected by Adenco Construction (Pty) Ltd as a preferred supplier of smart metering and lighting solutions as well as emerging, related Internet of Things applications in South Africa. Beaufort Securities reiterated its “Speculative Rating” on the stock.

Horizon Discovery Group, up 0.4%, indicated that it has appointed Mr Grahame Cook as a Non-Executive Director of the company with immediate effect.

UK markets ended mostly lower in the earlier week, amid lingering concerns over Greek debt impasse. The FTSE 100 index retreated 1.2% to end at 6,960.5, while the FTSE AIM 100 Index gained 0.9% to finish at 3,432.9. Also, the FTSE techMARK 100 Index edged 0.4% lower to 3,967.7.

US markets closed firmer in the previous week, but gains were limited following disappointing macroeconomic data from the US. However, an unexpected decline in weekly initial jobless claims offered some respite to investors. The DJIA index advanced 0.4% to 18,272.6, while the NASDAQ Index rose 0.9% to 5,048.3.

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