Cambridge Index drops 1.4%

The Cambridge Index fell 273.84 points or 1.4% to close at 19618.7, as five out of the top five index heavyweights posted weekly losses to their share price.

Kirly Group Cambridge Index

Morgan Stanley reiterated its “Equal weight” rating on AVEVA Group, down 0.7%.

Berenberg Bank decreased its target price on the stock to 2,800.0p from 3,550.0p and gave a “Buy” rating.

Morgan Stanley reaffirmed its “Overweight” rating on DS Smith, down 2.8%. Royal Bank of Canada trimmed its target price on Abcam, down 3.5%, to 1,700.0p from 1,950.0p and gave an “Outperform” rating.

CyanConnode Holdings, up 5.9%, announced that it has secured its first order from IntelliSmart Infrastructure Pvt Ltd to deploy a smart metering deployment in Assam, India. Under the order, CyanConnode would supply 100,000 Omnimesh Modules together with advanced metering infrastructure, standards-based hardware, services, Omnimesh head-end software, perpetual license and an annual maintenance contract. Separately, the company announced the appointment of Saurabh Kumar as an adviser to the company.

Marshall Motor Holdings, unchanged at 394.0p, announced the appointment of Timothy Lampert and Matthew Kelly to the board, with immediate effect. Also, the company announced the resignation of Alan Ferguson, Francesca Escery, Nicky Dulieu and Christopher Walkinshaw as Non-Executive Directors, with immediate effect.

GetBusy, unchanged at 64.0p, today, announced that its Chief Financial Officer, Paul Haworth, will be presenting at the Mello2022 investor conference on 24th May 2022.

Feedback slipped 9.6%. The company announced that its registered office address has changed to 201 Temple Chambers 3-7 Temple Avenue, London EC4Y 0DT, with immediate effect.

Checkit, down 2.7%, announced that the Mello2022 investor conference would be held on 25th May 2022 at the Clayton Hotel Chiswick, Chiswick High Road, London, W4 5RY.

1Spatial, down 1.2%, announced that it has won a $1.40m four-year data management contract with Rizing, a global SAP partner, to support the replacement of the Transportation System Network for the California Department of Transportation. Separately, today, the company announced that it will be presenting and exhibiting at the Mello 2022 investor conference on 26 May 2022.

UK markets finished mostly higher in the previous week. On the economic front, UK’s RICS housing price balance accelerated at its quickest pace since June 2021 in April. On the contrary, Britain’s economy slowed in the first quarter of 2022, while the nation’s industrial production unexpectedly dropped in March. Additionally, the BRC like-for-like retail sales fell for the first time since January 2021 in April, while the nation’s trade deficit widened in March. The FTSE 100 index advanced 0.4% to settle at 7,418.2, while the FTSE AIM 100 index fell 1.3% to close at 4,560.7. Meanwhile, the FTSE techMARK 100 index gained 0.9% to end at 5,986.2.

US markets ended in the negative territory in the prior week, amid concerns over the Federal Reserve’s aggressive rate hikes. On the data front, the US consumer price growth slowed sharply in April, as gasoline prices eased, while the nation’s Michigan consumer sentiment index fell to its lowest level in 11 years in May, amid persistent worries over inflation. Additionally, the US initial jobless claims unexpectedly jumped in the week ended 06 May 2022. On the contrary, the US budget statement posted a surplus in April, while the nation’s producer price index advanced more than market forecast in April, as food prices continued to rise. The DJIA index fell 2.1% to end at 32,196.7, while the NASDAQ index lost 2.8% to close at 11,805.0.

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