Cambridge Index drops 2.9%

The Cambridge Index dropped 569.00 points or 2.9% to close at 18,813.6, as seven out of the top ten index heavyweights posted weekly losses in their share price.

Kirly Group Cambridge Index

Darktrace, down 1.0%, announced that it has launched a new managed detection and response service that combines artificial intelligence-powered threat containment with 24/7 human expert support.

Johnson Matthey, down 6.7%, announced that its annual general meeting (AGM) would be held at 11:00 am on 18 July 2024 at the Herbert Smith Freehills, Exchange House, Primrose Street, London EC2A 2EG.

GRC International Group, up 56.3%, in its trading update, announced that FY24 was a third year of progress in improving revenue, margins and productivity. This progress, combined with the early benefits of the 4Q streamlining and re-structure, led to a significant improvement in underlying EBITDA in FY24 and generated ongoing cost savings. Additionally, it expects revenue to be up 4% to £15.3m (FY23: £14.7m). Its contracted and recurring revenue is expected to be up 3% to £11.0m (FY23: £10.7m), while annualised recurring revenue (ARR) is expected to be £11.0m (FY23: £10.9m). The company’s year-end cash stood at £0.2m (FY23: £0.1m).

Frontier Developments, up 3.4%, announced the notice of a scheduled trading update covering FY24 financial performance on 12 June 2024.

Tristel, up 2.4%, today, announced that it has appointed Matthew (Matt) Sassone as the Chief Executive Officer (CEO), with effect from 02 September 2024.

Cambridge Cognition Holdings, unchanged at 42.0p, announced that its annual general meeting (AGM) would be held at 9:00 am on 28 June 2024 at the registered office of the Company, Tunbridge Court, Tunbridge Lane, Bottisham, Cambridge, CB25 9TU.

Checkit, down 9.6%, announced a formal approach to the board of Crimson Tide (the Crimson Tide Board) regarding a possible all-share offer for Crimson Tide under which Checkit would acquire the entire issued and to be issued share capital of Crimson Tide.

Aferian, down 2.0%, announced that its general meeting would be held at the offices of Bryan Cave Leighton Paisner LLP (BCLP), 5 Laurence Pountney Hill, London, EC4R 0BR on 28 June 2024, at 9.00 a.m.

Oracle Power, unchanged at 0.02p, announced the completion of phase 2 of the drilling programme at its Northern Zone Gold Project located 25km ESE of Kalgoorlie in Western Australia.

UK markets ended mostly lower last week, led by losses in mining and real estate sector stocks. On the data front, UK’s manufacturing PMI rose less than expected in May, while the nation’s services PMI fell as expected in May. Additionally, UK’s BRC like-for-like retail sales advanced less than anticipated in May, while the nation’s Halifax house prices unexpectedly fell in May. The FTSE 100 index declined 0.4% to settle at 8,245.4, while the FTSE AIM 100 index fell 2.1% to close at 3,825.1. Meanwhile, the FTSE techMARK 100 index gained 1.1% to end at 7,118.7.

US markets ended higher in the previous week, as stronger-than-expected US nonfarm payrolls data. On the macro front, the US factory orders rose for a third straight month in April, while the nation’s ISM services PMI advanced to a nine-month high in May. Additionally, the US nonfarm payrolls climbed more than anticipated in May. Meanwhile, the US manufacturing sector activity slowed for a second straight month in May, amid a drop in new goods orders. Moreover, the US JOLTs job opening dropped to its lowest level in more than three years in April, while the nation’s private sector employment rose less than expected in May. Also, the US weekly jobless claims unexpectedly rose in the week ended 31 May 2024, while the nation’s unemployment rate unexpectedly advanced in May. The DJIA index rose 0.3% to end at 38,799, while the NASDAQ index gained 2.4% to close at 17,133.1.

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