Cambridge Index drops 4.5%

The Cambridge Index declined 1,136.5 points or 4.5% to close at 24,066.4, as six out of the top ten index heavyweights posted weekly losses to their share prices.

Cambridge Index 10.1.22

Johnson Matthey, up 1.3%, announced that it has unveiled its own reverse water-gas shift (RWGS) technology to convert carbon dioxide (CO2) and green hydrogen into sustainable aviation fuel (SAF).

Frontier Developments, down 4.5%, announced that it would release its interim financial results for the six months ended 30 November 2021 and provide a trading update on 12th January 2022.

SDI Group, up 10.2%, announced that it has acquired Scientific Vacuum Systems Ltd (SVS), a UK manufacturer of physical vapour deposition equipment, for a total consideration of around £4.9m.

IQGeo Group, up 1.6%, announced that it has secured a 5-year contract worth $4.5m from a US telecom network operator for fibre network planning, design, and construction management. Orders for associated services are expected in 2022.

Quartix Technologies, unchanged at 385p, today, in its trading update, announced that it expects revenue and free cash flow to be in line with market expectations at £25.6m and £3.8m, respectively and adjusted EBITDA to be significantly ahead of those forecasts at £5.7m. Further, the board intends to declare a final dividend for the year in line with its stated policies.

Oracle Power, down 12.0%, announced that it has achieved positive assay results from the maiden drilling programme at the Northern Zone Gold Project, in Western Australia.

Cambridge Cognition, down 2.4%, today, announced that it has been awarded contracts worth £700,000 for two clinical trials by a top 20 pharmaceutical company to assess the pro-cognitive effects of a new drug in schizophrenia.

Kier Group, down 1.1%, announced that it has been selected to deliver two significant schemes in London, for a total amount of £107m.

UK markets ended mostly lower last week, tracking losses in global equity markets. On the data front, Britain’s services PMI dropped to a 10-month low in December, as hospitality and travel services were affected by the spread of the Omicron variant of Covid-19, while mortgage approvals declined to its lowest level since June 2020 in November, as activity in the housing market slowed. Additionally, UK’s construction PMI fell to a three-month low in December, due to the Omicron variant of coronavirus. Meanwhile, UK’s manufacturing PMI dropped less than expected in December, while the nation’s house prices climbed at its fastest pace since 2007 in December, as buyers purchased more homes during lockdown.

The FTSE techMARK 100 index lost 2.5% to end at 6,802.4, while the FTSE AIM 100 index fell 3.5% to close at 5,800.7. Meanwhile, the FTSE 100 index advanced 1.4% to settle at 7,485.3.

US markets ended lower in the previous week, after the US Federal Reserve (Fed) indicated that it would hike interest rates faster than expected and reduce its assets holdings. On the macro front, the US ISM manufacturing PMI declined to an eleven-month low in December, amid supply chain issues, while the nation’s services PMI fell more than expected in December. Additionally, the US initial jobless claims unexpectedly rose in the week ended 31 December 2021, amid rise in the spread of Omicron cases, while trade deficit widened in November, as imports surged. Moreover, the US nonfarm payrolls grew at a slower pace in December. On the flipside, the US factory orders accelerated more than expected in November, while the private sector employment climbed in December. Also, the nation’s unemployment dropped more than expected in December. Meanwhile, the US Fed hinted at tighter monetary policy and reduction in asset holdings. The DJIA index fell 0.3% to end at 36,231.7, while the NASDAQ index lost 4.5% to close at 14,935.9.

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