The Cambridge Index declined 128 points or 0.5% to close at 24848.9, as Index heavyweights including Johnson Matthey and DS Smith posted weekly losses to their share prices.
Cambridge Index eases 0.5%
Johnson Matthey, down 1.9%, announced the appointment of Doug Webb as a Non-Executive Director, with effect from 02 September 2019. HSBC reissued its “Buy” rating on the stock with a target price of 3650p.
DS Smith, down 0.9%, announced a partnership with Ellen MacArthur Foundation to accelerate its circular economy drive and support innovation across the business, including recycling and carbon-efficiency in e-commerce.
JPMorgan Chase & Co. raised its target price on Greene King, up 2%, to 720p from 520p and gave a “Neutral” rating.
Amino Technologies, up 5.2%, announced the first installation of AminoTV on a multi-tenant platform at Dutch cable and internet service providers, DELTA and Caiway. DELTA and Caiway will continue to operate as separate brands but with an integrated pay-TV operation through AminoTV's end-to-end multiscreen video platform.
Liberum Capital reaffirmed its “Buy” rating on Frontier Developments, up 0.9%.
Cambridge Cognition Holdings, down 3.5%, announced the retirement of Michael Lewis and Nicholas Kerton from the role of Non-Executive Directors. Matthew Stork, Chief Operating Officer, has been appointed as the Chief Executive Officer (CEO), after Steven Powell stepped down as CEO, in order to be appointed as Chairman of the Board of Directors.
Horizon Discovery Group, down 5.6%, announced that its Annual General Meeting will be held on 18 June 2019. Peel Hunt dropped its target price on the stock to 171p from 177p and gave a “Hold” rating.
LPA Group, down 8.7%, announced in its trading update that its annual revenue will suffer a hit of £3m, citing continuous delays in the delivery schedules. LPA confirmed that no contracts were lost but the delivery has been postponed to a further period. Separately, the company announced that it has received two substantial electro-mechanical solutions contracts for the UK market as well as Far East export worth £1.7m and £0.8m, respectively.
UK markets ended mostly lower last week, led by losses in energy and housebuilding sector stocks. The UK consumer price index advanced less than expected in April, while public sector net borrowing dropped to its lowest level since 2007 in April. Britain’s retail sales rose more than anticipated in April and the UK’s Prime Minister, Theresa May, announced her decision to resign from her post on 07 June. The FTSE 100 index declined 1% to settle at 7277.7, while the FTSE AIM 100 index rose 0.4% to close at 5074.06. Meanwhile, the FTSE techMARK 100 index lost 1% to end at 4975.2.
US markets ended in the red in the previous week, amid losses in technology sector stocks. The US manufacturing PMI dropped to its lowest level in 9 years in May, while durable goods orders fell more than anticipated in April. Furthermore, US new home sales tumbled in April. Minutes of the US Fed’s May meeting showed that policymakers are in no rush for a near-term move in monetary policy, as inflation is likely to remain subdued. The DJIA index fell 0.7% to end at 25585.7, while the NASDAQ index lost 2.3% to close at 7637.0.
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