Cambridge Index ends flat

30/05/2018

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The Cambridge Index finished almost unchanged to close at 27,807.7 last week, as losses in Index heavyweights such as Johnson Matthey and Abcam were offset by gains in DS Smith and AVEVA Group.

DS Smith, up 0.9%, announced that it has entered into an agreement to acquire US-based Corrugated Container Corporation, operating in four areas in North America namely, Tennessee, North Carolina and two sites in Virginia. The company further stated that the acquisition is in line with medium-term financial targets and will increase the box-making capacity of the company.

Numis Securities reissued its “Add” rating on AVEVA Group, up 0.3%, with a target price of 2050p.

Panmure Gordon restated its “Buy” rating on Vernalis, up 41.0%, with a target price of 65p.

Numis Securities reissued its “Hold” rating on Frontier Developments, up 8.7%, with a target price of 300p.

RhythmOne, up 8.2%,  announced the resignation of Ted Hastings as the Chief Executive Officer and a member of the Board of Directors. Numis Securities restated its “Buy” rating on the stock with a target price of 52p.

Gaming Realms, up 4.7%,  announced a three-year licensing deal with Sony Pictures Television to create and host new games on its proprietary platform.

1Spatial, up 3.1%, in its final results for the year ended 31 January 2018, announced that its revenues increased to £16.9m from £15.1m reported in the last year, while its loss before tax narrowed to £1.9m from £15.9m.

FinnCap reissued its “Corporate” rating on Netcall, up 2.1%, with a target price of 70p.

FinnCap reissued its “Corporate” rating on Scientific Digital Imaging, down 1.2%, with a target price of 20p.

Peel Hunt reaffirmed its “Buy” rating on Kier Group, down 2.9%, with a target price of 1600p.

CyanConnode Holdings, down 6.7%, announced that it has received a $3.2m purchase order from Larsen & Toubro for installing IPv6-based smart metering solution to create a secure IoT network. Nearly 15 zones in Indore city would fall under the program, led by the state-owned Madhya Pradesh Paschim Kshetra Vidyut Vitaran Company Limited, which would deploy CyanConnode’s Omnimesh Advanced Metering Infrastructure solution.

Beaufort Securities restated its “Speculative Buy” rating on Horizon Discovery Group, down 11.7%, with a target price of 200p. Numis Securities reaffirmed its “Buy” rating on the stock with a target price of 262p.

UK markets mostly higher in the last week, after the British retail sales rose to an 18-month high in April. Moreover, the nation’s economy expanded in line with market expectations for the first quarter of 2018. Meanwhile, UK’s public-sector net borrowing dropped to its lowest level since 2007 in April and the annual consumer price inflation slid to a 13-month low in April. The FTSE techMARK 100 index jumped 1.1% to end at 4,792.2, whereas the FTSE AIM 100 index marginally rose to close at 5,681.4. Meanwhile, the FTSE 100 index dropped 0.6% to settle at 7,730.3.

US markets ended in positive region in the prior week, after the US Federal Reserve’s latest monetary policy meeting minutes signalled that rising inflation would not affect the future pace of interest rate hikes. On the data front, the US manufacturing sector activity jumped to a September 2014 high in May. Meanwhile, the nation’s durable goods orders fell more-than-expected in April, while the consumer sentiment index surprisingly dropped in May. The DJIA index advanced 0.2% to end at 24,753.1, while the NASDAQ index gained 1.1% to close at 7,433.9.

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