Cambridge Index falls 0.52%

The Cambridge Index fell 98.71 points or 0.52% to close at 19,004.0, as eight out of the top ten index heavyweights posted weekly loss to their share price.

Kirly Group Cambridge Index

AVEVA Group, unchanged at 2433.0p, announced that it has published its Annual Report and Accounts 2022, incorporating the notice of the 2022 Annual General Meeting (AGM). Moreover, its 2022 AGM would be held at 9.30 a.m. on 15 July 2022 at AVEVA Group Plc, 30 Cannon Street, London, EC4V 6XH.

Johnson Matthey, down 2.1%, announced that it has released its Annual Report and Accounts 2022 and notice of Annual General Meeting (AGM).

Frontier Developments, up 19.7%, in its trading update for the 12 months ended 31 May 2022, announced that it has earned a revenue of approximately £114m in FY22, about 26% higher than the previous year, driven by the release of successful new Frontier title, Jurassic World Evolution 2, which has enabled it to attract an expanding player base since its launch in November 2021.

GetBusy, unchanged at 59.0p, announced that it has appointed Panmure Gordon (UK) Limited (Panmure Gordon) as Financial Adviser, Nominated Adviser and sole Broker, with immediate effect.

Feedback, down 7.4%, in its trading update for the year ended 31 May 2022, announced that its FY22 trading was ahead of market expectations with revenue expected to be around £0.59m (FY21: £0.29m), up approximately 105%.

Kier Group, down 6.7%, announced that it has been selected by Manchester City Council to deliver the first phase of the refurbishment of the Manchester Aquatics Centre.

Oracle Power, down 3.3%, announced that it has achieved positive results from the three samples from its 100% owned Northern Zone Gold Project, located in Western Australia. The results showed that an average gold recovery of 88% over 12 hours and 92.9% on average over 24 hours can be achieved from the three samples.

Aferian, down 2.2%, in its trading update for the six months ended 31 May 2022, announced that Group revenue for the period is expected to be approximately $45m (H1 2021: $45.3m).

Dialight, down 0.9%, announced that it has appointed Peel Hunt LLP as sole corporate broker, with immediate effect.

UK markets ended lower last week, amid concerns over sluggish economic growth. On the data front, UK’s gross domestic product unexpectedly declined for a second consecutive month in April, stoking worries over economic slowdown. Additionally, Britain’s industrial production fell in April, while the nation’s unemployment rate rose for the first time in nearly a year in the three months to April. Meanwhile, UK’s trade deficit narrowed in April. In a recent development, the Bank of England (BoE) raised its key interest rate by 25 basis points to 1.25%, its fifth consecutive increase and highest in 13 years. Further, the central bank warned that inflation would hit 11% in October. The FTSE 100 index declined 4.1% to settle at 7,016.3, while the FTSE AIM 100 index fell 5.1% to close at 4,277.4. Also, the FTSE techMARK 100 index lost 2.7% to end at 5,748.2.

US markets ended lower in the previous week, following aggressive monetary tightening by the US Federal Reserve (Fed). On the macro front, the US retail sales unexpectedly dropped for the first time in five months in May, on inflation concerns, while the nation’s industrial production fell in May, amid ongoing supply chain and input price problems. Additionally, the US housing starts declined to a 13-month low in May, amid rising mortgage rates, while building permits fell in the same month. Moreover, the US producer price index (PPI) rose less than expected in May, while the nation’s NAHB housing market index declined to a 2-year low in June. Furthermore, the US Philadelphia Fed manufacturing index contracted for the first time since May 2020 in June. In a major news, the Fed raised its key interest rate by 75 bps to 1.75%, registering its biggest hike since 1994, to curb inflation that is running at a 40-year high. The DJIA index fell 4.8% to end at 29,888.8, while the NASDAQ index lost 4.8% to close at 10,798.4.


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