The Cambridge Index dropped 190.7 points or 0.8% to close at 23,169.0, as eight of the top ten Index heavyweights posted weekly losses to their share price.
Cambridge Index falls 0.8%
AVEVA Group, down 0.8%, announced that its Annual General Meeting will be held on 21 July 2020.
Johnson Matthey PLC, down 2.1%, in its final results for the year ended 31 March 2020, announced that revenues climbed to £14.6b from £10.7b recorded in the previous year. Basic earnings per share dropped to 132.3p from 215.2p. Separately, the company announced that using its catalyst and process technology, China’s Ningxia Baofeng Energy Group has started up the 6,600 mtpd methanol plant at their 600 kta coal to olefins complex near Yinchuan in Ningxia Province PRC. Meanwhile, the company announced that Chief Financial Officer, Anna Manz, will leave the firm and its Board on 20th November 2020. Morgan Stanley reiterated its “Overweight” rating on the stock with a target price of 2850p.
CyanConnode, up 15.6%, announced that it has commenced the shipment of Omnimesh RF Modules to Genus Power. Further, the company noted that it has made significant progress on software and integration works, despite facing minor delays in installation work, due to Covid-19.
Oracle Power, up 2.6%, in its final results for the year ended 31 December 2019, announced that operating losses increased to £1.1m from £0.9m recorded in the previous year. Loss per share came in at 0.1p. Further, the company stated that its Thar Block VI Project has been awarded priority status under the China-Pakistan Economic Corridor initiative. Separately, the firm announced today that it has received notices of exercise in respect of certain pre-existing warrants to subscribe for, in aggregate, 9,000,000 new ordinary shares of 0.1p each in the capital of the company at a price of 0.25p per share.
GRC International Group, up 1.8%, in its trading update replacement for the first quarter, stated that funds raised from the February placing has strengthened the balance sheet and working capital position of the firm.
Tristel, down 4.3%, announced that a video presentation recorded by Chief Executive Officer (CEO), Paul Swinney, will be made available to shareholders on 22 July 2020 on the company’s website. Further, on the same date, the firm will release a trading update for the year ended 30 June 2020.
UK markets closed lower last week, amid concerns that a second wave of coronavirus infections would slowdown economic recovery. Meanwhile, the British Prime Minister, Boris Johnson, took additional steps to relax the country’s coronavirus lockdown. On the data front, flash reading of the UK’s manufacturing and services sector activity index climbed more than expected in June. The FTSE 100 index declined 2.1% to settle at 6159.3, while the FTSE AIM 100 index fell 1.1% to close at 4520. Meanwhile, the FTSE techMARK 100 index lost 3.2% to end at 5298.2.
US markets ended lower in the previous week, following an increase in coronavirus cases in the country. In economic news, the US first quarter annualised gross domestic product declined in line with market expectations. The US manufacturing and services PMI advanced in June, while durable goods orders rebounded more than expected in May. In other news, the International Monetary Fund slashed its 2020 global output forecasts further to -4.9% from -3% earlier, stating that the coronavirus pandemic is causing wider and deeper damage to economic activity than previously thought. The DJIA index fell 3.3% to end at 25015.6, and the NASDAQ index also lost 1.9% to close at 9757.2.
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