Cambridge Index falls 0.9%

20/11/2012

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Rising concern over the handling of the US “fiscal cliff” and the ongoing situation in Greece led global equity markets lower during the week. The Cambridge Index fell 0.9% or 113.7 points to 12,108.6, following losses in eight of the top ten index heavyweights.

ARM Holdings, down 0.2%, announced the availability of a rapid prototyping developer kit for the budding ‘Internet of Things’ (IoT) market. Johnson Matthey, down 1.1%, forecast that global platinum supply would decline 10% to 5.84m ounces this year.

Aveva Group, down 1.2%, announced that its first half revenue improved 15% to £97.6m, while pre-tax profits rose 8% to £25.8m. The board increased the interim dividend to 4.5p from 4.0p. CSR, down 1.8%, announced the details of its offer to return cash of up to $285m to its shareholders.

Blinkx jumped 5.9% and emerged as the top gainer in the Cambridge Index. The company announced an 84% surge in its first half revenues to $82.0m, while pre-tax profits rallied 66.7% to $2.5m. On the future outlook, the company expressed confidence for the rest of the financial year. Brady, up 1.5%, announced that it would acquire Systems Alternatives International in a deal worth about $9.95m.

PDX fell 23.4%, emerging as the largest faller in the Cambridge Index, as the market reacted to news of changes to its board of directors and plans to raise about £6.0m for working capital requirements. The company announced the appointment of Hagen Gehringer as CEO, Paul Banner and Philip Corbishley as Non Executive Directors and Bernie Bulkin as Chairman.

Kier Group, down 6.4%, announced that it continues to be on course to meet its expectations for the current financial year, with much of this expected to come through towards the second half. However, the company added that the trading environment remains difficult, reflecting little sign of improvement in the UK construction market. Cyan Holdings, unchanged at 0.8p, announced that it would issue 12,932,643 ordinary shares, at a price of 0.5p, each, following the exercise of warrants.

Ubisense Group, down 3.8%, launched a new mapping application named myWorld which leverages Google Maps and is aimed at helping enterprise users get the most out of their spatial data.

In the UK, the FTSE 100 index closed 2.8% lower, at 5605.6, after the BoE downgraded its growth forecast and warned that the economy could remain below pre-financial crisis levels for the next three years. Dismal UK retail sales data also weighed on investor risk appetite. The FTSE techMARK 100 Index dropped 2.1% to 2347.7, while the FTSE AIM 100 Index slipped 2.2% to 3023.9.

The Dow Jones Index fell 1.8% to 12588.3, while the Nasdaq Index retreated 1.8% to 2853.1.

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