Cambridge Index falls 0.9%

3/10/2017

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The Cambridge index eased 0.9% or 217.39 points to settle at 25,080.6, as seven out of the top ten index heavyweights posted weekly losses to their share prices.

Deutsche Bank raised its target price on Johnson Matthey, down 2.1%, to 4300p from 3600p and maintained its “Buy” rating. Netcall, up 5.3%, announced in its final results for the year ended 30 June 2017 that revenues dropped to £16.2m, while its profit before tax marginally eased to £1.68m. FinnCap reissued its target price of 70p. Scientific Digital Imaging, up 3.4%, announced that the Group is trading in line with the expectations while the outlook for the year remains unchanged. The company also announced that Ann Simonhas, Non-Executive Director, will step down from the Board with immediate effect. As a result, David Tilston has been appointed as the Chairman of the Audit Committee. Ubisense Group, unchanged at 35p announced in its interim results for the six months ended 30 June 2017 that revenues rose to £12.4m compared to £10.7m posted in the same period last year. The company’s loss before tax widened to £1.9m from a loss of £897,000 in the previous comparable period.

Liberum Capital raised its target price to 1600p from 1520p on Kier Group, down 0.3%, and maintained its “Buy” rating. Canaccord Genuity reiterated its “Buy” rating on the stock with a target price of 1600p. Amino Technologies, down 1.2%, announced that its Non-Executive Director, Michael Bennett will step down from his position on 04 October 2017.

Horizon Discovery Group, down 4.6%, announced in its interim results for the six months ended 30 June 2017 that The Group revenues jumped 19% to £12.1m from £10.2m posted in the same period the previous year. However, its loss before tax widened to £8.5m from £6.4m in the same period. Numis Securities reiterated its “Buy” rating on the stock with a target price of 300p. Numis Securities restated its “Buy” rating on RhythmOne down 8.7%.

UK markets ended in the green in the last week, after data released by GfK showed a rise in British consumer confidence to a four-month high in September. Meanwhile, the Bank of England Governor, Mark Carney, confirmed that the central bank is close to raising interest rates. The British economy expanded at its weakest annual pace since 2013 in the second quarter of 2017. The FTSE 100 index climbed 0.8% to settle at 7,372.8, while the FTSE AIM 100 index rose 1.5% to close at 5,112.6. The FTSE techMARK 100 index jumped 1.7% to end at 4,582.

US markets settled higher in the prior week, after Republicans unveiled a plan to slash the corporate tax rate to 20%. The US Federal Reserve Chair, Janet Yellen, commented that the central bank has overstated the strength of employment and inflation and added that gradual interest rate hikes would be appropriate. The Chicago purchasing managers index advanced at its fastest pace in nearly three years in September. The DJIA index advanced 0.2% to end at 22,405.1, while the NASDAQ index added 1.1% to close at 6,495.9.

Research and analysis for these reports has been conducted by Decimal Point Analytics on behalf of NW Brown Group. For more information on the companies and markets referred to above please visit www.nwbrown.co.uk

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