Cambridge Index falls 0.6%

12/02/2019

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The Cambridge Index declined 144.5 points or 0.6% to close at 23531.3, as Index heavyweights such as Johnson Matthey, DS Smith and Abcam posted weekly losses to their share prices.

AVEVA Group, up 7.3%, announced that it has appointed JP Morgan Cazenove as its joint corporate broker, together with Numis Securities, with immediate effect.

Citigroup restated its “Buy” rating on DS Smith, down 3.3%.

JP Morgan Cazenove reconfirmed its “Underweight” rating on Greene King, down 0.2%.

RhythmOne, up 5.6%, announced the resignation of Mark Zorko from the position of Chief Financial Officer (CFO) from the Board. As a result, Mark Bonney, President and CEO of the company, has been appointed as an interim CFO, with immediate effect.

Scientific Digital Imaging, up 4.3%, announced that it has acquired Thermal Exchange Limited for a consideration of £0.8m and additional cash payments of approximately £300k for the net assets on completion. The company also announced the extension of its agreement for a Senior Credit Facility with HSBC Bank to £5m and till the end of April 2022.

Frontier Developments, up 4%, in its interim results for the six months ended 30 November 2018, announced that revenues skyrocketed to £64.7m from £19m reported in the same period last year. Likewise, its profit before tax surged to £17.3m from £3m recorded in the previous year, while the basic earnings per share advanced to 40.2p from 8p. Peel Hunt reiterated its “Buy” rating on the stock. Liberum Capital reaffirmed its “Buy” rating on the stock.

Tristel, up 2.6%, announced that it has appointed Dr. Bruno Holthof as a Non-Executive Director to the Board, with immediate effect.

Kier Group, down 4.6%, announced that it will publish its interim results for the six months ended 31 December 2018 on 20 March 2019.

Elektron Technology, down 9.1%, in its trading update for the financial year ended 31 January 2019, announced that it anticipates trading performance for the full year to be in line with revised market estimates, with the Group like-for-like revenues from continuing operations to post a 13% growth to approximately £33.7m.

Amino Technologies, down 31.4%, in its final results for the year ended 30 November 2018, announced that revenues dropped to $88.9m from $99.1m reported in the last year. Moreover, its profit before tax declined to $8.2m from $13.2m, while its basic earnings per share fell to 11.3c from 21.3c in the previous year. Meanwhile, the Board declared a final dividend of 7.3p per share, payable on 26 April 2019 to shareholders on the register as 5 April 2019.

UK markets closed mostly higher last week, led by a weaker British Pound. Britain’s services sector activity dropped to its lowest level since July 2016 in January, while the nation’s construction PMI declined to a 10-month low in the same month. UK house prices fell more than expected in January. The Bank of England, in its latest monetary policy meeting, opted to leave its interest rate steady at 0.75%, while it revised down its forecast on the British economic growth for 2019 and 2020. The FTSE 100 index advanced 0.7% to settle at 7020.2, while the FTSE AIM 100 index fell 2.6% to close at 4769.9. Meanwhile, the FTSE techMARK 100 index gained 1.6% to end at 4601.3.

US markets ended higher in the previous week, supported by upbeat earnings report from major companies. The US trade deficit narrowed for the first time in 6 months in November. The US services PMI expanded at its weakest pace in 6 months in January, while the factory orders unexpectedly slid in November. The DJIA index rose 0.2% to end at 25063.9, while the NASDAQ index gained 0.5% to close at 7263.9.

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