Cambridge Index falls 2.6%

26/03/2019

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The Cambridge Index declined 645.9 points or 2.6% to close at 23995.9, as four of the top five Index heavyweights posted weekly losses to their share prices.

Greene King, up 2.9%, announced the appointment of Sandra Turner as a Non-Executive Director.

RhythmOne, up 22.1%, announced that the resolution regarding the acquisition of the company by Taptica International Limited was duly passed by Taptica’s shareholders in its Extraordinary General Meeting.

Marshall Motor Holdings, up 6.7%, announced that it will hold its Annual General Meeting on 21 May 2019. Separately, the company announced the resignation of Sarah Dickins as the Non-Executive Director.

Quixant, up 6.6%, announced that its annual revenues advanced 5.4% to $115.2m in 2018, while its profit before tax dropped 4.7% to $14.3m.

Xaar, up 5.3%, announced that its annual revenues plunged to £63.5m, while it recorded a loss before tax of £14.9m. Peel Hunt reconfirmed its “Hold” rating on the stock.

LPA Group, up 4.9%, announced in its trading update that it posted a slow beginning in 2019, citing delays in its major rail projects. However, it expects gradual increase in demand throughout the year.

Cambridge Cognition Holdings, up 2%, announced a new contract from a major pharmaceutical company.

Peel Hunt reissued its “Buy” rating on Frontier Developments, up 0.2%. Liberum Capital restated its “Buy” rating on the stock.

Amino Technologies, down 3.6%, announced the appointment of Karen Bach as the Non-Executive Chairman and the immediate appointment of Steve Vaughan and Erika Schraner as Non-Executive Directors.
 
Horizon Discovery Group, down 4.1%, announced that it will publish its FY2018 results on 29 April 2019.

Brady, down 4.6%, announced that it reported a loss before tax of £1.1m for 2018, despite its revenues rising 4.2% to £23.2m.

Bango, down 6.3%, announced that its FY2018 revenues skyrocketed to £6.6m from £4.2m reported in 2017, while its loss before tax narrowed to £3.6m from £3.9m. Separately, the company announced the resignation of Martin Rigby as a Non-Executive Director.

CyanConnode Holdings, down 7.9%, announced that it has appointed Christopher Jones and Peter Tyler as Non-Executive Directors with immediate effect. The company also announced several other appointments and changes in its Board.

Kier Group, down 22.9%, announced that its half-yearly revenue advanced to £2.1b from £2b reported in the same period last year. However, it posted a loss before tax of £35.5m, compared to a profit of £34.3m reported in the previous year. Separately, the company announced that it has appointed Andrew Davies as the Chief Executive Officer.

UK markets closed lower last week, following losses in banking and financial sector stocks. Britain’s retail sales climbed in February, while consumer prices advanced more than estimated in the same month. Also, the UK’s unemployment rate unexpectedly eased to a 44-year low in the November-January period. The Bank of England held its key interest rate steady, amid rising Brexit uncertainties. The FTSE 100 index declined 0.3% to settle at 7207.6, while the FTSE AIM 100 index fell 1.4% to close at 4725. Moreover, the FTSE techMARK 100 index lost 1.4% to end at 4761.4.

US markets ended lower in the previous week, amid rising concerns over slowdown in the US economy. The US manufacturing PMI slid to a 21-month low in March, while the services PMI fell more than expected in the same month. The US existing home sales surged in February, whereas the Philadelphia Fed manufacturing index climbed in March. The Federal Reserve left its benchmark interest rate unchanged and signalled that it may not hike interest rates in 2019. The DJIA index fell 1.3% to end at 25502.32, while the NASDAQ index lost 0.6% to close at 7642.67.

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