Cambridge Index gains 1.1%

1/01/2019

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The Cambridge Index advanced 223 points or 1.1% to close at 21,004.7, as seven of the top ten Index heavyweights posted weekly gains to their share prices.

Bango, up 2.9%, announced in its trading update for the year ending 31 December 2018, that it anticipates the End User Spend (EUS) to more than double to £550m from £271m in the prior year. However, the company stated that its underlying EBITDA is likely to fall short of market consensus. Meanwhile, Bango envisaged confidence in achieving significant revenue and EUS growth in 2019.

Xaar, down 11.3%, announced in its trading update for the quarter ending 31 December 2018, that trading for the period came in below its prior estimates, while the short-term revenues were affected by declining Ceramics sales as well as slower than expected uptake of the Xaar 1201 printhead product. Further, Xaar warned that full-year revenue is expected to fall more than 35% to nearly £64m from £100m in 2017. However, the company mentioned that partnerships with a number of OEMs had helped in developing potential future revenue streams. The company’s preliminary results will be published on 21 March 2019.

UK markets closed mostly higher last week, supported by gains in financial and banking sector stocks. Britain’s mortgage approvals rose for the first time since September 2017 in November. The FTSE 100 index advanced 0.2% to settle at 6734.0, while the FTSE AIM 100 index fell 0.8% to close at 4334.9. Meanwhile, the FTSE techMARK 100 index gained 1.1% to end at 4345.7.

US markets ended higher in the previous week, led by jump in retail and technology stocks. The US Chicago Fed national activity index rose in November, whereas the nation’s house prices climbed in October. Meanwhile, the US consumer confidence plunged to its lowest level in five months in December, while the Chicago manufacturing index unexpectedly slid in the same month. Also, the US pending home sales unexpectedly declined in November. The DJIA index rose 2.7% to end at 23062.4, while the NASDAQ index gained 4% to close at 6584.5.

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