Cambridge Index jumps 3.9%

17/04/2018

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The Cambridge Index advanced 3.9% or 952.5 points to settle at 25,688.1, as seven of the top ten Index heavyweights posted weekly gains to their share prices.

Johnson Matthey, up 2.9%, today announced that Patrick Thomas will be appointed as Chairman at the company’s AGM on 26 July 2018, succeeding the current Chairman Tim Stevenson.

Peel Hunt raised its target price on DS Smith, up 5.9%, to 520p from 490p and maintained a “Buy” rating.

Greene King, up 17.5%, in its pre-close trading statement for the 49 weeks to 8 April 2018, announced that the pub company sales fell 1.8% on a like-for-like basis, while expects a profit before tax and exceptional for the year to be in the range of approximately £240-245m. Peel Hunt reaffirmed its “Add” rating on the stock with a target price of 600p.

CyanConnode Holdings, up 15.7%, in its Q1 trading update, announced that it has witnessed strong growth and demand for its products and expects to generate more revenue in H12018 as compared to the revenues in the FY2017.

RhythmOne, up 6.5%, announced that it has been ranked as the top US and International company on Pixalate's Global Seller Trust Index for 2017. Separately, the company announced that it has received seal recertification for Inventory Quality Guidelines from Trustworthy Accountability Group.

FinnCap raised its target price on Amino Technologies, up 6.5%, to 220p from 200p and maintained a “Corporate” rating. N+1 Singer increased its target price on the stock to 215p from 191p and maintained a “Buy” rating.

FinnCap reiterated its “Corporate” rating on Scientific Digital Imaging, up 4.2%, with a target price of 20p.

Peel Hunt lowered its target price on Xaar, up 2.4%, to 335p from 420p and maintained a “Hold” rating.

Peel Hunt restated its “Hold” rating on Dialight, unchanged at 526p.

Elektron Technology, unchanged at 27.5p, announced that its subsidiary, Checkit Limited, has surpassed its Annual Recurring Revenue target of £1m mark, compared to £0.75m as on 31 January 2018.

Cambridge Cognition Holdings, down 0.8%, announced that its CANTAB Recruit software has now been established in two major Phase III trials, with one of its adopters increasing its contract value by 24 times in the first year of use, amounting to over £1.2m. FinnCap restated its “Corporate” rating on the stock with a target price of 155p.

FinnCap retreated its “Corporate” rating on Frontier Developments, down 1.1%.

FinnCap restated its “Corporate” rating on Netcall, down 1.8%, with a target price of 70p.

UK markets closed mostly higher in the prior week, led by gains in financial, mining and industrial sector stocks. On the data front, the British house prices rose more-than-expected in three months to March period, while its trade deficit contracted in February. On the contrary, the nation’s construction output unexpectedly dropped in the same month. The FTSE 100 index climbed 1.1% to settle at 7,264.6, while the FTSE techMARK 100 index added 2.0% to close at 4,435.8. Meanwhile, the FTSE AIM 100 index lost 0.2% to end at 5,306.0.

US markets ended in the green in the last week, after the minutes of the Federal Reserve’s March meeting showed that the policymakers broadly agreed on the view that the US economy was growing at a strong pace while inflation had picked-up in recent months. Moreover, the US annual inflation rose in line with market expectations in March. The DJIA index advanced 1.8% to end at 24,360.1, while the NASDAQ index gained 2.8% to close at 7,106.7.

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