Cambridge Index marginally declines

The Cambridge Index slightly fell by 8.3 points to close at 25,109.9, as gains in Johnson Matthey were outpaced by losses in DS Smith and Abcam.

 JP Morgan Chase & Co increased its target price to 3400p from 3200p and maintained its “Neutral” rating on Johnson Matthey, up 2%.

Abcam, down 0.8%, announced that Murray Hennessy will step down from his role as the Non-Executive Chairman and from the company’s Board in November’s AGM. As a result, Louise Patten, Senior Independent Director, will take over as the interim Non-Executive Chairman while Mara Aspinall will take her place.

Citigroup reiterated its “Buy” rating on AVEVA Group, up 3.8%, with a target price of 2805p. Numis Securities reiterated its “Add” rating on the stock with a target price of 2180p.

1Spatial, up 11.1%, announced in its interim results for the six months ended 31 July 2017 that its revenue marginally rose to £12.1m from £11.9m in the same period last year. The company’s loss before tax narrowed to £1.3m from £2m dropping its basic loss per share to 0.18p. The company stated that it is confident of achieving full year market expectations. Separately, the company announced the immediate appointment of Claire Milverton and Nicole Payne as the Chief Executive Officer and Chief Financial Officer respectively.

N+1 Singer reissued its “Buy” rating on Horizon Discovery Group, up 5.3%, with a target price of 194p. Panmure Gordon restated a “Buy” rating on the stock with a target price of 205p.

RhythmOne, down 0.2%, announced that its proprietary safety technology brand, RhythmGuard, has continued to trend as the number 1 US ranking brand on Pixalate's Global Seller Trust Index for the fifth straight month.

Numis Securities reaffirmed its “Buy” rating on Kier Group, down 4%, with a target price of 1510p. Liberum Capital maintained its target price on the stock at 1600p.

UK markets finished higher in the previous week, on the back of the nation’s stronger-than-expected manufacturing and industrial production for the month of August. News that the European Union could offer a two-year transition period for smooth Brexit also lifted markets higher. The FTSE AIM 100 index rose 1.4% to close at 5,264.5, while the FTSE techMARK 100 index jumped 0.5% to end at 4,663.9. The FTSE 100 index added 0.2% to settle at 7,535.4.

US markets ended firmer after the number of Americans applying for jobless benefits fell to its lowest level in nearly two months, while the nation’s retail sales notched its highest level in two and a half years in September. However, the US consumer price index rose at a slower than expected pace in September. The US Federal Reserve’s latest meeting minutes revealed that officials are tilting towards a December interest rate hike despite stubbornly weak inflation. The DJIA index advanced 0.4% to end at 22,871.7, while the NASDAQ index gained 0.2% to close at 6,605.8.

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