Cambridge Index rises 0.4%

The Cambridge Index advanced 0.4% or 73.1 points, to end the week at 16,518.2, following modest gains in four of the top five index heavyweight stocks.

ARM Holdings, up 0.1%, announced that MediaTek has acquired a broad licence to Cortex-A50 Series processor cores and the next generation of ARM Mali graphics processing unit solutions. Deutsche Bank reiterated the stock as “Buy”, while Espirito Santo Execution Noble retained the stock as “Neutral”.

Johnson Matthey, up 0.1%, had its “Buy” rating reiterated by Deutsche Bank and Bank of America Merrill Lynch. Credit Suisse rated the stock as “Neutral”.

Citigroup rated Greene King, up 2.4%, as a “Buy”. AVEVA Group, down 0.5%, announced that Brazil’s Centroprojekt has selected its PDMS software for basic engineering and detailed project design. DS Smith increased 3.1%. Investec and Numis have a “BUY” recommendation and Oriel have an “ADD” recommendation. AVEVA is set to announce its interim results on 18 November 2013.

Bango recovered 3.7%, having fallen 17.6% in the previous week, as the company entered into a partnership with MMIT to launch a safe payment solution, enabling online transactions for digital content in Africa. Abcam, up 1.8%, announced that Danielle Miller, described as a “person discharging managerial responsibilities” (PDMR), has exercised options over 18,000 shares in the company at an exercise price of 92.4p per share which she subsequently sold at a price of 509.75p per share.

Elektron Technology traded unchanged at 9.9p. The company announced the appointment of Anthony (Tony) Gordon Harris as a Non Executive Director and Chairman of the Audit Committee, Ric Piper as the Chairman of the Remuneration Committee and revealed Noah Franklin’s intention to step down as the Chief Financial Officer. The company also noted that Simon Acland, a Non Executive Director, has stepped down from the board with immediate effect.

Frontier Developments, unchanged at 123.5p, revealed support for its Oculus Rift virtual reality headset in its forthcoming video game “Elite: Dangerous’. Sagentia Group, flat at 145.5p, announced that it has issued 10,000 shares from Treasury in settlement of the exercise of share options.

Sareum Holdings, down 5.1%, announced pre-tax losses narrowed to £0.60m from £0.72m.

In the UK, the FTSE 100 index rose 0.5% to 6,487.2, as the Bank of England refrained from making changes in its interest rate or asset purchase program. The FTSE techMARK 100 Index lost 0.3%, to 2,934.9, and the FTSE AIM 100 Index rose 0.4%, to 3,592.8.

US markets rose during the week, amid optimism that US lawmakers would soon reach a deal to avoid debt default and after US President Barack Obama appointed the pro-stimulus candidate Janet Yellen as next Federal Reserve Chairman. The DJIA index rose 1.1%, to close at 15,237.1 and the NASDAQ index fell 0.4%, to settle at 3,791.9.

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