Cambridge Index rises 1.5%

161219_The Cambridge & FTSE AIM 100 Index Movement

The Cambridge Index gained 417.9 points or 1.5% to close at 27413.2, as four of the top five Index heavyweights posted weekly gains to their share prices.

Goldman Sachs lifted its target price on AVEVA Group, down 0.7%, to 4700p from 3800p and gave a “Neutral” rating.

Amino Technologies, up 15.8%, in its trading update for the year ended 30 November 2019, announced that it expects trading performance for the period to be in line with market expectations. Meanwhile, the company revealed that Joachim Bergman, currently co-CEO of 24i, will join the Board as an Executive Director, whereas Steve McKay and Michael Clegg will step down from their non-executive board roles. Separately, Amino announced that its global video experience business, 24i, has launched a new range of applications and Subscription Video-On-Demand (SVOD) services for US-based video streaming service, BroadwayHD.

Kier Group, up 7.8%, announced the appointment of Matthew Lester as the Chairman of its Board.

Horizon Discovery Group, up 0.3%, has collaborated with Mammoth Biosciences to accomplish their strategic goal of developing new CRISPR tools that will aid the biopharmaceutical industry through the next generation of engineered cell lines. As per the deal, Horizon and Mammoth will collaborate to identify and optimise Horizon’s novel proteins for use under license by Horizon.

Brady, unchanged at 17.7p, announced the resignation of Martin Thorneycroft as Chief Financial Officer (CFO) and Executive Director, with immediate effect. Further, Nadya Bentley will be appointed as the CFO, with effect from 2 January 2020.

Netcall, down 6.2%, announced the launch of an in-platform Test Studio within its low-code platform, Liberty Create, for supporting the mission critical applications involving current adaptions and testing.

CyanConnode Holdings, down 8.5%, announced that it has appointed RSM UK Audit LLP as its External Auditor until the end of March 2020. Moreover, CyanConnode has decided to change its accounting reference date and financial year end from the end of December to the end of March, after a review from its Audit Committee found it to be more practical to use the financial year end of its Indian subsidiary, 31 March. The company will publish its results for the six months to the end of 2019 by 31 March 2020, followed by its audited accounts for the 15-month period until the end of March 2020 by September 2020.

UK markets ended on a stronger footing last week, lifted by gains in mining and banking sector stocks, after the British Prime Minister, Boris Johnson’s Conservative Party secured a resounding victory in the general election. The UK’s manufacturing production rose less than anticipated in October, and the nation’s industrial production climbed in the same month. Britain’s economy expanded at its slowest pace since March 2012 in October, whereas the nation’s visible trade deficit widened in the same month. The FTSE 100 index advanced 1.6% to settle at 7353.4, while the FTSE AIM 100 index rose 1.3% to close at 4709.5. Meanwhile, the FTSE techMARK 100 index gained 1.9% to end at 5803.9.

US markets ended higher in the previous week, after the US and China reached a preliminary agreement of the phase one trade deal. US inflation advanced more than expected in November, and the nation’s small business optimism index climbed in the same month. However, the US initial jobless claims rose to a 2-year high level in the last week, while the advance retail sales advanced below estimates in November. The US Federal Reserve opted to leave its key interest rate unchanged and signalled that rates would remain at its current range through 2020, amid a strong economy and robust labour market. The DJIA index rose 0.4% to end at 28135.4, while the NASDAQ index gained 0.9% to close at 8734.9.

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