Cambridge Index rises 1.7%

The Cambridge Index advanced 406.7 points or 1.7% to close at 23954.4, as nine of the top ten Index heavyweights posted weekly gains to their share prices.

Cambridge Index 9 Nov 2020

Horizon Discovery Group, up 116.2%, announced that along with PerkinElmer Inc, it has reached an agreement on the terms of a recommended all cash offer, whereby the entire issued and to be issued ordinary share capital of Horizon will be acquired by PerkinElmer (UK) Holdings Limited.

Frontier Developments, up 8.2%, announced that Jurassic World Evolution: Complete Edition is out now and available on Nintendo Switch console.

DS Smith, up 3.6%, in its pre-close trading update for the half year ending 31 October 2020, announced that its corrugated box volumes for the period overall is expected to be about 1.5% lower than the same period of the prior year.

Abcam, up 3.1%, announced that it has decided to keep the existing LTIP metrics and targets contained in the firm's current Remuneration Policy, as approved by shareholders in 2018.

AVEVA Group, down 5.5%, announced that it has unveiled plans to raise gross proceeds of around £2.84b, to partly fund the acquisition of OSIsoft LLC.

Feedback, up 16.3%, in its Annual General Meeting statement, announced that the company remains well placed to create strong revenue streams and further enhance its Bleepa proposition. Bleepa is the firm’s revolutionary medical imaging communications app.

Xaar, up 13.7%, announced that it took prompt action following unauthorised access to its computer systems. There is no evidence that any data was extracted, and the firm has not experienced any impact to its business and customer operations.

Bango, up 7.9%, announced that its platform has been selected by BT, the UK's leading telecommunications company, as a key integration point to deliver a range of third-party products and services to its customers.

1Spatial, down 8.6%, announced today that it has made new annual awards under its Employee Share Plan and revised the performance targets applying to certain awards made in 2018.

GRC International Group, down 2%, announced that GRCI Law Limited, its legal, risk and compliance consultancy subsidiary, has launched a new Privacy as a Service solution, to help organisations efficiently manage their compliance requirements under privacy regulations such as the General Data Protection Regulation.
UK markets ended higher last week, after the British government and the Bank of England (BoE) ramped up stimulus programmes to cushion the struggling UK economy. UK Finance Minister, Rishi Sunak, extended the government’s coronavirus furlough scheme until the end of March. The BoE kept the key interest rate at a record low of 0.1% and expanded its already huge asset purchase programme by a further £150b. On the data front, the British manufacturing and services sector lost momentum in October, adding to signs of a slowdown in the economy, as the number of coronavirus cases mounts again. The FTSE 100 index jumped 6% to settle at 5910, while the FTSE AIM 100 index rose 3.9% to close at 5017.2. Also, the FTSE techMARK 100 index gained 3.8% to end at 5600.2.

US markets ended higher in the previous week, as investors continued to monitor the Presidential election results. On the macro front, US nonfarm payrolls topped expectations and the jobless rate dropped in October. The US manufacturing PMI accelerated in October, with new orders jumping to their highest level in nearly 17 years. Meanwhile, US private sector employment rose less than expected in October. Also, services PMI slowed in October. The Federal Reserve left monetary policy on hold, as expected. In its policy statement, the US central bank stated that economic activity continued to recover but remained well below pre-pandemic levels. The DJIA index jumped 6.9% to end at 28323.4, while the NASDAQ index surged 9% to close at 11895.2.

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