Cambridge Index rises 1.2%



The Cambridge Index climbed 252.4 points or 1.2% to close at 21257.1, as four of the top five Index heavyweights posted weekly gains to their share prices.

Jefferies International reissued its “Hold” rating on DS Smith, up 2.5%, with a target price of 330p.

Abcam, up 4.7%, announced that its Chief Executive Officer, Alan Hirzel, will be attending the 37th Annual J.P. Morgan Healthcare Conference in San Francisco, California, on 9 January 2019. Abcam also disclosed that its trading update for the six months ended 31 December 2018 will be issued on 8 January 2019. JP Morgan Cazenove reissued its “Neutral” rating on the stock.

Greene King, up 5.9%, announced that its trading update for the 36 weeks ended 6 January 2019 will be published on 8 January 2019. Peel Hunt reaffirmed its “Buy” rating on the stock.

Bango, up 1.1%, announced that Nancy Cruickshank has joined the Board as an Independent Non-Executive Director, while its interim Chief Financial Officer (CFO), Carolyn Rand, has been confirmed as permanent CFO, both with immediate effect.

Berenberg Bank restated its “Buy” rating on Frontier Developments, unchanged at 766p, with a target price of 1600p.

IQGeo Group, unchanged at 67.5p, announced successful completion of the sale of its RTLS SmartSpace business. Further, Ubisense said that its shares will trade under the name “IQGeo Group Plc” and ticker “IQG” with immediate effect.

Quixant, down 0.7%, announced the retirement of Cresten Preddy from the position of Senior Advisor with immediate effect.

UK markets closed mostly higher last week, led by gains in mining and energy sector stocks. Britain’s house prices surprisingly rose at its slowest pace in 6 years in December, whereas the construction PMI fell to a 3-month low in the same month. The UK’s mortgage approvals eased to a 7-month low in December. On the other hand, the British manufacturing PMI advanced to a 6-month high in December, while the services sector activity rose more than anticipated in the same month. The FTSE 100 index advanced 1.5% to settle at 6837.4, while the FTSE AIM 100 index rose 3.4% to close at 4481.3. Meanwhile, the FTSE techMARK 100 index closed nearly unchanged at 4344.8.

US markets ended on a stronger footing in the previous week, after the US Federal Reserve Chairman, Jerome Powell, stated that the central bank would be patient about interest rate hikes in 2019. The US services PMI fell less than estimated in December and non-farm payroll figures sharply rose in the same month. On the contrary, the US manufacturing sector activity grew at its slowest pace in 15 months in December, while the unemployment rate unexpectedly rose in the same month. Also, the US ISM manufacturing PMI dropped to a 2-year low in December. The DJIA index rose 1.6% to end at 23433.2, while the NASDAQ index gained 2.3% to close at 6738.9

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