Cambridge Index rises 2.5%

The Cambridge Index rose 506.91 points or 2.5% to close at 20499.1, as five out of the top ten index heavyweights posted weekly gains to their share price.

Kirly Group Cambridge Index

AVEVA Group, up 4.3%, announced that it has appointed Anne Stevens as an independent Non-Executive Director, with effect from 1 May 2022. She would also join the Remuneration Committee and the Audit Committee from 1 May 2022.

Bango, up 0.8%, announced that it has signed a new agreement to support T-Mobile US third-party services and offers for customers. Under the new agreement, a majority of US telco customers would now be served through Bango technology.

Kier Group, down 3.6%, announced that Kier Highways has won a contract worth £460m from National Highways to design and deliver an upgrade to the A417 between Gloucester and Swindon.

UK markets ended lower last week, amid concerns over global economic growth. On the data front, UK’s retail sales declined for the third time in the last four months in March, as the cost-of-living weighed on investor sentiment, while the nation’s consumer confidence index dropped to a 13-year low in April, driven by concerns over the soaring cost of living. Moreover, BoE Governor Andrew Bailey indicated that UK interest rates may be increased less aggressively amid fears that the UK may fall into recession. The FTSE 100 index declined 1.2% to settle at 7,521.7, while the FTSE AIM 100 index fell 1.4% to close at 5,018.0. Also, the FTSE techMARK 100 index lost 0.1% to end at 6,091.9.

US markets ended lower in the previous week, following upbeat US corporate results. On the macro front, the nation’s existing home sales dropped for a second straight month in March. Meanwhile, the US housing starts unexpectedly climbed to its highest level since 2006 in March, as builders seek to restock housing inventory for housing projects, while building permits unexpectedly rose in the same month. Additionally, the US weekly jobless claims dropped in the week ended 15 April 2022. The US Federal Reserve (Fed) Beige Book reported that the US economy grew at a moderate pace since mid-April, amid high inflationary pressures and uncertainty created by recent geopolitical tensions. Separately, US Fed Chairman Jerome Powell indicated that the central bank could raise interest rates by a 50-basis-point in May. The DJIA index fell 1.9% to end at 33,811.4, while the NASDAQ index lost 3.8% to close at 12,839.3.

 

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