Cambridge Index sheds 1.8%

The Cambridge Index dropped 1.8% or 417 points to settle at 23,138.3, as the top four Index heavyweights posted weekly losses to their share prices.

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Abcam, down 0.5%, announced that it has successfully achieved the final performance-related milestones following the acquisition of AxioMx Inc. It will make the final payment of $5m, out of which $3m will be paid in cash and the remaining $2m through the issue of new ordinary shares.

Sepura, up 28.3%, announced in a joint statement with Hytera Communications, that the German Federal Ministry of Economic Affairs and Energy’s notification will not have any implications on the completion dates of acquisition. Hence, both the parties expect the acquisition deal to complete on 24 May.

Elektron Technology, up 5.3%, announced that its full-year revenues declined to £32.7m from £34.1m reported in the last year. The company’s loss before tax stood at £1.6m, compared to a profit of £0.1m reported a year ago.

Frontier Developments, up 4.2%, announced that its multiplayer gameplay, Elite Dangerous, will be launched on the PlayStation 4 computer entertainment system on 27 June 2017. The company has made available the digital pre-orders in Europe while it will be available in the United States from later this month.

Horizon Discovery Group, which remained unchanged at 206p, today announced that it has acquired the worldwide rights of a new gene editing technology platform for research and therapeutic applications.

CyanConnode Holdings, down 6.9%, announced that its annual revenues surged almost six-fold to £1.8m from £0.272m recorded a year ago. The company’s loss before tax rose to £7.9m from £4.9m reported in the previous year. Separately, the company announced that it has appointed finnCap Limited as its Nominated Adviser and Broker, with immediate effect. Beaufort Securities restated its “Speculative Buy” rating on the stock with a target price of 0.6p.

RhythmOne, down 7.2%, in its final results for the year ended 31 March 2017, announced that revenue rose to $149m from $116.1m reported in the prior year. Meanwhile, its loss before tax narrowed to $14.9m from $77.2m reported in the previous year. The company separately announced that it has become the first organisation to secure the Internet Advertising Bureau's (IAB) Tech Lab Compliance Seal and OpenRTB Certification for RhythmMax, its unified programmatic platform. N+1 Singer reaffirmed its “Buy” rating on the stock.

UK markets ended mostly higher in the last week, led by a rally in precious metal miners and energy sector stocks. Inflation reached its highest level since September 2013 in April, beating the market expectations. While the nation’s retail sales surprisingly advanced in the same month. The FTSE 100 index added 0.5% to settle at 7,470.7, while the FTSE AIM 100 index edged 0.5% higher to close at 4,845.1. The FTSE techMARK 100 index lost 0.3% to end at 4,630.8.

US markets finished lower for the week, led by losses in banking sector stocks. The Philadelphia Fed manufacturing index unexpectedly rose in May, increasing optimism over the health of the US economy. Furthermore, the number of people claiming jobless benefits declined for the third consecutive week. The DJIA index eased 0.4% to end at 20,804.8, while the NASDAQ index fell 0.6% to close at 6,083.7.

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