Cambridge Index falls 2.1%

The Cambridge Index fell 2.1% or 297.1 points to 14,026.7, following weakness in the top five index heavyweights.

Shares in ARM Holdings fell 2.6% during the week, after Societe Generale assigned a “Sell” rating to the stock and cautioned that its first quarter prospects are limited. Meanwhile, ARM revealed an extension of its partnership with Arteris and released a new licensing model to facilitate broader access to its big.LITTLE processing technology.

Johnson Matthey fell 1.1%, after platinum prices came back during the week, although Deutsche Bank reaffirmed its “Buy” rating on the stock. Greene King fell 1.2%, despite being the subject of “Buy” ratings from Liberum Capital and Deutsche Bank. Aveva Group, down 1.5%, had its “Equal Weight” rating reaffirmed by Barclays Capital. Citigroup also rated the stock as “Neutral”.

PDX rose 30.6% during the week and emerged as the top gainer in the Cambridge Index, although from a low base. Sepura, up 9.1%, announced that its revenue and profit for the year ended 29 March 2013 is expected to surpass market expectations, with revenues projected within a range of €103m - €105m. 1Spatial, up 1.5%, appointed Nplus1 Singer Advisory LLP as its nominated advisor and broker with immediate effect.

Blinkx, down 4.5%, announced the appointment of Trent Wheeler as Senior Vice President (Product) to drive its product strategy and execution. CSR, down 4%, was subjected to a downgrade from “Buy” to “Hold” by Liberum Capital.
 
In the UK, the FTSE 100 index shed 1.5% to 6,286.6, as investors reacted negatively to a greater than expected fall in German investor confidence. Meanwhile, jitters caused by weak US and Chinese economic data also left investors feeling unsettled. The FTSE techMARK 100 Index slid 2.8% to 2,671.8, while the FTSE AIM 100 Index gave up 4% to 3,174.9.

US markets fell on the week, as a batch of downbeat corporate earnings reports weighed on investors’ confidence. Negative sentiment was also fuelled by an unexpected decline in US factory production. The Dow Jones Index eased 2.1% to 14,547.5, while the Nasdaq Index declined 2.7% to 3,206.1.

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