Cambridge Index falls 0.6%

ARM Holdings eased 0.3% during the week as Morgan Stanley rated the stock as “Equal weight”, and held its target price steady at 925p. Johnson Matthey declined 3.7%, despite receiving a ‘Buy” rating from Liberum Capital. The company also had its “Outperform” rating reiterated by Credit Suisse.

Aveva Group, down 4.2%, announced that its Chief Executive Officer, Richard Longdon, has exercised options and sold 4,157 shares at a price of 2224p per share. Goldman Sachs added the company as a “Conviction Buy”, whilst Morgan Stanley rated the stock as “Overweight”, with a target price of 2,400p. Against the trend, Greene King rose 3.8%.

Xaar rallied 26% during the week to emerge as the top gainer in the Cambridge Index. In its trading update, the company reported healthy product sales during the period from January to May 2013, leading it to raise its expectations for 2013 revenue, which it now expects to be 50% above the £86.3m achieved in 2012.

Amino Technologies, up 11%, won a contract in partnership with Intracom Telecom, to provide IPTV HD set-top boxes to a South Eastern European operator. CSR, up 2.5%, unveiled the SiRFstarV 5e, a Global Navigation Satellite System (GNSS) engine. The company also noted that Non-Executive Director, Anthony Carlisle has acquired 15,000 shares in the company at 528p per share, increasing his total holding to 19,000 ordinary shares.

Elektron Technology, up 2.8%, announced the completion of the sale of its subsidiary, Total Carbide Limited, to Versarien for a total consideration of approximately £2.3m.

1Spatial fell 13% as the company announced the completion of the placing of 300 million new ordinary shares and the acquisition of 90% of Star Apic, a leading European provider of GIS (Geographic Information Systems) software and solutions. The company also announced the appointment of David Richards as Deputy Non-Executive Chairman, effective immediately.

Dialight, down 7.5%, stated that its H1 Lighting segment revenues would surpass the anticipated growth of 50% compared to the same period in the previous year. The company also reiterated similar expectations for the full year. The company is set to publish its H1 results on 22 July 2013.
Blinkx, down 1.6%, revealed a partnership deal with live social video streaming platform, Ustream, to stream this year’s Bonnaroo Music and Arts Festival in Manchester, Tennessee. Ustream would place advertising against the stream and share the revenue with Blinkx.

In the UK, the FTSE 100 index declined 1.6% to 6,308.3 in the week ended 14 June 2013, as the latest batch of dismal economic data from China weighed heavily on mining stocks. The FTSE techMARK 100 Index shed 1.4% to 2,731.9, while the FTSE AIM 100 Index edged down 0.6% to 3,265.4.

US markets also fell modestly during the week, after the IMF lowered its projected growth for the US economy from 3% to 2.7% in 2014. Negative sentiment was additionally boosted by an unexpected fall in US consumer sentiment during June. The Dow Jones Index eased 1.2% to 15,070.2, while the Nasdaq Index lost 1.3% to 3,423.6.


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