Cambridge Index declines 6.2%

The Cambridge Index fell 6.2% or 905.7 points to 13,815.1, as all of the top five index bellwether stocks posted losses.

ARM Holdings fell 10.4% during the week. Numis Securities downgraded its rating on the stock to “Hold” and also cut the target price from 920p to 700p. Exane BNP Paribas initiated coverage on Johnson Matthey, down 3%, with an “Outperform” rating and set a target price of 3,200p, while Deutsche Bank rated the stock as “Buy” and maintained the target price at 2,950p.

DS Smith, down 1.8%, announced the appointment of Adrian Marsh as the new Finance Director, succeeding Steve Dryden. JP Morgan reiterated its “Overweight” rating on the stock.

JP Morgan also rated Greene King, down 7%, as “Overweight”, while increasing its target price from 740p to 860p. AVEVA Group, down 0.9%, was assigned a “Buy” from Citigroup, with a 2,450p target price, while Morgan Stanley reconfirmed its “Overweight” rating on the stock.

Elektron Technology rose 4.4% during the week to emerge as the top gainer in the Cambridge Index. The company’s Non Executive Director, Ric Piper, acquired 326,000 shares in the company at 14.75p per share.  Abcam, up 1.2%, announced that Director, Jonathan Milner, has transferred 234,650 shares in the company, for nil consideration, to fellow Director, Jeff Iliffe.

PDX slipped 30.6% from a low base to emerge as the top decliner in the Cambridge index. The stock fell after PDX agreed to sell its Atomiser patent rights and certain related intellectual property to Tyco Fire & Security, for a cash consideration of $0.1 million.

Scientific Digital Imaging, down 8.7%, announced that it has conditionally secured £0.85m, through placing of 4,833,334 new shares and a £0.05m worth of interest bearing loan agreement from its shareholder, Dana Investments.

Brady, down 2.7%, announced that Agrifert SA has licensed its trading & risk management solution to handle its global soft commodities trading and risk requirements for an undisclosed amount. Blinkx fell 4.4% as the company announced that it would conduct its Annual General Meeting on 11 July 2013.
Kier Group, down 2.4%, appointed Steve Bowcott as the Chief Operating Officer and assigned additional responsibility for the Property division to Group Finance Director, Haydn Mursell. The company further announced the retirement of Ian Lawson, as a Director from the board, with effect from 21 June 2013.

In the UK, the FTSE 100 index fell 3.0% to 6,116.2 during the week ended 21 June 2013, led by losses in shares of banking and oil firms. The FTSE techMARK 100 Index moved down 2.3% to 2,668.0, while the FTSE AIM 100 Index slipped 2.9% to 3,171.3.

US markets fell during the week, after Fed Chairman, Ben Bernanke, highlighted the possibility of the central bank tapering its stimulus programme later this year. The Dow Jones Index shed 1.8% to 14,799.4, while the Nasdaq Index declined 1.9% to 3,357.3.


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