Cambridge Index rises 3.7%

The Cambridge Index advanced 3.7% or 617.1 points, to end at 17,135.3, tracking gains in the top five index heavyweight stocks.

ARM Holdings rose 3%, even as it was subjected to mixed broker ratings. Johnson Matthey, up 5.4%, benefitted from a favourable review from JP Morgan. JP Morgan upgraded the stock to “Overweight” and increased the target price on the stock to 4,000p from 2,800p.

DS Smith, up 7.9%, had its “Neutral” rating reiterated and its target price upgraded to 332p from 261p. N+1 Singer upgraded Greene King, up 3.1%, to “Buy”. AVEVA Group gained 1.7%. The company had its “Equal Weight” rating reiterated by Barclays Capital.

Tristel rose 27.1%, despite the company announcing a 3.5% fall in its full-year revenue to £10.56m and posting a pre-tax loss of £1.75m. This was compared to a pre-tax profit of £0.58m in the previous year. The company also reduced its final dividend to 0.32p from 0.35p.

1Spatial, up 3.1%, announced that it has granted options over 22.5millionordinary shares to a number of employees and directors under its EMI share option plan. Ubisense Group, up 0.7%, announced its selection as a preferred supplier to a global automotive OEM for its North American factories.

Frontier Developments was unchanged at 123.5p. The company will begin the Alpha testing of its video game ‘Elite: Dangerous’ in December 2013. The company also revealed plans to release its full-year results on 14 November 2013.

Sphere Medical Holding, fell 5.3%. Xaar, down 0.2%, announced that its third quarter revenue was in line with the board’s expectations. Xaar also stated that its full-year revenue and profit expectations have remained unchanged and manufacturing expansion program was on track to deliver the planned increases in capacity during the remainder of 2013 and the first-half of 2014.

Brady fell 0.4%. The company announced that one of Germany's leading energy companies, MVV Trading, has selected Brady’s Power Scheduling solution to handle its power scheduling requirements in the UK market.

In the UK, the FTSE 100 index rose 2.1%, to 6,622.6, as positive UK retail sales data lifted investors’ sentiment. The FTSE techMARK 100 Index added 1.9%, to 2,991.1, and the FTSE AIM 100 Index rose 1.6%, to 3,650.3.

US markets rose during the week, after the US President, Barack Obama signed a short-term deal to fund the government and extend the nation’s borrowing authority. Markets were supported by upbeat corporate earnings and rising speculation that the Fed would maintain its monetary stimulus. The DJIA index rose 1.1%, to close at 15,399.7 and the NASDAQ index rallied 3.2%, to settle at 3,914.3.

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