Cambridge Index slides 0.4%

The Cambridge Index lost 0.4% or 98.4 points to settle at 22,713.5, as Index heavyweights such as Johnson Matthey and DS Smith posted weekly losses to their share prices.

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Credit Suisse Group reissued its “Outperform” rating on Johnson Matthey, down 1.7%, with a target price of 3450p. Barclays reaffirmed its “Overweight” rating on Greene King, up 1.1%, while Investec restated its “Buy” rating with a target price of 870p.

Numis Securities upgraded its rating to “Add” from “Hold” on Abcam, up 1.2%, with a target price of 912p. Stifel restated its “Hold” rating on the stock with a target price of 890p. Liberum Capital raised its target price on Kier Group, down 1.5%, to 1600p from 1520p and maintained its “Buy” rating.

N+1 Singer and Numis Securities reiterated their “Buy” ratings on Horizon Discovery Group, up 17%, with target price of 194p and 262p, respectively.

Frontier Developments, up 8.9%, announced that Alex Bevis has been appointed as the Chief Financial Officer and Company Secretary to the Board, with effect from 03 April 2017.

CyanConnode Holdings, up 8.6%, announced that it has appointed Peter Hutton as the Non-Executive Director to the Board, with immediate effect. Meanwhile, Dr John Read, the Chairman, will retire from the company and will step down from the Board in June 2017.

Xaar, up 4.5%, announced that it has opened a world-class 3D Centre at Nottingham Science Park. This centre will be under the leadership of Professor Hopkinson and provide world class services and resources for the development of High Speed Sintering technology.

Numis Securities initiated its “Add” rating on Vernalis, down 1%, with a target price of 29p. N+1 Singer reiterated its “Buy” rating on Brady, down 2%, with a target price of 78p.

RhythmOne, down 2.3%, announced that it has been ranked number 1 on international level and number 2 in the US on Pixalate's February 2017 Global Seller Trust Index, a global data intelligence platform. The stock was subjected to mostly positive reviews from brokers.

Tristel, down 7%, announced that it has completed the secondary placing of 3.1m existing ordinary shares and 242,500 new ordinary shares in the company at a price of 175p to raise £5.8m. The shares have been sold on behalf of certain directors of the company to satisfy market demand and widen its institutional shareholder base. The company also stated that its full year performance is in line with its previous expectations.

UK markets ended mostly higher in the prior week, led by an advance in the oil sector stocks. Manufacturing and construction activities surprisingly expanded less than expected in March. However, the UK services sector activity rose more than expected in the same month, driven by strong growth in business activity. The FTSE 100 index rose 0.4% to finish at 7,349.4, while the FTSE AIM 100 index added 0.2% to end at 4,565.0. The FTSE techMARK 100 index eased 0.1% to settle at 4,437.1.

US markets closed mixed last week, amid signs that the US Federal Reserve might start trimming its balance sheet later this year and on rising geopolitical concerns following multiple cruise missile attack by US on Syria. On the data front, the non-farm payrolls in the US rose less than expected, while the nation’s unemployment rate in March fell to its lowest level in nearly a decade. The DJIA index remained flat at 20,656.1, while the NASDAQ index declined 0.6% to finish at 5,877.8.

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