Cambridge Index edges up 0.7%

The Cambridge Index advanced 0.7% or 150.4 points to end at 22,863.9, as Index heavyweights such as DS Smith, Greene King and Abcam posted weekly gains.

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Liberum Capital reiterated its “Hold” rating on Johnson Matthey, down 0.4%, with a target price of 3,400p. Panmure Gordon reaffirmed its “Sell” rating on Abcam, up 1.6%, with a target price of 680p. Peel Hunt reaffirmed its “Buy” rating on Kier Group, down 1.6%, with a target price of 1,600p.

RhythmOne, up 15.0%, in its trading update, announced that it expects financial and operating performance for the year ended 31 March 2017 to be in line with management expectations. Its total revenue for the second half of 2017 is expected to jump by 26% to $95.0m. Meanwhile, its full year revenue is anticipated to rise by 5% to $175m. It expects FY2018 to witness revenue growth and profitability from its core product lines. N+1 Singer reiterated its “Buy” rating on the stock with a target price of 65p.

1Spatial, up 10.3%, announced that it has taken full control over its US subsidiary 1Spatial Inc. by acquiring the remaining 27% shares for a total consideration of $0.918m. As a result, Mary Brauer-Cox will retire as the President of 1Spatial Inc. and will be replaced by Sheila Steffenson. Further, it has acquired the remaining 51% of Sitemap Limited for consideration of £0.2m. Consequently, it has issued 25.5m new ordinary shares for the two acquisitions. FinnCap reissued its “Corporate” rating on Netcall, up 3.2%, with a target price of 70p. N+1 Singer decreased its target price on Vernalis, up 1.0%, to 28p from 37p and maintained its “Hold” rating. N+1 Singer reaffirmed its “Corporate” rating on Xaar, up 0.1%.

CyanConnode Holdings, which remained unchanged at 0.2p, announced that it has won a new purchase order worth $0.15m from Innologix Consulting Private Limited to provide its smart metering software solution in India. Cantor Fitzgerald reissued its “Buy” rating on the stock with a target price of 0.7p. Beaufort Securities reaffirmed its “Speculative Buy” rating on the stock with a target price of 0.6p.

FinnCap raised its target price on Quixant, down 0.2%, to 415.0p from 370p and maintained its “Corporate” rating. Barclays reiterated its “Equal Weight” rating on AVEVA Group, down 0.5%, with a target price of 1,450p. Sepura, down 9.8%, announced that the UK Department for Business, Energy & Industrial Strategy will commence a review of its acquisition with Hytera Communications through a Public Interest Intervention Notice and has requested the Competition and Markets Authority to check the relevance of the notice with respect to the acquisition.

UK markets ended mostly higher last week. On the data front, Britain’s ILO unemployment rate remained steady for the three months ended February while average earnings, excluding bonus, grew at its slowest pace in seven months. The FTSE techMARK 100 index rose 1.3% to finish at 4,495.0, while the FTSE AIM 100 index advanced 1.5% to end at 4,632.7. However, the FTSE 100 index eased 0.3% to settle at 7,327.6.

US markets traded lower in the previous week, following comments from the US Secretary of State, Rex Tillerson, indicating a low point in relationship between the US and Russia after his meeting with the Russian counterpart in Moscow. On the macro front, the US Reuters/Michigan consumer sentiment index unexpectedly advanced in April while advance retail sales for March dropped in line with market expectations. The DJIA index fell 1.0% to close at 20,453.3, while the NASDAQ index declined 1.2% to finish at 5,805.2.

 

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