Cambridge Index plunges 2.6%

The Cambridge index lost 2.6% or 595.6 points to settle at 22,268.2, as eight out of the top ten index heavyweights posted weekly losses

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Johnson Matthey, down 5.3%, announced that it will reorganise its group structure in four divisions based on the global priorities of cleaner air, the efficient use of natural resources and improved health, with immediate effect. Stifel Nicolaus reiterated its “Hold” rating on Abcam, down 2.7%, with a target price of 890.0p. Numis Securities upgraded its rating on the stock to “Add” from “Hold” with a target price of 912.0p. JPMorgan raised its target price on the stock to 864.0p from 678.0p and maintained its “Neutral” rating. Liberum Capital increased its target price on KierGroup, down 0.9%, to 1600.0p from 1520.0p and maintained its “Buy” rating.

Frontier Developments, up 8.9%, in its annual trading update, announced that it anticipates the annual revenue to increase 68% to £36.0m, compared to last year’s revenue. Meanwhile, it is targeting an operating profit margin of 15-20% for FY17, compared to 6% reported last year. Numis Securities reaffirmed its “Hold” rating on the stock with a target price of 300.0p. FinnCap reissued its “Corporate” rating on the stock. FinnCap reissued its “Corporate” rating on Amino Technologies, up 8.7%, with a target price of 220.0p. Gaming Realms, up 3.4%, announced that it has signed its first business-to-business content licensing deals for its Slingo Original portfolio of games with various operators to expand its proprietary game library to the regulated New Jersey market through its own Remote Game Server. FinnCap hoisted its target price on Quixant, up 0.6%, to 415.0p from 370.0p and maintained its “Corporate” rating.

Panmure Gordon and Numis Securities reiterated thier “Buy” rating on Horizon Discovery Group, down 1.0%, with a target price of 205.0p and 262.0p, respectively. AVEVA Group, down 2.0%, in its annual trading update, announced that the Board anticipates the results to be approximately in line with market expectations. Numis Securities reaffirmed its “Add” rating on the stock with a target price of 2180.0p. JP Morgan Cazenove restated its “Neutral” on the stock with a target price of 1950.0p. Numis Securities reissued its “Buy” rating on RhythmOne, down 2.6%, with a target price of 52.0p. Vernalis, down 11.5%, announced that the US Food and Drug Administration has issued a Complete Response Letter (CRL) regarding its New Drug Application for CCP-07 cough-cold product. The company separately announced that it has received a $2.0m milestone payment from one of its drug discovery collaborations. Numis Securities initiated its “Add” rating on the stock with a target price of 29.0p. Cantor Fitzgerald restated its “Buy” rating on the stock with a target price of 101.0p.

UK markets finishedmostly lower in the previous week, after the UK Prime Minister Theresa May received overwhelming response from the British Parliament to conduct early general elections in June. Meanwhile, retail sales in the UK registered its largest quarterly fall in last seven years in March, as consumer spending took a hit amid rising inflation. The FTSE 100 index dropped 2.9% to settle at 7,114.6, while the FTSE techMARK 100 index lost 1.0% to close at 4,449.8. However, the FTSE AIM 100 index edged 0.1% higher to end at 4,637.8.

US markets closed in positive territory last week, following the announcement by the US President Donald Trump to unveil the much-awaited tax-overhaul plan promising to bring massive tax cut package. On the macro front, the nation’s services and manufacturing sector posted less than expected growth in April. The DJIA index rose 0.5% to finish at 20,547.8, while the NASDAQ index gained 1.8% to close at 5,910.5.



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