Cambridge Index jumps 1.4%

The Cambridge Index rose 1.4% or 329.6 points to finish at 24,173.5, as Index heavyweights such as Johnson Matthey and AVEVA Group recorded weekly gains to their share prices.

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Liberum Capital reiterated its “Hold” rating on Johnson Matthey, up 4.4%, with a target price of 3400p.

DS Smith, down 0.4% announced that trading was in line with expectations, while mentioned successful acquisition of Interstate Resources Inc. J P Morgan restated its “Overweight” rating on the stock with a target price of 570p.

Zacks Investment Research raised its rating on Abcam, down 0.4%, to “Hold” from “Sell”.

Greene King, down 16.2%, announced that it has reported a decline in like-for-like sales for the period. Investec downgraded its target price on the stock to 667p from 850p while Liberum Capital reaffirmed its “Buy” rating on the stock with a target price of 780p.

AVEVA Group, up 26.1%, announced appointments of Emmanuel Babeau and Peter Herweck as the Non-Executive Directors. J P Morgan upgraded its target price on the stock to 2800p from 1950p and maintained a “Neutral” rating.

Frontier Developments, up 28.9%, announced that its annual revenues rose to £37.4m. FinnCap raised its target price on the stock to 1332p from 968p and Liberum Capital upgraded its target price on the stock to 1250p while maintaining a “Buy” rating.

Science Group, up 13.9%, announced that it has completed the acquisition of Technology Sciences Group Inc., Technology Sciences (Europe) Limited and associated subsidiaries. Numis Securities raised its “Buy” rating on the stock with a target price of 240p.

Xaar, up 8.8%, announced that its half-yearly revenues slightly fell to £44m. Peel Hunt reaffirmed its “Buy” rating on the stock with a target price of 470p.

RhythmOne, up 2.9%, announced signing of a partnership deal with YuMe, Inc. for a total consideration of $185m. They also announced the appointment of Mr. Edward Reginelli as the Chief Financial Officer.

1Spatial, which remained unchanged at 3.4p, announced the signing of an initial three year contract with Northern Gas Networks Limited which can be extended for a further three years.

Peel Hunt reaffirmed its “Buy” rating on Kier Group, down 1.7%, with a target price of 1600p. Horizon Discovery Group, down 2.5%, announced that it expects interim revenues to be £12.1m.

Brady, down 4.3%, announced that interim revenues fell to £13.2m. CyanConnode Holdings, down 8.1%, announced the appointment of Anil Daulani as the Managing Director for India. Berenberg Bank reissued its “Sell” rating on Dialight, down 8.2%, with a target price of 620p.

UK markets finished mostly lower last week, following an unexpected drop in the UK construction PMI in August. The nation’s services sector activity eased to an 11-month low in August. The FTSE 100 index fell 0.8% to settle at 7,377.6, while the FTSE AIM 100 index dropped 1.0% to close at 5,137.9. The FTSE techMARK 100 index gained 1.6% to end at 4,522.6.

US markets ended the last week on a weaker footing, driven by losses in banking and insurance sector stocks. The number of Americans filing for fresh unemployment benefits jumped to its highest level in two years in the prior week. Meanwhile, the US President, Donald Trump, along with top Democrats, agreed to increase the debt ceiling limit and extend government funding for three months. The NASDAQ index declined 1.2% to close at 6,360.2, while the DJIA index lost 0.9% to end at 21,797.8.

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