Cambridge Index declines 4.5%

The Cambridge Index fell 1273.4 points or 4.5% to close at 26726.5, as the top seven index heavyweights posted weekly losses to their share prices.

Peel Hunt reissued its “Hold” rating on Abcam, down 5.7%.

Amino Technologies, up 1.9%, announced that it has received a contract from its existing customer, T-Mobile Netherlands, to deliver an 'upcycling' programme by using AminoOS software along with integrated media players to enhance the TV experience. Today, the company, in its trading update for the year ending 30 November 2018, announced that it anticipates full year adjusted profit before tax to be around $11.5m. FinnCap reiterated its “Corporate” rating on the stock. Liberum Capital downgraded its “Buy” rating on the stock.

Peel Hunt restated its “Hold” rating on Horizon Discovery Group, up 1.4%.

1Spatial, unchanged at 44p, announced that its interim results for the six months ended 31 July 2018 will be published on 23 October 2018.

Sareum Holdings, unchanged at 0.8p, announced, in its final results for the year ended 30 June 2018, that it reported a loss before tax of £1.7m, compared to a profit of £0.35m in the previous year. Moreover, its basic loss per share came in at 0.05p, against earnings of 0.015p in the prior year. Additionally, the company stated that Sierra Oncology reported significant progress with its clinical development programmes for the Chk1 inhibitor in patients with advanced cancer as well as internal TYK2/JAK1 inhibitor programmes in autoimmune diseases and cancer, with first human trials expected in 2020.

LPA Group, unchanged at 111p, announced the appointment of Paul Curtis as an Executive Director and Chief Operating Officer, along with its former Chief Executive, Peter Pollock, as the Chairman, with immediate effect. Furthermore, the company stated that Michael Rusch was promoted as the Group President, while Len Porter continues to be Senior Non-Executive Director and Chair of the Audit and Remuneration Committees. Moreover, Chris Buckenham will continue to serve as Chief Financial Officer and Company Secretary.

Peel Hunt restated its “Buy” rating on Kier Group, down 1.4%.

Peel Hunt reiterated its “Buy” rating on Frontier Developments, down 4.9%.

UK markets closed on a weaker footing last week, led by losses in mining and financial sector stocks. In economic news, UK’s construction PMI surprisingly declined to a 6-month low in September, while the services PMI dropped in the same month. Moreover, the nation’s house prices eased by its fastest pace in 6 months in September. Meanwhile, the British manufacturing PMI unexpectedly advanced in September, whereas the mortgage approvals rose in August. The FTSE 100 index declined 2.6% to settle at 7318.54, while the FTSE AIM 100 index fell 3.6% to close at 5660.74. Meanwhile, the FTSE techMARK 100 index lost 2.4% to end at 4595.74.

US markets ended lower in the previous week, following a rise in the US treasury yields and amid decline in technology sector stocks. On the data front, the US non-farm payrolls advanced less than expected in September, while the ISM manufacturing PMI eased in the same month. On the contrary, the private sector employment climbed to a 7-month high in September, while the ISM non-manufacturing PMI surged to its highest level in 21 years in the same month. Additionally, US factory orders advanced to a 11-month high in August, while the nation’s unemployment rate fell to its lowest level since 1969 in September. The DJIA index marginally fell to end at 26447.05, while the NASDAQ index lost 3.2% to close at 7788.45.

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