The Cambridge Index advanced 479.1 points or 1.9% to close at 25567.6, as the top five Index heavyweights posted weekly gains to their share prices.
Cambridge Index rises 1.9%
UBS Group raised its target price on AVEVA Group, up 5.5% to 3550p from 3365p and gave a “Neutral” rating.
Numis Securities reconfirmed its “Add” rating on DS Smith, up 4.1%.
Amino Technologies, up 12.4%, in its trading update for the six months ended 31 May 2019, announced that its transformation programme delivered strong progress, resulting into annualised cost savings of $5m. Moreover, it anticipates its semi-annual revenues to be 15% lower at $35m, compared to same previous period. The company expects to publish its results on 09 July 2019.
LPA Group, up 4.3%, announced that it has appointed FinnCap as its sole broker, with immediate effect.
Bango, down 0.5%, announced the resignation of Martin Rigby from the position of Non-Executive Director, with immediate effect.
Science Group, down 1.5%, announced that it has raised its stake in Frontier Smart Technologies Group Limited to 28.3%, following the acquisition of further 1.48m ordinary shares for 30p per share.
Gaming Realms, down 3.6%, announced that it has entered into a 3-year games distribution agreement with Relax Gaming Group enabling its Slingo casino game to operate via Relax Gaming platform. Further, Gaming Realms will receive a share of the revenue generated from the Relax Gaming's distribution platform. Separately, the company announced that Chris Ash is appointed as a Non-Executive Director to the board, with immediate effect.
CyanConnode Holdings, down 5%, in its AGM statement, announced today that its revenue surged 281% to £4.5m in 2018, whereas it reported a decline in operating costs by 22% to £9.1m.
Sareum Holdings, down 5.9%, announced that Sierra Oncology’s Phase 1/2 studies of Chk1 inhibitor SRA737 two first-in-human as monotherapy and as SRA737+LDG (SRA737 potentiated by low dose gemcitabine) recorded positive clinical data, receiving 30% response rate in for SRA737+LDG. Moreover, the company added that the Phase 2 registration trial for SRA737+LDG in anogenital cancer would be worth around $10m and it is in search of possibilities for further advancement of SRA737.
Peel Hunt restated its “Hold” rating on Horizon Discovery Group, down 11.5%.
Kier Group, down 44%, in an update on its current trading for FY2019, announced that it expects underlying operating profit to be £25m lower than prior anticipation, amid volume pressure across its businesses. Also, the company forecasts its buildings business' revenue growth to be below its prior targets. However, the company expects its revenues for the period to be in line with FY2018 revenues. The company will publish its 2019 financial results on 19 September 2019.
UK markets closed mostly higher last week, led by gains in utilities and healthcare sector stocks. On the macro front, the UK’s house prices advanced at its quickest pace in 2 years in the March-May 2019 period, while the services PMI rose to a 3-month high in May. On the other hand, the Britain’s manufacturing sector activity declined in May, whereas the construction PMI unexpectedly contracted to its lowest level since March 2018 in the same month. The FTSE 100 index advanced 2.4% to settle at 7331.9, while the FTSE AIM 100 index fell 2.9% to close at 4923.2. Meanwhile, the FTSE techMARK 100 index gained 1.8% to end at 5032.4.
US markets ended in the green in the previous week, amid reports of a possible delay in the US imposing tariffs on all Mexican imports. On the data front, the US non-farm payrolls advanced less than expected in May, while the services sector activity declined in the same month. Also, the US private-sector employment growth slowed to 9-year low in May. On the contrary, the US unemployment rate remained unchanged in May, whereas the ISM non-manufacturing PMI unexpectedly rose in the same month. The DJIA index rose 4.7% to end at 25983.9, while the NASDAQ index gained 3.9% to close at 7742.1.
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