Cambridge Index

20 March 2017

Archive

Cambridge Index gains 0.6%

The Cambridge index added 0.6% or 138.1 points to settle at 22,817.8, as index heavyweights such as Johnson Matthey and Greene King posted weekly gains. Liberum Capital restated its “Hold” rating on Johnson Matthey, up 3.3%, with a target price of 3300.0p. Barclays reconfirmed its “Overweight” rating on Greene King, up 2.3%. Numis Securities and Peel Hunt reissued their “Hold” rating on Abcam, down 7.9%, with a target price of 912.0p and 750.0p, respectively.

1Spatial, up 50.0%, announced that Nicole Payne has joined its Board as a Finance Director with immediate effect. Bango, up 7.1%, announced that its annual revenues doubled to £2.6m from £1.3m in the last year. Meanwhile, its loss before tax fell to £4.7m from £5.0m in the previous year. Cambridge Cognition Holdings, up 6.8%, announced that its CANTAB software’s digital assessments were used in Amgen's landmark EBBINGHAUS cognitive study which will be presented at the American College of Cardiology Annual Scientific Session. FinnCap reaffirmed its “Corporate” rating on the stock with a target price of 115.0p. Marshall Motor Holdings, up 5.1%, announced that its annual revenues climbed to £1.9b from £1.2b in the previous year. Its profit before tax rose to £22.1m from £15.4m in the last year. The Board has recommended a final dividend of 3.7p per share.

Horizon Discovery Group, down 0.3%, announced that it has signed an agreement with a leading international molecular diagnostic testing solutions specialist to develop and manufacture reference standards for the client for three common forms of non-invasive prenatal testing. N+1 Singer and Numis Securities reiterated their “Buy” rating on the stock with a target price of 194.0p and 262.0p, respectively. Quixant, down 1.0%, announced that its CEO Nick Jarmany will hand over his executive responsibilities to COO Jon Jayal until his medical treatment is completed. Brady, down 3.2%, announced that its annual revenues rose to £30.3m from £27.4m in the preceding year. Its loss before tax narrowed to £0.623m from £1.4m in the last year. The company separately announced that it has appointed Carmen Carey as a Non-Executive Director of the Board with immediate effect. N+1 Singer restated its “Buy” rating on the stock with a target price of 78.0p. CyanConnode Holdings, down 4.1%, announced that it has conditionally raised £3.2m by placing 230.4m and subscribing 1.68b new ordinary shares at 0.17p per share. LPA Group, down 5.8%, in its trading update, announced that it expects margins in the first half of FY2017 to be comparatively lower than last year, mainly due to a change in product mix. The company also announced that it received an order of £1.7m as part of a contract to supply inter-car jumpers for London-based rolling stock for the next three years.

UK markets ended firmer in the prior week. The Bank of England kept its key interest rates unchanged, however, one of the nine members voted in favour of a rate hike. On the data front, UK’s unemployment rate fell in the three months ended January. The FTSE AIM 100 index advanced 1.9% to close at 4,527.2, while the FTSE techMARK 100 index added 0.2% to end at 4,470.8. Moreover, the FTSE 100 index gained 1.1% to settle at 7,425.0.

US markets closed higher in the last week after the US Federal Reserve raised its benchmark interest rate by 25 basis points for the second time in three months. The central bank also maintained its outlook for two interest rate hikes this year. On the data front, the Michigan consumer sentiment index advanced in March while the capacity utilisation fell in February. The DJIA index rose 0.1% to end at 20,914.6, while the NASDAQ index climbed 0.7% to close at 5,901.0.

Index Movers

1Spatial Holdings PLC

1Spatial PLC, the spatial big data company, which manages the world’s largest spatial data, rallied 50.0% to 3.4p and emerged as the top gainer in the Cambridge index. The company announced that Nicole Payne has joined its Board as a Finance Director with immediate effect.

Abcam PLC

Abcam PLC, a producer and distributor of research-grade antibodies, fell 7.9% to 836.0p. Numis Securities reissued its “Hold” rating on the stock with a target price of 912.0p. Peel Hunt reaffirmed its “Hold” rating on the stock with a target price of 750.0p.

Bango PLC

Bango PLC, a developer and provider of technology for mobile phones, jumped 7.1% to 105.0p. The company, in its final results for the year ended 31 December 2016, announced that its revenues doubled to £2.6 million from £1.3 million in the last year. Meanwhile, its loss before tax fell to £4.7 million from £5.0 million in the previous year. Basic loss per share stood at 6.8p compared to a loss per share of 9.0p in the prior year. The company expects that the End User Spend rate would increase by a minimum of 100% by the end of FY2017.

Cambridge Cognition Holdings PLC

Cambridge Cognition Holdings PLC, which specialises in computerised neuropsychological tests, advanced 6.8% to 79.0p. The company announced that its CANTAB software’s digital assessments were used in Amgen's landmark EBBINGHAUS cognitive study which will be presented at the American College of Cardiology Annual Scientific Session. FinnCap reaffirmed its “Corporate” rating on the stock with a target price of 115.0p.

CyanConnode Holdings PLC

CyanConnode Holdings PLC, the integrated software solution provider for utility metering and lighting control, eased 4.1% to 0.2p. The company announced that it has conditionally raised £3.2 million by placing 230.4 million and subscribing 1.68 billion new ordinary shares at 0.17p per share. The company will use net proceeds to fund staff costs, delivering solutions specially requested by customers, to develop its narrowband mesh network solutions and for its growth and development.

Dialight PLC

Dialight PLC, a provider of electronic lighting and electromagnetic products, declined 6.3% to 1003.0p.

LPA Group PLC

LPA Group PLC, a provider of electronic and electro-mechanical systems, lost 5.8% to 154.0p. The company, in its trading update, announced that it expects margins in the first half of FY2017 to be lower than the margins in the same period last year, mainly due to a change in product mix. This was driven by a significant amount of project work, decline in defence and aerospace activities and downfall of one of its oil and gas sector customers. The company also announced that it received an order of £1.7 million as part of a contract to supply inter-car jumpers for London-based rolling stock for the next three years.

Sepura PLC

Sepura PLC, a supplier of network-independent Terrestrial Trunked Radio terminals and digital radios, climbed 5.7% to 14.0p.

Tristel PLC

Tristel PLC, a provider of infection control and water treatment products, rose 6.2% to 204.5p.

Ubisense Group PLC

Ubisense Group PLC, a market leader in real-time location solutions, edged 4.3% lower to 45.0p.

Other Movers

Quixant PLC

Quixant PLC, a provider of specialised gaming platforms designed for gaming and slot machine applications, lost 1.0% to 352.5p. The company announced that its CEO Nick Jarmany will hand over his executive responsibilities to COO Jon Jayal until his medical treatment is completed.

Brady PLC

Brady PLC, a provider of transaction and risk management solutions for metals and commodities, declined 3.2% to 76.5p. The company, in its preliminary results for the year ended 31 December 2016, announced that revenues rose to £30.3 million from £27.4 million in the preceding year. Its loss before tax narrowed to £0.623 million from £1.4 million in the last year. However, its basic loss per share advanced to 2.23p from 2.09p in the prior year. The company separately announced that it has appointed Carmen Carey as a Non-Executive Director of the Board with immediate effect. N+1 Singer restated its “Buy” rating on the stock with a target price of 78.0p.

Greene King PLC

Shares of pub operator, Greene King PLC, added 2.3% to 692.0p. Barclays reconfirmed its “Overweight” rating on the stock.

Horizon Discovery Group PLC

Horizon Discovery Group PLC, the life science company supplying research tools to organisations engaged in genomics research and the development of personalised medicines, edged 0.3% lower to 165.0p. The company announced that it has signed an agreement with a leading international molecular diagnostic testing solutions specialist. Under the terms of the agreement, Horizon will make use of its gene editing capabilities to develop and manufacture reference standards for the client for three common forms of non-invasive prenatal testing (NIPT). The company will receive a minimum of £0.8 million in product revenues from the initial project, which is expected to complete within a year. N+1 Singer reiterated its “Buy” rating on the stock with a target price of 194.0p. Numis Securities reissued its “Buy” rating on the stock with a target price of 262.0p.

Johnson Matthey PLC

Johnson Matthey PLC, a speciality chemicals company and leading provider of precious metal products and environmental technologies, advanced 3.3% to 3007.0p. Liberum Capital restated its “Hold” rating on the stock with a target price of 3300.0p.

Marshall Motor Holdings PLC

Marshall Motor Holdings, one of the UK's leading automotive retail and leasing groups representing a unique portfolio of prestige and volume brands and with the highest brand coverage of any dealer group in the UK, gained 5.1% to 175.5p. The company, in its final results for the year ended 31 December 2016, announced that revenues climbed to £1.9 billion from £1.2 billion in the previous year. Its profit before tax rose to £22.1 million from £15.4 million in the last year. Basic earnings per share advanced to 23.0p from 19.7p in the prior year. The Board has recommended a final dividend of 3.7p per share.

Research and analysis for these reports has been conducted by Decimal Point Analytics Pvt. Ltd. on behalf of NW Brown Group.

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