IQGeo, up 0.6%, announced that its fibre planning and design software has been selected by a top 10 US telecom and fibre operator as a part of a first phase technology deployment. The initial 3-year contract for this new customer has a total value of over $2.5m that includes recurring revenue, licenses, hosting and professional services.
Sareum Holdings, up 2.5%, announced that its co-development partner, the CRT Pioneer Fund (CPF) has signed a development and commercialisation licence agreement for SRA737 with a biopharma company based in the US. Under the terms of the agreement, an immediate payment of $0.5m is due to CPF and an additional fee consisting of $1.0m in cash and 500,000 shares in the licensee company may be payable upon the sooner of 12 months following the signing of the Licensing Agreement, or the event of the Licensee Company achieving certain commercial and material financing objectives. Also, an additional payment of $289m may become payable to CPF, subject to achievement of certain development, regulatory and commercial milestones which may or may not be achieved.
LPA Group, up 6.2%, announced the acquisition of Red Box international holdings Ltd for a consideration of approximately £1.1m, of which £275,000 is being satisfied on completion, and £825,000 is payable post-completion.
UK markets closed lower last week, as rate cut bets eased. On the data front, UK’s S&P Global manufacturing PMI weakened for a 17th consecutive month in December, amid slowdown in domestic and global output. On the flipside, UK’s sector activity grew at its fastest pace in six months in December, driven by rise in new orders, while the nation’s consumer credit rose to a 7-year high in November. Additionally, Britain’s house prices climbed to a 9-month high in December, amid property shortage, while the nation’s mortgage approvals increased to its highest level in five months in November, amid decline in borrowing costs. The FTSE 100 index declined 0.6% to settle at 7,689.6, while the FTSE AIM 100 index fell 2.7% to close at 3,602.2. Meanwhile, the FTSE techMARK 100 index lost 2.8% to end at 6,402.2.
US markets ended lower in the previous week, amid uncertainty over Fed’s rate cut outlook. On the data front, the US JOLTS job openings declined to its to lowest level in more than two years in November. Meanwhile, the US nonfarm payrolls advanced more-than-expected in December, while the private sector employment rose by more than market forecasts in December, reflecting a robust jobs market. Additionally, the US initial jobless claims fell to a 2-month low in the week ended 29 December 2023, while the nation’s ISM manufacturing PMI advanced in December, amid rebound in production. Separately, US FOMC meeting minutes indicated that interest rate cuts are likely in 2024, however, it highlighted uncertainty over rate and economic outlook. The DJIA index fell 0.6% to end at 37,466.1, while the NASDAQ index lost 3.2% to close at 14,524.1.
