DS Smith, down 1.1%, announced the launch of a service for businesses to evaluate the recyclability levels of their packaging. The service is designed to meet the growing sustainability demands of consumers and organisations while, crucially, addressing the ongoing changes in packaging legislation.
Frontier Developments, up 20.7%, announced that Berenberg Bank upgraded its rating on the company to ‘Buy’ from ‘Hold’ and raised its target price to £3.30 from £3.00.
CyanConnode Holdings, up 0.6%, announced the successful deployment of over two million communication endpoints in India, making it the first and only smart metering communications player in India to reach this milestone.
Oracle Power, unchanged at 0.02p, in its Q2 2024 update, announced that the second quarter has been fully occupied as it has significantly advanced the development of the green hydrogen project in Pakistan. The company also increased its footprint in WA through the acquisition of a highly prospective copper project, and in parallel its farm-in partner at Northern Zone continued to advance exploration towards possible JORC gold resource estimation. The company will provide further progress during the third quarter of 2024. Separately, the company announced that its Chairman, Mark Steed has resigned from the board with immediate effect.
Netcall, down 3.1%, announced that it has acquired a digital process automation company, Govtech Holdings Limited for a total consideration of £13m.
GRC International Group, unchanged at 7.8p, announced that according to the previous announcement on 5 June 2024 and 30 July 2024, at the scheme court hearing, the High Court of Justice in England and Wales granted the scheme court order sanctioning the scheme. The scheme will become effective upon the Scheme Court Order (duly sealed by the Court) being delivered to the Registrar of Companies, which is expected to occur on 8 August 2024. Application has been made for the suspension, and subsequent cancellation, of trading in GRC shares on AIM. Suspension in the trading of GRC shares is expected to take effect from 7.30 a.m. on 8 August 2024. The last day for dealings in, and for the registrations of transfers of, GRC shares will therefore be 7 August 2024. Separately, the company announced that the High Court of Justice in England and Wales had sanctioned the scheme, the Scheme Court Order has been delivered to the Registrar of Companies and, accordingly, the scheme has now become effective in accordance with its terms and the entire issued share capital of GRC is now owned by Bidco. As a result, its securities have been cancelled from trading on AIM with immediate effect.
UK markets closed lower last week, amid concerns over the global economic slowdown. On the data front, the UK RICS housing price balance index unexpectedly declined in July. Meanwhile, the UK services PMI rebounded more than expected in July, while the nation’s BRC like-for-like retail sales advanced as anticipated in July. Additionally, the UK Halifax house prices rose more than expected in July, while the nation’s construction PMI climbed to its highest level since May 2022 in July. The FTSE 100 index declined 0.1% to settle at 8,168.1, while the FTSE AIM 100 index fell 0.5% to close at 3,692.6. Additionally, the FTSE techMARK 100 index lost 0.8% to end at 6,822.3.
US markets ended lower in the previous week, amid renewed fears of a US recession. On the macro front, the US ISM services PMI advanced more than anticipated in July, amid rise in new orders, while the nation’s goods trade deficit narrowed in June. Moreover, the US weekly jobless claims dropped more than expected in the week ended 02 August 2024. The DJIA index fell 0.6% to end at 39,497.5, while the NASDAQ index lost 0.2% to close at 16,745.3.
