Kier Group, up 1.1%, announced that it has appointed Tracey Collins for a newly created role of head of emerging talent, diversity & inclusion while Tracey McNamara would join as Group Procurement Director.
CyanConnode Holdings, up 11.0%, announced that it has received an order for 300,000 Omnimesh Modules from Dakshin Gujarat Smart Metering Private Limited, a subsidiary of IntelliSmart Infrastructure Private Limited (IntelliSmart).
Quartix Technologies, up 1.3%, in its interim results for the half year ended 30 June 2023, announced that revenues rose to £14.62m from £13.33m recorded in the same period previous year. The company has proposed an interim dividend of 1.50p (2022: 1.50p) per share, £0.7m in aggregate. The interim dividend would be paid on 6 October 2023 to shareholders.
SDI Group, down 9.6%, announced that it expects to release its final results for the 12 months to 30 April 2023 on 8 August 2023.
Sareum Holdings, down 7.1%, announced that it has reached an agreement on an equity prepayment facility of up to £5.0m with Riverfort Global Opportunities PCC Ltd as arranged by RiverFort Global Capital Ltd, with an initial deposit of £2.0m, expected to be received by the Company on 4th August 2023, net of associated costs.
IQGeo Group, down 1.6%, announced that it has appointed David Cottingham as its new Chief Technology Officer (CTO). Xaar, down 1.6%, in its trading update, announced that it expects revenue for the period to be £34.7m (H1 2022: £36.6m). Adjusted profit before tax was in line with management expectations. As at 30 June 2023, the Group’s net cash position stood at £7.3m (30 June 2022: £12.6m) in line with management expectations. Dialight, down 1.4%, announced that it has launched an all-new battery backup model of its compact and versatile Area Light product.
UK markets ended lower last week, after the Bank of England (BoE) raised its key interest rate for the 14th time. On the macro front, UK’s manufacturing PMI contracted at its fastest pace in seven months in July, due to higher interest rates and lower demand for new orders, while the nation’s services sector activity weakened in the same month. Additionally, UK’s Nationwide housing prices fell at its fastest annual rate in 14 years in July, amid rising interest rates. Meanwhile, UK’s BRC shop price index rose at its slowest annual rate in June. Separately, the Bank of England (BoE) raised its key interest rate by 25 basis points to 5.25%, reaching its highest level since 2008, and signalled further increases in the coming months. The FTSE 100 index declined 1.7% to settle at 7,564.4, while the FTSE AIM 100 index fell 0.4% to close at 3633.0. Also, the FTSE techMARK 100 index lost 1.4% to end at 6,489.4.
US markets ended lower in the previous week, after Fitch reduced the US government's credit rating, indicating fiscal deterioration and repeated debt ceiling impasses. On the macro front, the US ISM manufacturing PMI less than expected in July, amid a slowdown in new orders, while the nation’s ISM services PMI declined more than expected in July. Additionally, the US initial jobless claims advanced in the week ended 28 July 2023, while the nation’s JOLTs job openings dropped to a 2-year low in June. Moreover, the US non-farm payrolls increased by less than expected in July. Meanwhile, the US unemployment rate declined in July, while the ADP employment climbed by more-than-expected in July, driven by increase in jobs in leisure and hospitality sector. Additionally, the US factory orders rebounded in June, following strong demand for transportation equipment The DJIA index fell 1.1% to end at 35,065.6, while the NASDAQ index lost 2.8% to close at 13,909.2.
