Science Group, up 7.9%, announced that it has signed an agreement to acquire the entire issued and to be issued ordinary share capital of TP Group (not already owned by Science Group) for a consideration of £17.53m.
SDI Group, up 1.6%, announced that it would release its interim results for the six months ended 31 October 2022 on 7 December 2022. Also, the company announces that Mike Creedon and Ami Sharma will give a live presentation relating to the company’s Interim Results for the six months to 31 October 2022 via the Investor Meet Company platform on 7 December 2022 at 4:00pm GMT.
GRC International Group, unchanged at 24.0p, today, announced that it's IT Governance business has inked a three-year contract with a South Asian financial institution to assist the organisation with its Swift compliance.
Gaming Realms, down 2.0%, announced that Ms. Anna Massion has joined the Board as an independent Non-Executive Director.
Frontier Developments, down 1.2%, announced that it has bought experienced game development studio Complex Games Inc for an upfront cash consideration of C$13m (£8.3m).
1Spatial, down 1.1%, announced that it has launched 1Streetworks’ Traffic Management Plan Automation solution that automates the consistent and compliant production of traffic management plans in less than 60 seconds on the UK roads.
UK markets closed higher last week, amid weakness in the British Pound. On the macro front, UK’s mortgage approvals declined more than forecasted in September, while the nation’s Nationwide housing prices fell for the first time since July 2021 in October, as borrowing costs soared. Additionally, UK’s S&P Global services PMI fell in October, amid decline in output and new orders, while the nation’s S&P Global manufacturing PMI dropped to a 29-month low in October. Further, UK’s consumer credit fell to its lowest level since December 2021 in September. Separately, the Bank of England raised its benchmark interest rate by 75 basis points to 3.00%, registering its largest hike since 1989. Further, the central bank warned of a prolonged recession in Britain and forecasted that inflation will hit a 40-year high. The FTSE 100 index advanced 4.1% to settle at 7,334.8, while the FTSE AIM 100 index rose 1.3% to close at 3,918.8. Meanwhile, the FTSE techMARK 100 index gained 0.9% to end at 6,074.1.
US markets ended lower in the previous week, amid fears that the US Federal Reserve (Fed) would continue raising interest rates. On the data front, US Chicago Purchasing Managers’ Index unexpectedly declined in October, while Dallas Fed manufacturing business index dropped in the same month. Additionally, both, the US ISM manufacturing and services PMIs fell in October. Moreover, the US trade deficit widened in September, as imports climbed. Meanwhile, the US initial jobless claims unexpectedly eased in the week ended 28 October 2022, while the nation’s JOLTS job openings advanced more than expected in September. Additionally, the US private sector employment advanced by more than expected in October, while the nation’s nonfarm payrolls climbed in October. Separately, the US Fed raised its key interest rate by 75 basis points to a range of 3.75% to 4.00%, its highest level in 15 years and marking its sixth rate hike this year. The DJIA index fell 1.4% to end at 32,403.2, while the NASDAQ index lost 5.6% to close at 10,475.3.
