Cambridge Index rises 1.4%

The Cambridge Index advanced 260.42 points or 1.4% to close at 18,501.6 as seven out of the top ten index heavyweights posted weekly gains in their share price.

Kirly Group Cambridge Index

DS Smith, up 3.3%, in its final results, announced that revenues dropped to £6.82b from £8.22b recorded in the previous year. Profit before tax narrowed to £0.50b from £0.66b. The final 2022/23 dividend of 12p per share and the 2023/24 interim dividend of 6.0p per share were paid during the year.

Darktrace, down 0.5%, announced that its shareholders have overwhelmingly voted in favour of Thoma Bravo's offer to acquire the company. While the deal remains subject to regulatory approvals, this is a significant milestone in the next chapter for Darktrace as it continues its exciting growth story from a British technology start-up to a global cybersecurity leader.

Science Group, up 5.4%, in its AGM trading update, announced that the group overall was trading in line with the board's expectations in the first months of 2024, with adjusted operating profit for the interim period ending 30 June 2024 anticipated to be ahead of the prior year. As on 31 May 2024, the group had gross cash of £38.1m and net funds of £25.4m.

Oracle Power, down 33.3%, announced that the company geologists will commence exploration on-site at the Blue Rock Valley Copper and Silver Project, located in the Ashburton Basin in the northwest region of Western Australia, which suggests the presence of high-grade copper and silver mineralisation as well as the potential for uranium.

Avingtrans, down 2.6%, in its trading update, announced that revenue from continuing operations has reached a record level and aligned with market expectations. Its adjusted EBITDA from continuing operations is materially ahead of market expectations and is expected to be in the range of £13-14m. The company expects to publish its audited results for the year ended 31 May 2024 on 25 September 2024.

Cambridge Cognition Holdings, down 2.4%, announced that it has raised total gross proceeds of approximately £2.6m in aggregate (before expenses) through the placing, subscription and open offer. Its application has been made for 6,561,057 new shares to be admitted to trading on AIM (admission).

LPA Group, down 1.5%, in its interim results, announced that revenues rose to £11.56m from £9.13m recorded in the same period of the previous year. Loss before tax narrowed to £0.40m from £0.59m.

UK markets ended mostly higher last week, after the Bank of England (BoE) kept its key interest rate unchanged at 5.25%. On the data front, UK’s manufacturing sector advanced more than expected in June, while the nation’s retail sales rebounded more than anticipated in May. Additionally, UK’s GfK consumer confidence climbed to its highest level since November 2021 in June. Meanwhile, UK’s consumer price inflation slowed in May, while the nation’s services PMI unexpectedly dropped in June. Separately, the Bank of England (BoE) kept its key interest rates unchanged at 5.25%, as expected, but called the decision as ‘finely balanced’ after inflation hit its 2% target. The FTSE 100 index advanced 1.1% to settle at 8,237.7, while the FTSE techMARK 100 index gained 0.1% to end at 6,994.6. Meanwhile, the FTSE AIM 100 index fell 0.4% to close at 3,724.6.

US markets ended higher in the previous week, following robust US business activity in May. On the macro front, the US manufacturing PMI unexpectedly rose in June, while the nation’s services PMI advanced to a 26-month high in June. Meanwhile, the US housing starts dropped to its lowest level in four years in May, while the nation’s building permits unexpectedly fell in May. Additionally, the US existing home sales declined in May. Moreover, the US retail sales rose less than expected in May, while the nation’s weekly jobless claims declined less than expected in the week ended 14 June 2024. Further, the US Philadelphia Fed manufacturing index unexpectedly fell in June. The DJIA index rose 1.5% to end at 39,150.3, while the NASDAQ index marginally gained to close at 17,689.4.



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