Proactive analyst Richard Jeans notes that stocks have started to drift following the big gains earlier in the month that were inspired by the Covid-19 vaccine news. Jeans notes that while the FTSE-100 has slipped by about 0.4% over the week, large cap UK software stocks have fallen by around 1.9% while small caps software stocks have lost 1.5%.
In the large cap space, there has been profit taking in stocks that have performed well during the pandemic such as Computacenter, Softcat, Kainos and GB Group while Micro Focus has continued its recovery and is up by around 70% this month
In the small cap space, Loopup tumbled by approximately 40% on a profits warning while we have seen good gains from Cerillion, a telecoms software business that released strong final results on Monday, along with CentralNic which reports Q3 numbers next week and Kape Technologies.
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