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Morning Report - 10 July 2019

Yesterday’s FTSE100 Leaders Price (p) % Chg
OCADO GROUP PLC 1,236.5 5.6%
CENTRICA PLC 87.8 1.2%
Yesterday’s FTSE100 Laggards Price (p) % Chg
NMC HEALTH PLC 2302.0 -5.5%
GLENCORE PLC 266.2 -2.9%
Major World Indices Price % Chg 1 YEAR
FTSE 100 INDEX 7,536 -0.2% -2.0%
DOW JONES INDUS. AVG 26,783 -0.1% 7.5%
DAX INDEX 12,437 -0.9% -1.4%
NIKKEI 225 21,533 -0.2% -3.0%
S&P/ASX 200 INDEX 6,690 0.4% 6.9%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 58.64 1.40%
Brent Crude (ICE) USD/bbl. 64.77 0.95%
Gold Spot USD/t oz. 1,390 -0.5%
Copper (Comex) USd/lb. 264 0.7%
FTSE 100 called to open flat at 7537

FTSE 100: 1 day, 6 months

Click graph to enlarge

Markets Overview:

FTSE 100 called to open flat at 7537 this morning; Following mixed trading sessions both stateside and also in Asian markets on the back of the news that Chinese inflation had hit fresh 15 month highs, tempering expectations about more stimulus; Crude oil broke through and found stability overnight the $65 level, Gold once again failed to break through the $1400 handle.

In corporate news this morning:

Barratt Developments FY profit before tax expected to be ahead of consensus driven by continued improvements from margin initiatives and strong close to the year. Completions +1.5%, with wholly owned completions +2.6%. Strong forward sales position with total forward sales +19%. 

GSK announces positive week 48 results from its phase 3 TANGO study for HIV drug

Superdry FY underlying pre-tax profit -56%. Full year statutory loss before tax +30%. Will maintain dividend policy. Expects revenues to show slight decline in FY20 (its “reset” year) , particularly in H1 as it rebalances promotional activity

Barrick Gold had deadline for deal to buy Acacia Mining extended by UK Takeover Panel to 19 July

PageGroup Q2 Gross profit +7.9%; UK -2.4%; Temp grew faster than permanent; Given current macro-economic conditions, expect 2019 operating profit towards lower end of market forecasts.

Grafton Group saw revenues increased by 2.4% to £1.48bn for the period. 2.6% organic revenue growth, like for like group revenue increased by 3.9%. Market conditions were softer than anticipated reflecting weaker demand in the marketplace.

Wetherspoons reports 10 weeks like-for-like sales +6.9% and total sales +6.6%. Year-to-date like-for-like sales +6.7% and total sales +7.4%. 

Dunelm Total like-for-like (LFL) revenue for Q1 +15.4%, reflecting strong underlying growth in stores and online, the benefit of a weak comparator period last year and favourable weather this year. Expect FY pre-tax profit to be towards upper end of the range announced in 20 Jun trading update.

Ashtead downgraded by Morgan Stanley to Equalweight from Overweight

Vodafone price target downgraded by Jefferies to 144p from 165p

Ocado price upgraded by Barclays to 1200p from 875p

Watches of Switzerland coverage initiated by Barclays and Goldman Sachs

Superdry coverage initiated by Jefferies at Buy

In focus today:

Reaction to Chinese inflation data (hitting 15 month highs)

U.K GDP and production data (9.30am)

U.S. Fed Chair Powell testifies (3.00pm)

U.S. EIA Oil Stocks (3.30pm)

U.S. Fed FOMC minutes (7.00pm)

Company results reaction – Barratt Developments, Dunelm, Superdry, Grafton


For any help you may require placing trades or in terms of market information, put a call in to our trading floor – it’s all part of the service.

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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance.

Prepared by Michael van Dulken, Head of Research
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