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Morning Report - 11 July 2019

Yesterday’s FTSE100 Leaders Price (p) % Chg
SMURFIT KAPPA GROUP PLC 2,540.0 3.0%
ANTOFAGASTA PLC 863.2 1.8%
SCOTTISH MORTGAGE INV TR PLC 558.5 1.7%
IMPERIAL BRANDS PLC 2,015.0 1.7%
FERGUSON PLC 5,736.0 1.5%
Yesterday’s FTSE100 Laggards Price (p) % Chg
MICRO FOCUS INTERNATIONAL 1753.0 -11.7%
COCA-COLA HBC AG-DI 2726.0 -2.0%
WPP PLC 961.0 -2.0%
BRITISH LAND CO PLC 540.0 -1.9%
BT GROUP PLC 192.4 -1.8%

 

Major World Indices Price % Chg 1 Year
FTSE 100 INDEX 7,531 -0.1% -0.8%
DOW JONES INDUS. AVG 26,860 0.3% 8.7%
DAX INDEX 12,373 -0.5% -0.4%
NIKKEI 225 21,644 0.5% -1.4%
S&P/ASX 200 INDEX 6,716 0.4% 8.1%

 

Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 60.64 0.35%
Brent Crude (ICE) USD/bbl. 67.23 0.33%
Gold Spot USD/t oz. 1,420 0.1%
Copper (Comex) USd/lb. 268 -0.4%

 

FTSE 100 called to open positive at 7550

FTSE 100: 30 day, 4 hours

Click graph to enlarge

Markets Overview:

FTSE 100 called to open +20pts this morning at 7550; following on from overnight trading sessions in the U.S. that saw fresh record highs on the Dow Jones, the S&P and the Nasdaq, we also saw a buoyant Asian session. This is on the back of Jerome Powell’s comments yesterday which implied that the Fed were set to cut interest rates during his testimony in Congress. Oil prices spiked overnight seeing crude testing the $68 handle and gold once again rallied through the $1400 level which had for a number of days provided resistance, to reach $1422.

In corporate news this morning:

Reckitt Benckiser to pay $1.4B to settle US opioid-addiction drug probes.

Indivior ups FY guidance for net revenue and net income, driven by outperformance of branded Suboxone. Reckitt settlement resolves probe Into Indivior’s sales and marketing of Suboxone film.

Dart group operating profit before tax +36% to £177.5m. Final dividend +23% to 7.4p.

DFS delivered good underlying group gross sales growth of 7%, strong online growth of 17%. Underlying profit before tax expected to be slightly above £50m, v £38.3m 2018. Appointed Mike Schmidt as Chief Financial Officer. 

Workspace reports good level of customer demand in Q1l pro-forma LTV of 22% and cash facilities of £134m. Expects to complete3 more refurbishments this year, providing another 104K sqft space.

Spire Healthcare renews contract with AXA PPP Healthcare until 2024.

Diploma acquires Virginia Sealing Products for £56m cash.

Land Securities Chief Executive Robert Noel will retire in 2020. 

British American Tobacco downgraded to neutral by Piper Jaffray

IAG downgraded to sell by Morningstar 

Cobham upgraded to overweight by Barclays

In focus today:

UK Financial stability report (10.30am)

ECB Monetary policy accounts (12.30pm) 

U.S. Inflation and Wages data (1.30pm) 

U.S. CPI data (1.30pm) 

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

Company results out today! – Dart Group, Workspace

Share ex-dividend reaction – Halma, WH Smith

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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