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Morning Report - 11 June 2019

Yesterday’s FTSE 100 Leaders Close (p) Chg (p) % Chg % YTD
Ocado 1165 52 4.7 47.5
Antofagasta 834.4 29.4 3.7 6.5
NMC Health 2268 68 3.1 -17.1
Evraz 649 16 2.5 35.1
Spirax-Sarco 8760 200 2.3 40.4
Yesterday’s FTSE 100 Laggards Close (p) Chg (p) % Chg % YTD
Ferguson 5100 -248 -4.6 1.6
Fresnillo 789.8 -22.2 -2.7 -8.2
Next 5578 -138 -2.4 39.8
Imperial Brands 2040.5 -32.5 -1.6 -14.2
United Utilities 823 -11.8 -1.4 11.8
Major World Indices Mid/Close Chg % Chg % YTD
UK FTSE 100 7,375.5 43.6 0.6 9.6
UK FTSE 250 19,309.6 77.2 0.4 10.3
FR CAC 40 5,382.5 18.5 0.3 13.8
DE DAX 30 12,045.4 92.2 0.8 14.1
US DJ Industrial Average 30 26,062.8 78.8 0.3 11.7
US Nasdaq Composite 7,823.2 81.1 1.1 17.9
US S&P 500 2,886.7 13.4 0.5 15.2
JP Nikkei 225 21,204.3 69.9 0.3 5.9
HK Hang Seng Index 50 27,845.6 267.0 1.0 7.7
AU S&P/ASX 200 6,546.3 102.4 1.6 15.9
Commodities & FX Mid/Close Chg % Chg % YTD
Crude Oil, West Texas Int. ($/barrel) 53.86 -0.4 -0.7 18.6
Crude Oil, Brent ($/barrel) 62.73 -0.6 -0.9 15.8
Gold ($/oz) 1326.13 -2.3 -0.2 3.4
Silver ($/oz) 14.91 0.0 -0.3 -3.6
GBP/USD – US$ per £ 1.2682 -0.07 -0.6
EUR/USD – US$ per € 1.1319 0.00 -1.3
GBP/EUR – € per £ 1.1203 -0.10 0.7
FTSE 100 called to open +20pts at 7395

FTSE 100: 7-week, 4-hourly

Click graph to enlarge

Markets Overview:

FTSE 100 called to open +20pts at 7395, extending last week’s rising channel rebound, re-testing yesterday’s 7396 spike highs. Bulls need a break above 7400 for a rally towards 7500. Bears require a breach of shallow rising support at 7365 to jeopardise the uptrend. Watch levels: Bullish 7405, Bearish 7350

Calls for a positive open derive from another up-day on Wall St (Tech outperforming) and gains in Asia overnight. Sentiment buoyed by the US-Mexico agreement, hopes of a US-China trade deal at the G20, as well as more China stimulus following poor trade data, and, lastly, expectations a Fed rate cut to end its current hiking cycle, keeping global policy accommodative.

Copper extending is rebound gains should support name sin the Mining space. Gold has also stemmed its declines at $1328 despite risk appetite. Brent Crude at $63.5 is off yesterday’s lows, adding to rising support from June’s trough, which could help Oil majors and Explorers.

 

In corporate news this morning:

Bellway: Reservations +4.7%, Forward order book +2.7% in volume, -3.5% in value, 68% contracted; Land contracted +18.7%; Trading in-line with management expectations for full year.

Crest Nicholson Half-Year Revenues +7%, Total Forward Sales +15%, Flat pricing and continued build cost inflation means operating margin -270bp; pre-tax profit -11%, dividend maintained.

Halma FY revenues +13% (organic +10%), adjusted pre-tax +15% (organic adj. +11%); final dividend +7%; Return on Sales +40bp, Return on Invested Capital +90bp; Net debt -17.5%; New financial year started well; order intake remains ahead of both revenue and orders versus last year.

Ted Baker warns on full year profits (£50-60m versus £70m consensus) after extremely difficult trading conditions year to date, some of which will continue for remainder of the year.

Unilever says it is acquiring the high-end Japanese skincare brand Tatcha. No financials disclosed.

Compass Group to acquire Fazer Food Services, renowned in the Nordics, for €475m (€420m cash, remainder over 7 years); represents 0.8x revenues, 1.6x gross assets, 11.9x EBITDA.

Smith & Nephew to acquire Switzerland’s Atracsys to help enable robotic-surgery products and optical tracking in digital surgery; Terms not disclosed.

Shell’s floating LNG project ships its first cargo of fuel, to clients in Asia.

J Sainsbury appoints Jim Brown CEO of Sainsbury Bank; previously CEO of RBS’ Williams & Glynn

Ferguson starts the $500m 12-month share buyback program it announced yesterday.

SAGA says Marcus by Goldman Sachs is to become its new long term savings partner.

 

In focus today:

The latest UK Jobs and Wages (9.30am) is expected to be stronger, which would be rather at odds with yesterday’s surprisingly weak GDP and Industrial/Manufacturing Production prints. This would surely give the weak GBP a boost, to the detriment of the FTSE.

While US NFIB Business Optimism (11am) is forecast weaker in May, the IBD/TIPP Economic Optimism (3pm) is anticipated stronger, maintaining the mixed messages from the US fueling the debate about a Fed rate cut on the horizon. Watch USD and US stocks/indices.

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.1


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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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