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Morning Report - 11 January 2022

Yesterday’s UK 100 Leaders	Price (p)	% Chg
VODAFONE GROUP PLC	117.5	2.5%
BAE SYSTEMS PLC	572.0	2.4%
COCA-COLA HBC AG-DI	2,671.0	2.2%
HSBC HOLDINGS PLC	492.0	2.0%
BRITISH AMERICAN TOBACCO PLC	2,869.0	1.7%

Yesterday’s UK 100 Laggards	Price (p)	% Chg
SPIRAX-SARCO ENGINEERING PLC	14215.0	-6.5%
ASHTEAD GROUP PLC	5700.0	-5.9%
EXPERIAN PLC	3229.0	-5.4%
PERSIMMON PLC	2650.0	-5.2%
HALMA PLC	2823.0	-5.1%

Major World Indices	Price	% Chg	1 YEAR
UK 100 INDEX	7,445	-0.5%	9.5%
DOW JONES INDUS. AVG	36,069	-0.5%	16.0%
DAX INDEX	15,768	-1.1%	12.2%
NIKKEI 225	28,222	-0.9%	0.3%
S&P/ASX 200 INDEX	7,390	-0.8%	10.4%

Commodities	Units	Price	% Chg
WTI Crude Oil (Nymex)	USD/bbl.	78.74	0.65%
Brent Crude (ICE)	USD/bbl.	81.28	0.51%
Gold Spot	USD/t oz.	1,809	0.4%
Copper (Comex)	USd/lb.	439	0.8%

The UK 100 is called to open +40 points today at 7485.

4 hours; 10 Months

Click graph to enlarge

Markets Overview:

The UK 100 is called to open +40 points today at 7485. The UK 100 looks set to rebound this morning, after the latest data from the British Retail Consortium and KPMG shows total retail sales rose in the key month of December were up 2.1% compared with a year earlier, with a 4.6% rise on 2019. On Wall Street overnight, there were further declines for the Dow Jones and S&P 500 indices, of 0.45% and 0.14% respectively, while the tech-filled Nasdaq fell to a 10-week low before bargain hunters dived in and the index registered a 0.05% rise by the closing bell.

Company News & Broker Comments:

Company News:

Darktrace increases guidance for FY22 adjusted EBITDA margin to between 3% and 6%.

Dechra Pharmaceuticals acquires worldwide rights to verdinexor.

Electrocomponents report that their Q3 was better than expected but are mindful of “external pressures” in Q4. They also see FY profit ahead of consensus.

Flutter Entertainment completes acquisition of Tombola in cash and fully funded.

Games Workshop reports a H1 pretax profit of £88.2m v £91.6m YoY.

Phoenix group expects £1bn in total new business long-term cash generation in 2021.

Senior wins new multi-year contracts from Boeing 767, 737 and 777 jets.

SIG expects FY21 revenue of £2.29bn and underlying profit of at least £40m.

Broker Comments

Berenberg Downgrades Great Portland to Hold from Buy (6 Buys / 7 Holds / 0 Sells)

Berenberg Upgrades Workspace Group to Hold from Sell (4 Buys / 2 Holds / 1 Sell)

Citigroup Downgrades Croda to Neutral from Buy (5 Buys / 9 Holds / 1 Sell)

Citigroup Upgrades Flutter to Buy from Sell (15 Buys / 3 Holds / 1 Sell)

Credit Suisse Upgrades Hays to Outperform from Underperform (5 Buys / 6 Holds / 0 Sells)

Jefferies Downgrades Natwest to Hold from Buy (8 Buys / 9 Holds / 0 Sells)

Jefferies Upgrades Micro Focus to Buy from Hold (3 Buys / 5 holds / 0 Sells)

Reporting Today:

Electrocomponents

Games Workshop Group

Reporting Tomorrow:

PageGroup

Sainsbury (J)

Vistry Group

Whitbread

In Focus Today:

UK BRC Like-For-Like Retail Sales

UK NIESR GDP Estimate

Japanese Current Account n.s.a.

This Week’s Ex-Dividends:

FTSE 100:

SSE

Sage Group

Ashtead Group

FTSE 250:

Primary Health Properties

Shaftesbury

Dr. Martens

Future

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