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Morning Report - 12 December 2019

Yesterday’s UK 100 Leaders Price (p) % Chg
FRESNILLO PLC 581.6 4.9%
ASHTEAD GROUP PLC 2,314.0 4.2%
PEARSON PLC 645.0 1.9%
HIKMA PHARMACEUTICALS PLC 1,976.0 1.7%
POLYMETAL INTERNATIONAL PLC 1,190.0 1.7%
Yesterday’s UK 100 Laggards Price (p) % Chg
JD SPORTS FASHION PLC 727.0 -9.5%
AUTO TRADER GROUP PLC 537.4 -3.0%
RSA INSURANCE GROUP PLC 531.0 -2.6%
EVRAZ PLC 353.4 -2.3%
HISCOX LTD 1323.0 -2.2%
Major World Indices Price % Chg 1 Year
UK 100 INDEX 7,216 0.0% 4.9%
DOW JONES INDUS. AVG 27,911 0.1% 13.8%
DAX INDEX 13,147 0.6% 20.3%
NIKKEI 225 23,425 0.1% 8.4%
S&P/ASX 200 INDEX 6,709 -0.7% 18.7%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 58.88 0.20%
Brent Crude (ICE) USD/bbl. 64.00 0.44%
Gold Spot USD/t oz. 1,474 -0.1%
Copper (Comex) USd/lb. 279 0.0%
UK 100 called to open +15 at 7231

UK 100 : 4 hours, 3 months

Click graph to enlarge

Markets Overview:

 

UK 100 called to open +15 at 7231 this morning; Today sees Britain go to the polls to cast vote on what has been dubbed in the media “The Brexit election”. Last nights U.S session saw the Dow Jones close at 27,911 (+30 points), the S&P 500 at 3,141 (+9 points) & completing a stateside green sweep the Nasdaq closed at 8,654 (+38 points). This positive sentiment not only continued but gained traction into Asian trading sessions with the Nikkei closing the day at 23,435 (+44 points) while the standout global index performance was from the Hang Seng in Hong Kong, closing at 27,018 (+372 points). This global rally was on the back of the Fed’s decision to hold interest rates, citing a “favourable economic outlook” for next year. Paired with an important meeting today in the U.S to discuss trade agreement with China has sent global markets into overdrive, could this be the catalyst for a Santa rally? Crude oil bounced overnight having found support at the $64 per barrel level to sit at $64.4 at time of writing. Inspite of heavy risk on sentiment from investors, gold actually moved up overnight to settle at $1474, $10 per Troy ounce higher than yesterday morning.

 

In corporate news this morning:

 

AstraZeneca announced that it has received marketing authorisation from China’s National Medical Products Administration for Imfinzi for the treatment of patients with unresectable, Stage III non-small cell lung cancer whose disease has not progressed following concurrent platinum-based chemotherapy and radiation therapy.

 

Dixons Carphone group adjusted profit before tax of £24m, Statutory loss before tax of £86m, down from £440m YoY; Q2 like-for-like revenue -2%; EBIT -49% YoY.

 

PZ Cussons announces that CEO Alex Kanellis will retire from the company on 31st Jan 2020.

 

Ocado announced a growth in retail revenue of 10.8%; average orders growth of 10.4%

 

Rio Tinto acknowledges the findings of the Takeovers Panel in relation to Energy Resources of Australia Limited’s (ERA) renounceable entitlement offer to raise $324 million (A$476 million) for the rehabilitation of the Ranger Project Area in Australia’s Northern Territory.

 

Serco expects to deliver around 14% revenue growth and 30% Underlying Trading Profit growth; record order intake; NSBU acquisition performing well.  Outlook for 2020: further strong growth expected in revenues and profits.

 

Superdry announces revenue decline of 11% reflecting an expected year of reset, as they address a number of legacy issues across the business. Underlying profit before tax of £0.2m. 

WPP have agreed with Goldman Sachs to the repurchase of shares up to the value of £300m

 

Source: Bloomberg, FT, Reuters, DJ Newswires, AlphaTerminal

 

Upgrades/Downgrades:

 

Sythomer Upgraded to Neutral by JP Morgan (Bloomberg: 6 buys/ 3 holds/ 0 sells)

 

 

In Focus Today:

 

UK parliamentary elections

 

EU European Council Meeting – Day 1

 

German CPI Data

 

ECB interest rate decision

 

 

Companies reporting today:

 

Dixon’s Carphone, Superdry, Versarian, Ocado, PZ Cussons, Serco Group

 

Companies reporting Tomorrow:

 

Balfour Beatty

 

(Full list available on Week in advance)

Today’s Ex-Dividends:

 

UK 100

 

3i Group – 1.6%

 

Associated British Foods (ABF – Owner of Primark) – 1.37%

 

 

Marston’s – 3.72%

 

Cineworld – 1.34%

 

Cranswick – 0.54%

 

 

(Full list available on Week in advance)

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