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Morning Report - 13 November 2019

Yesterday’s UK 100 Leaders Price (p) % Chg
EVRAZ PLC 365.1 4.0%
M&G PLC 228.8 3.7%
AVEVA GROUP PLC 4,408.0 3.5%
VODAFONE GROUP PLC 165.2 3.1%
EXPERIAN PLC 2,442.0 2.5%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
DCC PLC 6916.0 -6.2%
FRESNILLO PLC 626.0 -4.6%
OCADO GROUP PLC 1074.5 -2.5%
TESCO PLC 233.8 -1.6%
DIAGEO PLC 3060.0 -1.6%

 

Major World Indices Price % Chg 1 Year
UK 100 INDEX 7,365 0.5% 4.4%
DOW JONES INDUS. AVG 27,691 0.0% 9.5%
DAX INDEX 13,284 0.7% 15.8%
NIKKEI 225 23,320 -0.9% 6.9%
S&P/ASX 200 INDEX 6,698 -0.8% 14.8%

 

Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 56.57 -0.40%
Brent Crude (ICE) USD/bbl. 61.78 -0.45%
Gold Spot USD/t oz. 1,462 0.4%
Copper (Comex) USd/lb. 265 0.2%

 

UK 100 called to open -25 points at 7340

UK 100 : 4 Hours, 2 Months

Click graph to enlarge

Markets Overview:

 

UK 100 Called to open -20 points at 7340; This comes on the back of Donald Trump saying the U.S. will increase tariffs on China in case if a broader agreement isn’t reached, the President also said. While China is “dying” to make a deal, he’ll only sign it if it’s good for American companies and workers.  The US closed the trading session broadly flat, the Dow Jones closed without moving, the S&P +5 points and the Nasdaq +21 points.  Trading in Asia was far more muted however, in the aftermath of Trumps speech, we saw the Nikkei -200 points & the Hang Seng -556 points (More than 2%) the later also being hit by political unrest in Hong Kong.  This did however lead to Gold prices rising as investors looked to protect investments with the traditional safe haven, seeing Gold prices rise from $1450 to $1462Oil prices however slipped from yesterdays levels to settle at $62 per barrel.

 

In corporate news this morning:

 

Anglo American announces the value of rough diamond sales for De Beers’ ninth sales cycle of 2019, amounting to $390m. 

 

British Land said they had made further progress on strategy.  They also said in a tough market, that they have capitalised on opportunities to make retail sales, disposing of assets £236m above book value.  Outlook suggests market conditions will be challenging, however cash provisions have been made. Underlying profit -10.1% YoY; EPS -6.4% YoY; Dividend per share +3% YoY.

 

JD Wetherspoon saw like for like sales increase by 5.3% and total sales by 5.6%

 

SSE delivered their results this morning and said that they were progressing well in the execution of its lowcarbon strategy with the sale of SSE Energy Services leading to group more focussed on renewable energy and regulated electricity networks. Clearly some headwinds remain in the sector with political uncertainty and aspects of UK government policy being subject to judicial process, however, we have strong optionality to create value through the low carbon transition and deliver our dividend commitments. Adj Profit +14% YoY; Adj EPS +10% YoY; Dividend -18% (reflecting May 2018 dividend policy).

 

Taylor Wimpey announced they are on track to deliver FY 2019 results in line with expectations. Housing market conditions have remained resilient. Returning £610m by way of total dividend to shareholders in 2020. 

 

Tullow Oil announces FY 2019 oil production to average around 87,000 bopd, slightly below guidance primarily due to Ghana production not meeting expectations. Oil discoveries in Guyana at Jethro and Joe have encountered heavy oil. FY free cash flow forecast of $350m, FY net debt of $2.8bn. 

 

Unilever announced today that current chairman Marijn Dekkers has decided to step down as Chairman of the Board with immediate effect. Nils Andersen, Non-Executive Director, has been appointed by the Board to succeed Marijn as Chairman of Unilever.

Wizz Air today announced 18% passenger growth and record profits of €372m on stronger summer trading in H1 2019. Revenue +21%, EBITDA +20.4%.

 

 

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

 

Upgrades/Downgrades:

 

Amerisur Resources Downgraded to Underperform by RBC Capital Markets (Bloomberg: 3 Buys/ 0 Holds/ 1 Sell)

 

Intertek Upgraded toNeutral bGoldman Sachs (Bloomberg: 2 Buys/ 8 Holds/ 10 Sell)

 

In Focus Today:

 

UK CPI

 

US CPI

 

 

Companies reporting today:

 

British Land, Wizz Air, Coca-Cola HBC, JD Wetherspoon, Tullow Oil, Taylor Wimpey

 

Companies reporting Tomorrow:

 

Bunzl, Spire Healthcare, Burberry, Mediclinic, National Grid, Premier Oil

 

(Full list available on Week in advance)

 

Tomorrow’s Ex-Dividends:

 

Bunzl – 0.75%

 

Royal Dutch Shell A – 1.56%

 

Royal Dutch Shell B – 1.56%

 

GlaxoSmithKline – 1.1%

 

 

(Full list available on Week in advance)

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