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Morning Report - 14 January 2020

Yesterday’s FTSE100 Leaders Price (p) % Chg
EVRAZ PLC 412.5 5.5%
BAE SYSTEMS PLC 614.0 3.6%
SEVERN TRENT PLC 2,518.0 2.4%
Yesterday’s FTSE100 Laggards Price (p) % Chg
NMC HEALTH PLC 1256.5 -6.9%
ST JAMES’S PLACE PLC 1120.0 -1.7%
FTSE 100 INDEX 7,618 0.4% 11.1%
DOW JONES INDUS. AVG 28,907 0.3% 20.9%
DAX INDEX 13,452 -0.2% 23.9%
NIKKEI 225 24,025 0.7% 18.0%
S&P/ASX 200 INDEX 6,962 0.9% 20.6%


Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 58.10 0.03%
Brent Crude (ICE) USD/bbl. 64.27 0.11%
Gold Spot USD/t oz. 1,540 -0.5%
Copper (Comex) USd/lb. 286 -0.1%


FTSE called to open +7 points at 7624

FTSE 100: 1 hours, 2 Months

Click graph to enlarge

Markets Overview:


FTSE called to open +7 points at 7624; Trading in Asia and the US was mixed overnight on the back of the previous three day rally in the run-up to the US and China edging ever closer to signing a trade deal.  Stocks pared earlier gains as data showed China’s trade with the U.S. slumped last year, as the trade war hit relations between the two biggest economies.  In the U.S we saw the Dow Jones closed towards all time highs once more, at 28,907 (+83 points)The S&P also closed towards record high at 3,288 (+22 points)The Nasdaq completed the U.S march towards all time highs, closing at 9,273 (+95 points).  In Asia it was a similar story seeing the Nikkei marching towards its own record high, closing above 24,000 (24,025, +174 points).  However it was a more negative trading session in Hong Kong, seeing the Hang Seng closing at 28,867 (-87 points).  Gold prices slumped overnight as safe havens took a hit, ahead of the signing of the U.S-Sino trade agreement, trading at $1540 at time of writing this.  Crude oil also pulled back, now once again sitting below $65 per barrel.


In corporate news this morning:


Boohoo reported robust trading over Christmas and upgraded its FY guidance. Group revenue +44% to £473.7m. Forecasting FY 2019-20 revenue growth of 40-42%, up from previous guidance of 33-38%, and a core profit margin of 10-10.2%, versus previous guidance of around 10%..


Games Workshop reported record sales and profit levels for the period.  Sales for December were in line with expectations. A dividend of 45p per share was also announced today,in line with the Company’s policy of distributing truly surplus cash


Page Group delivered Q4 results today, delivering fourth quarter gross profit of £205.6m, a decline of -0.4% in constant currencies and -2.6% in reported rates. In constant currencies, Michael Page was down -0.1%, with Page Personnel declining -1.0% in the quarter.


Taylor Wimpey today announced that results would be in line with expectations, despite an uncertain political and economic backdrop for 2019.  They also increased home completions by c.5% in the year. Profit margin 19.6%; Net operating assets of 31%. 2020 outlook remains strong, weighted more to H2. 

888 Holdings announces that Aviad Kobrine will step down from his role as chief financial officer during 2020.



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


Reporting Today:


Page Group, Taylor Wimpey, Games Workshop


Reporting Tomorrow:


Diploma, Genel Energy, Persimmon, Tullow Oil




Barratt Developments Upgraded to Buy by Deutsche Bank (Bloomberg: 8 Buys/ 7 Holds/ 2 Sells)


BP Downgraded to Hold by Berenberg (Bloomberg: 20 Buys/ 6 Holds/ 1 Sells)


Cranswick Upgraded to Buy by HSBC (Bloomberg: 7 Buys/ 2 Holds/ 0 Sells)


Crest Nicholson Downgraded to Sell by Deutsche Bank (Bloomberg: 2 Buys/ 8 Holds/ 1 Sells)


Dixons Carphone Upgraded to Buy by Goldman Sachs (Bloomberg: 5 Buys/ 6 Holds/ 1 Sells)


Just Eat Downgraded to Hold by J.P. Morgan (Bloomberg: 5 Buys/ 7 Holds/ 4 Sells)


Mccarthy & Stone Upgraded to Buy by Deutsche Bank (Bloomberg: 4 Buys/ 1 Holds/ 3 Sells)


Petrofac Downgraded to Underperform by Bernstein (Bloomberg: 5 Buys/ 14 Holds/ 1 Sells)


Royal Dutch Shell Upgraded to Buy by Berenberg (Bloomberg: 16 Buys/ 7 Holds/ 2 Sells)



In Focus Today:


China Trade Balance


US Consumer Price Index


This week’s Ex Dividends:


FTSE 100:


SSE, Compass Group, Ashtead Group


FTSE 250:


Scottish Investment Trust, Shaftesbury, Future


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.

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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.5% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

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