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Morning Report - 14 November 2023

Yesterday’s UK 100 Leaders Price (p) % Chg
Phoenix Group Holdings PLC 490.5 5.7%
Rolls-Royce Holdings PLC 240.2 3.5%
Melrose Industries PLC 530.4 3.0%
Smith & Nephew PLC 1,015.5 2.7%
British American Tobacco PLC 2,542.5 2.6%


Yesterday’s UK 100 Laggards Price (p) % Chg
Entain PLC 891.6 -3.7%
Experian PLC 2,641.0 -1.6%
Endeavour Mining PLC 1,626.0 -1.5%
Informa PLC 702.0 -1.4%
London Stock Exchange Group PLC 8,448.0 -1.2%


Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,426 0.9% 0.6%
DOW JONES INDUS. AVG 34,338 0.2% 2.4%
DAX INDEX 15,345 0.7% 7.2%
NIKKEI 225 32,696 0.3% 16.9%
S&P/ASX 200 INDEX 7,007 0.8% -2.0%


Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 78.52 0.33%
Brent Crude (ICE) USD/bbl. 82.80 0.34%
Gold Spot USD/t oz. 1,945 -0.1%
Copper (Comex) USd/lb. 366 -0.2%
The UK 100 called to open -10 points at 7415

4 hours; 6 Months

Click graph to enlarge

Markets Overview:

The UK 100 called to open -10 points at 7,415.  The UK 100 looks set to open slightly lower this morning, data this morning from the ONS showed that the UK’s unemployment rate remained has at 4.2% in the three months to September, defying expectations of a rise as markets continue to hope for a “soft landing” from the recent sky-high inflation.  Ahead of US inflation data today, US markets were mixed yesterday with the Dow higher, but S&P 500 and Nasdaq lower.


Company News & Broker Comments:

Company News:

Babcock International stuck to their annual guidance for organic revenue growth and margin expansion as they posted a 27% jump in HY profit boosted by its Polish shipbuilding contract.


BT Group state that their pension funding deficit has been valued at £3.7bn, down from £8bn in 2020 and that their annual contribution amounts would remain unchanged.


DCC reports a H1 pretax profit of £129.7m, down from £132.3m YoY.


Dr Martens appoints Giles Wilson as their new CFO, who will take up the role in 2024.


Glencore will buy a stake in Teck’s steelmaking coal business for $6.93bn cash.


Imperial Brands expects their operating profit to rise in low single digits for H1 2024, with performance picking up in H2 due to pricing actions and investments in tobacco alternatives. They reported an adjusted operating profit of £3.89bn for the 12 months ended Sept 30th, compared with £3.69bn in the same period last year.


Land Securities reports that they expect low-to-mid single-digit percentage growth in annual rental values in London, even as high interest rates continued to weigh on the valuation of its buildings. Their EPRA Net Tangible Assets (value of its buildings) fell 4.6% YoY to 893p per share.


Vodafone reported an acceleration in service revenue in Q2 after Germany, its biggest market, returned to growth. They reiterated their guidance for adjusted earnings to be broadly flat at around 13.3bn euros. They reported a 4.2% rise in group service revenue for H1, with both Europe and Africa up and 0.3% higher adjusted core earnings, a rise limited by higher energy costs.


Broker Comments:

Berenberg Downgrades Intercontinental Hotels to Hold from Buy (6 Buys / 9 Holds / 2 Sells)


CFRA Upgrades BAE Systems to Hold from Sell (11 Buys / 4 Holds / 0 Sells)


Jefferies Downgrades Entain to Hold from Buy (14 Buys / 1 Hold / 0 Sells)


Morgan Stanley Downgrades Reckitt Benckiser to Equal-Weight from Overweight (5 Buys / 7 Holds / 0 Sells)


RBC Downgrades M&G to Sector Perform from Outperform (3 Buys / 4 Holds / 0 Sells)

Reporting Today:



Babcock International Group

Bank of Georgia Group

ConvaTec Group


Hill & Smith Holdings

Imperial Brands


Land Securities Group

Oxford Instruments

Vodafone Group





The Home Depot

Reporting Tomorrow:



Diversified Energy Company


Intermediate Capital Group

Ninety One







Cisco Systems

Palo Alto Networks



In Focus Today:

UK Average Earnings

UK Claimant Count Change

UK Employment Change

UK ILO Unemployment Rate

EU Employment Change

EU Gross Domestic Product s.a.

EU ZEW Survey – Economic Sentiment

German ZEW Survey – Economic Sentiment

US Consumer Price Index

Japanese Gross Domestic Product


This Week’s Ex-Dividends:

UK 100 companies going ex-dividend on 16th November 2023:


Hargreaves Lansdown




B&M European Value Retail S.A.


Marks and Spencer Group

Pershing Square Holdings


UK 250 companies going ex-dividend on 16th November 2023:


Fidelity Emerging Markets

NextEnergy Solar Fund

Schroder Oriental Income Fund

Octopus Renewables Infrastructure Trust

UK Commercial Property REIT

Baillie Gifford Japan Trust

Murray Income Trust

Empiric Student Property

BlackRock Greater Europe Inv Trust

Scottish American Investment Company

ICG Enterprise Trust

Bytes Technology Group

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