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Morning Report - 19 March 2020

Yesterday’s FTSE100 Leaders Price (p) % Chg
SAINSBURY (J) PLC 216.3 12.7%
WM MORRISON SUPERMARKETS 199.3 10.5%
SCHRODERS PLC 2,555.0 9.1%
OCADO GROUP PLC 1,479.5 8.7%
DCC PLC 4,385.0 6.0%

 

Yesterday’s FTSE100 Laggards Price (p) % Chg
CARNIVAL PLC 620.0 -34.2%
MEGGITT PLC 238.4 -24.5%
ASHTEAD GROUP PLC 1300.0 -23.3%
EASYJET PLC 494.8 -17.0%
CRH PLC 1574.0 -14.8%

 

Major World Indices Price % Chg 1 Year
FTSE 100 INDEX 5,081 -4.1% -30.6%
DOW JONES INDUS. AVG 19,899 -6.3% -23.1%
DAX INDEX 8,442 -5.6% -28.4%
NIKKEI 225 16,553 -1.0% -23.3%
S&P/ASX 200 INDEX 4,783 -3.4% -22.7%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 22.46 10.26%
Brent Crude (ICE) USD/bbl. 25.95 4.30%
Gold Spot USD/t oz. 1,487 0.1%
Copper (Comex) USd/lb. 205 -4.7%
FTSE 100 called to open +45 points at 5125

Click graph to enlarge

Markets Overview:

 

FTSE 100 called to open +45 points at 5125.  The dollar extended gains as investors questioned the effectiveness of a rapidly strengthening set of economic and financial support measures by global policy makers. Most stocks slid in volatile trading. The euro and U.S. stock futures initially advanced after the European Central Bank announced a huge boost in its efforts to stabilize the economy. In Asian sessions, the Nikkei fell by 1% to trade at 16,552.  The Hang Seng fell by 2.14% to trade at 21,809 and the CSI in China completed a down day for Asian bourses trading 1.3% lower at 3,589.  U.S Markets saw yet further falls, seeing the Dow wipe out the final remaining gains since Trump become president.  Oil rebounded after plunging to the lowest level in 18 years as investors weigh efforts by policy makers across the globe to strengthen economies against the impact of the coronavirus pandemic. Futures rose as much as 18% in New York, the most since December 2008, following a 24% rout in the previous session, Crude trades at $26.72 per barrel.

 

Company News:

 

AstraZeneca today announced that Lynparza has been granted orphan drug designation (ODD) in Japan for the maintenance treatment of germline BRCA-mutated (gBRCAm) curatively unresectable pancreatic cancer.

 

Gym Group announced results this morning that 2019 was a successful year in which The Gym Group delivered substantial growth in member numbers, revenue and profits,  focus now shifts to planning for the potential impact on our business of Covid-19.  To date, we have seen a small impact on trading and all 179 gyms remain open. The gorup expects to enter a period of anticipated disruption with an established membership base, a cash generative business model and a strong balance sheet. As the scale of the outbreak escalates there are contingency plans in place.

 

Next Brand full price sales were up +4.0% and Brand total sales (including markdown sales) were up +3.5% on last year.  Group profit before tax was up +0.8% and Earnings Per Share (EPS) were up +5.6% on last year.  Group profit of £728.5m was just ahead of the guidance of £727m given in our January 2020 Trading Statement due to better than expected full price sales in January.

 

Ocado reported this morning that, growth in line with guidance; no significant impact of Covid 19 in the quarter.  Growth in Retail Revenue of 10.3%, in line with guidance, with average order size up slightly.  Ocado Zoom, the immediacy offering, continues to perform well and we continue to progress plans for a further site.

 

Polymetal announce that it has entered into a legally binding agreement to invest US$20 million in exchange for a 9.1% stake in ThreeArc Mining Ltd. (ThreeArc). ThreeArc owns 100% of the world-class Tomtor niobium and rare-earth metals project (Tomtor).

 

PZ Cussons  announced today that Jonathan Myers will join the Board as Chief Executive Officer with effect from 1 May.

 

Reporting Today:

 

IG Group

 

Ocado

 

Next

 

In Focus Today:

 

JP – Bank Of Japan Interest Rate decision

 

Today’s Ex Dividends:

 

FTSE 100:

 

Meggitt

Berkeley Group

Segro

Hikma

 

FTSE 250:

 

Hammerson

Crest Nicholson

B&M European Retail

Close Brothers

Dominos

Dunelm

Galliford

 

Upgrades/Downgrades:

 

Barratt Developments Upgraded to Buy by Jefferies (Bloomberg: 10 Buys/ 8 Holds/ 1 Sells)

 

Bellway Upgraded to Buy by Jefferies (Bloomberg: 15 Buys/ 3 Holds/ 0 Sells)

 

Crest Nicholson Upgraded to Buy by Jefferies (Bloomberg: 3 Buys/ 7 Holds/ 3 Sells)

 

Boydcote Upgraded to Outperform by RBC (Bloomberg: 5 buys/ 7 Holds/ 4 Sells)

 

National Grid Upgraded to buy by HSBC (Bloomberg: 12 Buys/ 6 Holds/ 2 Sells)

 

Ocado Downgraded to Hold by Morningstar (Bloomberg: 6 Buys/ 6 Holds/ 0 Sells)

 

Smiths Group Upgraded to Outperform by RBC (Bloomberg: 10 Buys/ 6 Holds/ 0 Sells)

 

Taylor Wimpey Upgraded to Buy by Jefferies (Bloomberg: 15 Buys/ 4 Holds/ 0 Sells)

 

Vistry Upgraded to Buy by Jefferies (Bloomberg: 9 Buys/ 4 Holds/ 2 Sells)

 

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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