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Morning Report - 22 November 2022

Yesterday’s UK 100 Leaders Price (p) % Chg
Relx plc 2,283.0 6.2%
BAE Systems 770.2 3.5%
Severn Trent 2,730.0 2.5%
JD Sports Fashion 119.6 2.4%
Lloyds Banking Group 45.5 0.7%
Yesterday’s UK 100 Laggards Price (p) % Chg
Entain 1340.0 -3.3%
Scottish Mortgage Inv Trust 791.2 -1.9%
Rolls-Royce Holdings 85.5 -0.8%
Fresnillo 861.6 -0.4%
Ashtead Group 5010.0 -0.2%

 

Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,377 -0.1% 1.7%
DOW JONES INDUS. AVG 33,700 -0.1% -5.4%
DAX INDEX 14,380 -0.4% -10.8%
NIKKEI 225 28,116 0.6% -5.6%
S&P/ASX 200 INDEX 7,181 0.6% -2.3%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 79.73 -0.44%
Brent Crude (ICE) USD/bbl. 87.67 0.25%
Gold Spot USD/t oz. 1,742 0.3%
Copper (Comex) USd/lb. 359 0.3%
The UK 100 is called to open +25 points this morning at 7400.  

4 hours; 8 Months

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Markets Overview:

The UK 100 is called to open +25 points this morning at 7400.  The UK 100 looks set to open higher today after a mixed session to kick off the week yesterday.  This comes after UK public borrowing has come in much lower than expected for October, but it was still the fourth highest October figure since 1993, also supported by a rebound in oil prices after Saudi Arabia denied a report that oil producers were discussing a production increase for their next meeting, saying a cut approved last month would stay in place until the end of 2023.  The report yesterday in the Wall Street Journal had sent oil prices and oil stocks tumbling. But the denial saw Brent spike to around $87.60/barrel from $83.07 at the London close on Monday.  At the close the Dow Jones was down 45 points, or 0.13%, at 33,700.28, the S&P slipped 15 points, or 0.39%, to 3,950 and the Nasdaq fell 122 points, or 1.1%, to 11,025

 

 

Company News & Broker Comments:

Company News:

AstraZeneca are to show clinical opportunity in HR-positive advanced breast cancer, as they are scheduled to present potential new medicines between Dec 6-10th.

 

 

Babcock reports a H1 pretax profit of £51.2m (2021: £58.8m profit) as they declare no interim dividend. The H1 profit decline is due to disposals and currency derivative contract moves. They maintain their overall financial expectations for the current year.

 

 

Cranswick reports a H1 FY23 pretax profit of £61.5m, down 2.7% from £63.2m YoY. They state they are making progress and back their FY outlook.

 

 

Fresnillo says their main substation is to provide power to Juanicipio project has been approved for use. This is a key milestone for Juanicipio project with the substation connected to the grid.

 

 

GlaxoSmithKline starts the withdrawal process of US marketing authorisation for Blenrep as it did not meet the US FDA accelerated approval regulations requirements. Blenrep is a monotherapy treatment for myeloma.

 

 

Old Mutual funds under management shrinks 6% amid challenging economic climate and market volatility.

 

 

Petrofac appoints Tareq Kawash as CEO from April 1st when current CEO Sami Iskander is to leave.

 

 

Severn Trent swings to a H1 FY22 profit of £78.8m from a £180m loss YoY as they declare an interim dividend of 42.73p.

 

 

Broker Comments:

Citi Group Upgrades BP to Buy from Neutral (10 Buys / 7 Holds / 0 Sells)

 

 

Credit Suisse Downgrades Vodafone to Underperform from Outperform (6 Buys / 8 Holds / 2 Sells)

 

 

RBC Upgrades SSE to Outperform from Sector Perform (9 Buys / 4 Holds / 0 Sells)

Reporting Today:

Caledonia Investments

 

Cranswick

 

Edinburgh Investment Trust

 

Euromoney Institutional Investor

 

Homeserve

 

Telecom Plus

 

Reporting Wednesday:

Britvic

 

Discoverie Group

 

HICL Infastructure

 

Johnson Matthey

 

Londonmetric Property

 

Pets at Home Group

 

Severn Trent

 

United Utilities

 

In Focus Today:

 

EU Consumer Confidence

 

This Week’s Ex-Dividends:

UK 100 companies going  ex-dividend on 24th November 2022:

 

Vodafone Group

 

British Land Company

 

Imperial Brands

 

National Grid

 

Land Securities Group

 

RS Group

 

Scottish Mortgage Investment Trust

 

UK 250 companies going  ex-dividend on 24th November 2022:

 

Diversified Energy Company

 

Urban Logistics REIT

 

3i Infrastructure

 

Volution Group

 

HICL Infrastructure

 

JPMorgan Global Growth & Income

 

Great Portland Estates

 

BlackRock World Mining Trust

 

Tate & Lyle

 

Witan Investment Trust

 

Kainos Group

 

Worldwide Healthcare Trust

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