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Morning Report - 23 November 2022

Yesterday’s UK 100 Leaders Price (p) % Chg
Harbour Energy PLC 320.6 7.1%
BP PLC 488.0 6.5%
Entain PLC 1,365.0 5.3%
Shell PLC 2,382.5 4.8%
Glencore PLC 514.9 3.6%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
Airtel Africa PLC 115.6 -3.5%
Hargreaves Lansdown PLC 808.4 -3.4%
Vodafone Group PLC 95.0 -3.2%
St. James’s Place PLC 1148.5 -2.6%
Ocado Group PLC 631.2 -2.2%
Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,453 1.0% 2.6%
DOW JONES INDUS. AVG 34,098 1.2% -4.8%
DAX INDEX 14,422 0.3% -9.5%
NIKKEI 225 28,116 0.6% -5.6%
S&P/ASX 200 INDEX 7,232 0.7% -2.4%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 81.26 0.38%
Brent Crude (ICE) USD/bbl. 88.74 0.43%
Gold Spot USD/t oz. 1,743 0.2%
Copper (Comex) USd/lb. 364 0.7%
The UK 100 is called to open +20 points this morning at 7472.  

4 hours; 8 Months

Click graph to enlarge

Markets Overview:

The UK 100 is called to open +20 points this morning at 7472.  The UK 100 looks set to open higher once again this morning following on from a strong rally both sides of the pond yesterday as oil prices rebounded.  In focus today with be the federal reserve minutes.  At the close the Dow Jones was up 398 points, or 1.18%, to 34,098, the S&P advanced 54 points, or 1.36%, to 4,004 and the Nasdaq jumped 150 points, or 1.36%, to 11,174.

 

 

Company News & Broker Comments:

Company News:

Britvic report a FY pretax profit of £175.1m (2021: £134.6m profit) as they raise their FY dividend by 20% to 29p. They state that current trading remains robust and in line with expectations.

 

 

De La Rue reports a H1 pretax loss of £15.9m (2021: £10.9m profit) which is in line with July’s guidance. They guide their FY adjusted operating profit to be £30-33m, below £36m consensus.

 

 

Entain completes the acquisition of Croatia-based gaming and sportsbook operator SuperSport.

 

 

Glencore agree terms for sale and purchase of Glencore Cobar mine. They will receive $1.1bn and 1.5% net smelter return life of mine royalty from mine sale.

 

 

Halfords H1 pretax profit falls 54% to £29.3m from £64.3m YoY. They declare an unchanged 3p per share interim dividend.

 

 

Johnson Matthey reported a slightly lower HY profit as supply chain pressures constrained production volumes for the group’s automotive customers and as prices of precious metals softened. They reported a group underlying operating profit for the six months ended Sept 30th of £222m (2021: £297m profit).

 

 

Pets at Home reported a lower H1 profit hurt by a surge in freight and energy costs amid rising inflation. Their underlying profit before tax for the six months ended Oct 13th fell 9.3% to £59.2m.

 

 

United Utilities reports that their interim pretax profit grows to £426.3m (2021: £212.7m profit) as they declare a 15.17p per share interim dividend.

 

 

 

Broker Comments:

Bernstein Upgrades Glencore to Outperform from Market-perform (8 Buys / 2 Holds / 0 Sells)

 

 

Deutsche Bank Upgrades Sage Group to Hold from Sell (9 Buys / 6 Holds / 1 Sell)

 

 

Panmure Upgrades British Land to Buy from Hold (3 Buys / 8 Holds / 0 Sells)

 

 

Panmure Upgrades Land Securities to Buy from Hold (4 Buys / 10 Holds / 0 Sells)

Reporting Today:

Britvic

 

Discoverie Group

 

HICL Infastructure

 

Johnson Matthey

 

Londonmetric Property

 

Pets at Home Group

 

Severn Trent

 

United Utilities

 

Reporting Thursday:

LXI REIT

 

Personal Asset Trust

 

Virgin Money

 

In Focus Today:

 

German S&P Global/BME Composite PMI

 

German S&P Global/BME Manufacturing PMI

 

German S&P Global/BME Services PMI

 

EU S&P Global Composite PMI

 

EU S&P Global Manufacturing PMI

 

EU S&P Global Services PMI

 

UK S&P Global/CIPS Composite PMI

 

UK S&P Global/CIPS Manufacturing PMI

 

UK S&P Global/CIPS Services PMI

 

UK Autumn Forecast Statement

 

US Durable Goods Orders

 

US Initial Jobless Claims

 

US Nondefense Capital Goods Orders ex Aircraft

 

US S&P Global Composite PMI

 

US S&P Global Manufacturing PMI

 

US S&P Global Services PMI

 

US Michigan Consumer Sentiment Index

 

US New Home Sales

 

US UoM 5-year Consumer Inflation Expectation

 

FOMC Minutes

 

Tomorrow’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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