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Morning Report - 23 September 2022

Yesterday’s UK 100 Leaders Price (p) % Chg
COCA-COLA HBC AG-DI 1,944.5 2.3%
RIO TINTO PLC 4,828.0 2.3%
KINGFISHER PLC 240.5 1.3%
AVEVA GROUP PLC 3,137.0 1.1%
ANGLO AMERICAN PLC 2,838.5 0.9%
Yesterday’s UK 100 Laggards Price (p) % Chg
JD SPORTS FASHION PLC 113.5 -8.4%
ASHTEAD GROUP PLC 3907.0 -7.3%
INTERMEDIATE CAPITAL GROUP 1088.5 -7.1%
HARGREAVES LANSDOWN PLC 832.4 -6.6%
DECHRA PHARMACEUTICALS PLC 2764.0 -6.2%
Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,160 -1.1% 1.2%
DOW JONES INDUS. AVG 30,077 -0.4% -13.5%
DAX INDEX 12,532 -1.8% -19.2%
NIKKEI 225 27,154 -0.6% -8.4%
S&P/ASX 200 INDEX 6,575 -1.9% -10.8%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 83.14 -0.42%
Brent Crude (ICE) USD/bbl. 90.14 -0.35%
Gold Spot USD/t oz. 1,671 0.0%
Copper (Comex) USd/lb. 344 -1.0%
The UK 100 is called to open +25 points this morning at 7174.  

4 hours; 8 Months

Click graph to enlarge

Markets Overview:

The UK 100 is called to open +25 points this morning at 7174. The UK bluechip index is set to open higher on Friday, though they are still on track for a second-successive losing week as equities have faced a series of hawkish central bank moves in recent days. In focus today is the UK mini budget at 9:30am this morning. The Dow closed lower last night losing 0.4%, S&P shed 0.8% and the Nasdaq tumbled 1.4%. Stocks in Asia struggled on Friday as Shanghai closed -0.2%, Hang Seng -0.5% and Sydney -2%.

Company News & Broker Comments:

Company News:

De La Rue secures a 5-year contract extension with note printing Australia.
 
GlaxoSmithKline says its cancer drug Zejula will be reviewed by the US Food & Drug administration for overall survival data for patients with ovarian cancer.
 
Investec says their H1 adjusted operating profit is expected to be £372.6-£406.2m as adjusted operating profit in the UK is expected to be at least 20% up on £133.8m YoY. They remain committed to medium-term targets amid strong liquidity.
Made.com are set to cut more than a third of its workforce as the online furniture retailer faces difficult market conditions. They have launched a formal sale process and strategic review.
 
Smiths Group FY22 pretax profit falls to £103m from £240m a year ago. They state that their order book is strong and has sustained momentum as they are dealing with cost inflation via pricing actions. They expect to deliver 4-4.5% organic revenue growth.

 

Broker Comments:

RBC Downgrades ASOS to Sector Perform from Outperform (6 Buys / 15 Holds / 5 Sells)
RPT/ODDO BHF Upgrades Intertek to Outperform from Neutral (4 Buys / 10 Holds / 1 Sell)

Reporting Today:

None

 

Reporting Friday:

 

None

 

In Focus Today:

German S&P Global/BME Composite PMI

 

German S&P Global/BME Manufacturing 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

 

Canadian Retail Sales

 

US S&P Global Composite PMI

 

US S&P Global Manufacturing PMI

 

US S&P Global Services PMI

 

Next Week’s Ex-Dividends:

UK 100 companies going  ex-dividend on 29th September 2022:

 

Barratt Developments

 

British American Tobacco

 

Smith & Nephew

 

Smurfit Kappa Group

 

Rightmove

 

UK 250 companies going  ex-dividend on 29th September 2022:

 

Hays

 

Petershill Partners

 

Hipgnosis Songs Fund

 

LXi REIT

 

Finsbury Growth & Income Trust

 

Computacenter

 

Mercantile Investment Trust

 

Games Workshop Group

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