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Morning Report - 24 May 2023

Yesterday’s UK 100 Leaders Price (p) % Chg
Vodafone Group PLC 84.08 3%
British Land Co PLC 365.7 2.6%
British American Tobacco PLC 2738.5 2.25%
Kingfisher PLC 246.8 2.15%
Barclays PLC 163.44 2.1%
Yesterday’s UK 100 Laggards Price (p) % Chg
RS Group PLC 793.2 -7%
B&M European Value Retail SA 465.7 -4.9%
Frasers Group PLC 717 -4.2%
ConvaTec Group PLC 215 -3.2%
Burberry Group PLC 2258 -3.1%
Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,762 -0.1% 3.7%
DOW JONES INDUS. AVG 33,055 -0.7% 3.5%
DAX INDEX 16,152 -0.4% 16%
NIKKEI 225 30,724 -0.75% 14.5%
S&P/ASX 200 INDEX 7,219 -0.56% 1.3%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 73.77 1.18%
Brent Crude (ICE) USD/bbl. 77.61 1.00%
Gold Spot USD/t oz. 1,978 0.15%
Copper (Comex) USd/lb. 362.55 -0.79%
The UK 100 called to open -58 points at 7,702.

4 hours; 5 Months

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Markets Overview:

The UK 100 called to open -58 points at 7,702. UK 100 is set to start lower on Wednesday as the deadline to resolve the debt ceiling crisis crept closer with no resolution in sight. In the US on Tuesday, stocks ended lower with the Dow closing -0.7%, S&P -1.1% and Nasdaq -1.3%. In Asia the Nikkei closed -0.5%, Shanghai -0.8% and Hong Kong -1.2%.

Company News & Broker Comments:

Company News:

Aviva reported growth in key business lines over Q1 2023, but also reported a slowdown in net flows to its wealth business after a volatile period for markets. Their gross written premiums increased to £2.4bn, up 11% on £2.1bn the previous year. They reported net flows to its wealth arm of £2.3bn, down 15% YoY, citing market volatility impacting investment activity.


Kingfisher kept its FY outlook unchanged after reporting a fall in Q1 like-for-like sales. Sales came in at £3.3bn for Q1, down around 2% in constant currency and 3.3% lower on a like-for-like basis.


Marks & Spencer reported a 7.8% decline in annual profit, as strong sales growth was offset by inflationary pressure on its costs. They reported a FY profit before tax of £482m, ahead of analysts’ average forecast of £436m, but down from the £523m made in 2021/22.


Severn Trent have forecast strong earnings growth in 2024 after they reported a small increase in its 2023 annual profit, supported by robust consumption by businesses and households. They reported a 0.5% rise in profit before tax to £508.8m.


SSE reported a near 89% rise in annual profit, buoyed by performance in its renewables business. They posted an adjusted pretax profit of £2.18bn for the year ended March 31st up from £1.16bn a year earlier.



Broker Comments:

Morgan Stanley Upgrades Deliveroo to Overweight from Equal-weight (5 Buys / 7 Holds / 0 Sells)


Reporting Today:



C&C Group


Close Brothers Group


Great Portland Estates


HICL Infastructure


Intertek Group




Londonmetric Property


Marks & Spencer Group


Mediclinic International


Petershill Partners




Severn Trent


Tullow Oil








Reporting Tomorrow:



AJ Bell


Caledonia Investments


Edinburgh Investment Trust


Hill & Smith Holdings


Intermediate Capital Group


Johnson Matthey


Pets at Home Group


QinetiQ Group


Tate & Lyle


United Utilities Group


Vanquis Banking Group


Workspace Group





Alibaba Group






Costco Wholesale



In Focus Today:

UK Consumer Price Index


UK PPI Core Output


UK Retail Price Index


EU Financial Stability Review


German IFO – Business Climate


German IFO – Current Assessment


German IFO – Expectations


FOMC Minutes


Tomorrow’s Ex-Dividends:

UK 100 companies going ex-dividend on 25th May 2023:




Intertek Group




UK 250 companies going ex-dividend on 25th May 2023:


Diversified Energy Company




IP Group


TI Fluid Systems




Spire Healthcare Group

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