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Morning Report - 24 November 2022

Yesterday’s UK 100 Leaders Price (p) % Chg
Hargreaves Lansdown PLC 845.0 4.5%
Ocado Group PLC 657.6 4.2%
Frasers Group PLC 886.0 4.0%
Intermediate Capital Group PLC 1,202.0 3.9%
Rolls-Royce Holdings PLC 88.4 3.7%
Yesterday’s UK 100 Laggards Price (p) % Chg
Harbour Energy PLC 312.3 -2.6%
GSK PLC 1384.0 -1.8%
Scottish Mortgage Investment Trust PLC 761.8 -1.2%
Shell PLC 2356.5 -1.1%
Intertek Group PLC 3860.0 -1.1%

 

Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,465 0.2% 2.5%
DOW JONES INDUS. AVG 34,194 0.3% -4.5%
DAX INDEX 14,428 0.0% -9.1%
NIKKEI 225 28,383 1.0% -4.7%
S&P/ASX 200 INDEX 7,242 0.1% -2.1%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 77.41 -0.68%
Brent Crude (ICE) USD/bbl. 84.73 -0.80%
Gold Spot USD/t oz. 1,757 0.4%
Copper (Comex) USd/lb. 366 1.0%
The UK 100 is called to open +2 points this morning at 7467.  

4 hours; 8 Months

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Markets Overview:

The UK 100 is called to open +2 points this morning at 7467.  The UK’s blue-chip index looks set to open marginally higher after gains in US markets after the release of the FOMC minutes was viewed positively, the Federal Reserve minutes showed that the central bank is looking to hand out smaller rate hikes in the coming months as inflation cools off.  The Dow Jones rose 95.96 points, or 0.28%, to 34,194.06. The S&P gained 0.59% to close at 4,027.26, and the Nasdaq increased 0.99% to 11,285.32.  US markets today are closed for the thanksgiving holiday.

 

 

Company News & Broker Comments:

Company News:

Intertek posts Jan-Oct revenue of £2.63bn, up 16% from £2.28bn YoY. They are confident of FY growth, despite China lockdowns hit on operations in H1.

 

 

Jet2 swings to a H1 FY23 pretax profit of £450.7m (2021: £205.8m loss) as they declare an interim dividend of 3p. They expect to exceed current average market expectations for FY23.

 

 

Kingfisher kept financial guidance for its 2022-23 year broadly intact, with resilient trading in its latest quarter help by strong demand for energy efficient products. They expect their year to end-Jan 2023 adjusted pretax profit to be in the range of £730-760m, they previously forecast £730-770m.

 

 

Safestore Holdings report Q4 revenue of £56.8m, up 11% from £51.1m YoY. Their Q4 average storage rate came in at £29.6m, +4.3% YoY.

 

 

Broker Comments:

Barclays Downgrades Great Portland to Underweight from Overweight (6 Buys / 5 Holds / 1 Sell)

 

 

Barclays Upgrades Workspace Group to Overweight from Underweight (4 Buys / 2 Holds / 0 Sells)

 

 

Morgan Stanley Downgrade Londonmetric Property to Equal-weight from Overweight (5 Buys / 3 Holds / 1 Sell)

 

 

UBS Upgrades Virgin Money to Buy from Neutral (11 Buys / 7 Holds / 1 Sell)

Reporting Today:

LXI REIT

 

Personal Asset Trust

 

Virgin Money

 

Reporting Thursday:

Mitchells & Butler*

 

In Focus Today:

 

German IFO – Business Climate

 

German IFO – Current Assessment

 

German IFO – Expectations

 

BoE’s Ramsden speech

 

BoE’s Pill speech

 

EU ECB Monetary Policy Meeting Accounts

 

BoE’s Mann speech

 

Tokyo Consumer Price Index

 

This Morning’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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