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Morning Report - 25 January 2023

Yesterday’s UK 100 Leaders Price (p) % Chg
Rolls-Royce Holdings PLC 111.4 3.0%
Scottish Mortgage Investment Trust PLC 765.2 2.5%
International Consolidated Airlines Group S.A. 166.3 2.4%
Entain PLC 1,559.5 2.2%
Wpp PLC 937.6 2.1%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
Astrazeneca PLC 10,710.0 -3.0%
Tesco PLC 243.9 -2.4%
Glencore PLC 565.6 -2.2%
Associated British Foods PLC 1,832.0 -2.0%
GSK PLC 1,387.0 -1.7%
Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,757 -0.4% 5.2%
DOW JONES INDUS. AVG 33,734 0.3% -1.6%
DAX INDEX 15,093 -0.1% 0.6%
NIKKEI 225 27,395 0.4% 1.0%
S&P/ASX 200 INDEX 7,468 -0.3% 7.3%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 80.26 0.16%
Brent Crude (ICE) USD/bbl. 86.42 0.34%
Gold Spot USD/t oz. 1,928 -0.5%
Copper (Comex) USd/lb. 427 0.4%
The UK 100 called to open +13 points at 7770. 

4 Hours; 12 Months

Click graph to enlarge

Markets Overview:

The UK 100 called to open +13 points at 7770.  The UK 100 looks set to open higher on Tuesday as investors awaiting the latest UK producer price inflation figures.  It was a mixed session on Wall Street yesterday, the Dow led the way at the close with a gain of 0.3% to finish at 33,734 points, but it was the only winner out of the three main indices, the S&P finished flat at 4,012 and the Nasdaq dropped 0.3% to close at 11,334 points.  Results from after the bell from Microsoft were mixed with earnings beating Street forecasts but revenues coming in below. Shares rose in after hours trading though.

 

Company News & Broker Comments:

Company News:

Aviva updates that their general insurance arm in the UK, Ireland and Canada trades positively at the end of 2022. Their dividend guidance and outlook for capital returns are unchanged. They estimate a £50m hit from UK freeze event in December.

 

 

EasyJet state they expect to beat current market expectations for 2023 based on the strength of bookings into the summer. They reported a Q1 FY23 pretax loss of £133m, down from £213m YoY. They’ve flown 17.5m passengers in Q1 FY23, up from 11.9m YoY.

 

 

Fresnillo FY22 silver produced 53.7m ounces, +1.2% YoY. Their FY22 gold production fell 15% YoY to 635,926 ounces. For 2023 they expect attributable silver production of 57-64m ounces and gold attributable production of 590,000-640,000 ounces.

 

 

JD Wetherspoon update that their 12 weeks to date L-f-L sales are 18% higher YoY as their net debt amounts to £745m. They are cautiously optimistic about their prospects for the financial year.

 

 

Quilter reports that their Q4 assets under management and administration increased 3% to £99.6bn QoQ. They note a modest pick-up in equity markets and slightly lower bond yields in Q4.

 

 

Broker Comments:

Berneberg Downgrades Direct Line to Hold from Buy (4 Buys / 8 Holds / 0 Sells)

 

 

Credit Suisse Downgrades Experian to Neutral from Outperform (6 Buys / 3 Holds / 0 Sells)

 

 

HSBC Downgrades Dr Martens to Hold from Buy (3 Buys / 2 Holds / 0 Sells)

 

 

RPT/Societe Generale Downgrades Hammerson to Sell from Hold (3 Buys / 7 Holds / 2 Sells)

Reporting Today:

UK

 

Quilter

 

US

 

AT&T

 

Boeing

 

Tesla

Reporting Thursday:

 

UK

 

Diageo

 

Dr. Martens

 

Wizz Air Holding

 

US

 

Mastercard

 

Intel

 

Visa

 

 

In Focus Today:

UK PPI Core Output

 

German IFO – Business Climate

 

German IFO – Current Assessment

 

German IFO – Expectations

 

 

Tomorrow’s Ex-Dividends:

UK 100 companies going  ex-dividend on 26th January 2023:

 

None

UK 250 companies going  ex-dividend on 26th January 2023:

 

Foresight Solar Fund

 

Pennon Group

 

City of London Investment Trust

 

Schroder Oriental Income Fund

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