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Morning Report - 26 March 2020

Yesterday’s FTSE100 Leaders Price (p) % Chg
PERSIMMON PLC 1,950.0 15.3%
Yesterday’s FTSE100 Laggards Price (p) % Chg
COCA-COLA HBC AG-DI 1746.5 -3.0%


Major World Indices Price % Chg 1 Year
FTSE 100 INDEX 5,688 4.5% -21.0%
DOW JONES INDUS. AVG 21,201 2.4% -17.4%
DAX INDEX 9,874 1.8% -13.5%
NIKKEI 225 18,665 -4.5% -12.9%
S&P/ASX 200 INDEX 5,113 2.3% -16.6%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 23.73 -3.10%
Brent Crude (ICE) USD/bbl. 26.84 -2.01%
Gold Spot USD/t oz. 1,605 -0.7%
Copper (Comex) USd/lb. 217 -1.7%
FTSE 100 called to open -200 points at 5488

1 hour; 11 days

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Markets Overview:


FTSE 100 called to open -200 points at 5488.  U.S. and European equity futures pulled back overnight, along with most Asian shares Thursday as investors looked past Donald Trump’s stimulus packages to the mounting human impact of the coronavirus outbreak. Government bonds and the yen pushed higher.  This does however come on the back of another big rally yesterday in the markets, could this simply be another dip? or could we be headed back towards resistance turned support on the FTSE?  The Nikkei was down 4.5% in trading (having gained 8% in the previous session).  The Hang Seng traded 0.73% lower, having pared most of early losses.  Oil’s recovery rally faltered as mounting evidence of the demand devastation being wrought by the coronavirus outweighed progress on a U.S. economic rescue package. Futures in New York fell around 2% to near $24 a barrel after rallying 9% over the previous three days.


Company News:


AstraZeneca announce that their drug Lokelma has been approved in Japan for the treatment of hyperkalaemia (elevated levels of potassium in the blood).


British Land have temporarily suspended their future dividend payments with immediate effect. This includes the FY20 Q3 dividend due for payment in May.


Dixons Carphone update that the loss of sales from their physical stores being closed will adversely impact FY profitability and their cash position. They will not achieve their previous guidance for 2020 of adjusted PBT of £210m or for net debt to be lower year-on-year.


DS Smith announces that Adrian Marsh will not be joining William Hill. They have agreed that his prior resignation will be treated as withdrawn and Adrian will continue as Group Finance Director.


Intu Properties are in talks with the UK Government to preserve their liquidity and may look to access a £330bn support package.


Vodafone announce that their Telecom Italia Group (TIM) and INWIT have today completed the merger of Vodafone Italy’s towers into INWIT.


Weir Group state that given the level of uncertainty due to COVID-19, our 2020 guidance issued in February is now withdrawn and they will update further when visibility improves. Trading in January and February was in line with expectations, but March has been severley impacted.


Reporting Today:


FCA has asked UK companies to delay results

for at least two weeks to prevent investors acting on out-of-date information


Reporting Tomorrow:


FCA has asked UK companies to delay results

for at least two weeks to prevent investors acting on out-of-date information


In Focus Today:


UK – BOE England Interest Rate Decision

US – Initial Jobless Claims


Today’s Ex Dividends:


FTSE 100:


British Land

Royal Bank Of Scotland


British American Tobacco




FTSE 250:


Go-Ahead Group




Autotrader Group Downgraded to Hold by HSBC (Bloomberg: 8 Buys/ 11 Holds/ 2 Sells)


National Grid Downgraded to Sell by Morningstar (Bloomberg: 13 Buys/ 6 Holds/ 1 Sells)


Rentokil Upgraded to Buy by Goldman Sachs (Bloomberg: 5 Buys/ 6 Holds/ 3 Sells)


Rentokil Downgraded to Hold by J.P. Morgan (Bloomberg: 5 Buys/ 7 Holds/ 3 Sells)


Royal Bank Of Scotland Downgraded to Hold by Investec (Bloomberg: 13 Buys/ 9 Holds/ 2 Sells)


Sage Group Upgraded to Hold by Panmure Gordon & Co (Bloomberg: 4 Buys/ 9 Holds/ 6 Sells)


Spirax-Sarco Downgraded to Hold by Berenberg (Bloomberg: 3 Buys/ 10 Holds/ 3 Sells)


For any help you may require placing trades or in terms of market information, put a call in to our trading floor – it’s all part of the service.


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This research is produced by Accendo Markets Limited. Research produced and disseminated by Accendo Markets is classified as non-independent research, and is therefore a marketing communication. This investment research has not been prepared in accordance with legal requirements designed to promote its independence and it is not subject to the prohibition on dealing ahead of the dissemination of investment research. This research does not constitute a personal recommendation or offer to enter into a transaction or an investment, and is produced and distributed for information purposes only.

Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance.

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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 70.5% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

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