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Morning Report - 28 November 2019

Yesterday’s FTSE100 Leaders Price (p) % Chg
HISCOX LTD 1,362.0 3.2%
BRITISH AMERICAN TOBACCO PLC 3,080.0 3.2%
PRUDENTIAL PLC 1,385.0 3.1%
AUTO TRADER GROUP PLC 564.6 3.0%
IMPERIAL BRANDS PLC 1,713.4 2.6%
Yesterday’s FTSE100 Laggards Price (p) % Chg
ROLLS-ROYCE HOLDINGS PLC 715.8 -3.4%
MEGGITT PLC 643.8 -2.1%
COMPASS GROUP PLC 1875.5 -2.1%
JOHNSON MATTHEY PLC 2960.0 -1.8%
JD SPORTS FASHION PLC 773.4 -1.8%
Major World Indices Price % Chg 1 Year
FTSE 100 INDEX 7,430 0.4% 6.1%
DOW JONES INDUS. AVG 28,164 0.2% 11.0%
DAX INDEX 13,287 0.4% 17.6%
NIKKEI 225 23,409 -0.1% 5.6%
S&P/ASX 200 INDEX 6,864 0.2% 19.9%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 57.89 -0.38%
Brent Crude (ICE) USD/bbl. 63.92 -0.22%
Gold Spot USD/t oz. 1,456 0.1%
Copper (Comex) USd/lb. 268 -0.5%
FTSE 100 called to open -25 at 7400

FTSE 100: 1 Hours, 2 months

Click graph to enlarge

Markets Overview:

 

FTSE 100 called to open -25 points at 7400; This is on the back of a rocky trading session in Asia where we saw tensions boil over in Hong Kong, leading to China warning the US over retaliatory measures after Donald Trump signed a bill backing Hong Kong protesters. The president signalled concerns the new law risks interfering with his authority to carry out foreign policy. This saw the Nikkei close -53 points, while the Hang Seng also closed lower -51 points. However, it must be noted that these movements are not as knee jerk as previously seen, is this a sign that positive investor sentiment is outweighing geopolitical events? It was a more positive story also in US yesterday with the Dow closing +100 points to close at record highs, the S&P +13 points, also closing at record highs & the Nasdaq +57 to complete a hat-trick of record highs! Crude oil dropped slightly below $64 a barrel but held strong at $63.89, while gold traders will have been pleased to see the traditional safe haven pull off recent lows to trade at $1457.

 

In corporate news this morning:

 

Amigo Holdings today said they had seen continued demand for our guarantor loan product with solid growth in customer numbers. As well as making encouraging progress as they roll out the operational and strategic initiatives outlined in August. While it will take some time to see the full benefits, they are pleased with the positive start we have made.  Customer numbers +17.9%; Net Loan Book +8.8%; Revenue +11.8%; Profit after tax -1.9%; Adj Profit after tax -24.2%; Basic EPS -9.3%; Interim dividend +65.8%.

 

Go-Ahead Group delivered revenue growth of 2.5%; Passenger journeys +0.5%.  David Brown CEO said In regional bus, we continue to see growth in passenger journeys and our yield enhancement plans are beginning to deliver improvements. The integration of our new bus company in Manchester, combined with cost pressures in some areas of the business, has slightly lowered our expectations for this division’s financial performance for the full year

 

Ocado Group have announced today the location of a sixth Customer Fulfilment Centre (“CFC”) in the UK to support the growth plans of Ocado Retail, allowing it to bring the market-leading Ocado customer experience to even more customers in the UK.

 

Virgin Money said In the first year of our newly combined business, we have delivered a good operating performance in challenging conditions and made great progress on the integration and rebrand to Virgin Money.  Statutory loss after tax £194m; Underlying profit before tax £539m;

 

Source: Bloomberg, FT, Reuters, DJ Newswires, AlphaTerminal

 

Upgrades/Downgrades:

 

Ashtead Downgraded to Hold by HSBC (Bloomberg: 12 buys/ 6 holds/ 0 sells)

 

Aviva Downgraded to Equalweight/inline by Morgan Stanley (Bloomberg: 11 buys/ 13 holds/ 0 sells)

 

British Land Upgraded to Equalweight/inline by Morgan Stanley (Bloomberg: 3 buys/ 11 holds/ 5 sells)

 

Derwent London Upgraded to Overweight/inline by Morgan Stanley (Bloomberg: 6 buys/ 6 holds/ 7 sells)

 

Great Portland Estates Upgraded to Equalweight/inline by Morgan Stanley (Bloomberg: 4 buys/ 7 holds/ 8 sells)

 

IMI Upgraded to Outperform by Exane BNP Paribas (Bloomberg: 8 buys/ 10 holds/ 2 sells)

 

Johnson Matthey Downgraded to Underweight by JP Morgan (Bloomberg: 10 buys/ 5 holds/ 3 sells)

 

Land Securities Upgraded to Overweight/inline by Morgan Stanley (Bloomberg: 5 buys/ 8 holds/ 6 sells)

 

Pets At Home Upgraded to Neutral by Goldman Sachs (Bloomberg: 4 buys/ 4 holds/ 1 sells)

 

Melrose Downgraded to Outperform by RBC (Bloomberg: 12 buys/ 0 holds/ 1 sells)

 

Smith & Nephew Downgraded to Sell by Morningstar (Bloomberg: 8 buys/ 6 holds/ 3 sells)

 

William Hill Downgraded to Equalweight/inline by Morgan Stanley (Bloomberg: 12 buys/ 7 holds/ 1 sells)

 

In Focus Today:

 

Eurozone Business Climate

 

German CPI

 

Companies reporting today:

 

Amigo Holdings, Virgin Money, Go-Ahead

 

 

Companies reporting Tomorrow:

 

None

 

(Full list available on Week in advance)

 

Todays’s Ex-Dividends:

 

Vodafone – 2.5%

 

IAG – 2.3%

 

National Grid – 1.9%

 

Land Securities – 1.3%

 

 

(Full list available on Week in advance)

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. 75% 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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