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Morning Report - 28 July 2020

Monday’s UK 100 Leaders Price (p) % Chg
Fresnillo 1,276.5 7.13%
Polymetal International 1,932.5 7.06%
Antofagasta 1,066.5 3.64%
Intertek 5,500 2.47%
BHP Group 1,748.2 2.25%
Friday’s UK 100 Laggards Price (p) % Chg
Pearson 512.2 -5.95%
International Consolidated Airlines Group 186.95 -5.87%
Melrose Industries 98.52 -5.59%
Intercontinental Hotels Group 3,619 -3.95%
BT Group 108.5 -3.83%

 

Major World Indices Price % Chg 1 Year
UK 100 INDEX 6,105 -0.3% -19.1%
DOW JONES INDUS. AVG 26,585 0.4% -2.2%
DAX INDEX 12,839 0.0% 3.4%
NIKKEI 225 22,716 -0.2% 4.9%
S&P/ASX 200 INDEX 6,044 0.3% -11.0%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 41.60 0.75%
Brent Crude (ICE) USD/bbl. 43.50 0.37%
Gold Spot USD/t oz. 1,942 0.0%
Copper (Comex) USd/lb. 290 0.2%

 

UK 100 called to open +20 points this morning at 6125. 

1 hours; 29 days

Click graph to enlarge

Markets Overview:

 

UK 100 called to open +20 points this morning at 6125.  With another big week of companies reporting this week the U.S got off to a green start, pushed higher by tech giant Apple and Amazon on Monday (2.3% higher for Apple, whilst Amazon advanced 1.5%).  The Dow Jones gained 114.88 points, or 0.4%, to close at 26,584.77.  The S&P closed 0.7% higher at 3,239.41 and the Nasdaq outperformed both other major indices, climbing 1.7% to 10,536.27.  Also driving market sentiment higher was news that the U.S. government has allocated an additional $472 million towards Moderna’s coronavirus vaccine research.   Gold futures hit an intraday high of $1,941.90 per ounce and ended the session 1.8% higher at $1,931.50. Monday’s gain put the traditional safe haven up more than 26% year to date, leaving it on track for the biggest one-year gain since 2010.

 

Company News:

 

Boohoo says they will act on the independent review findings of Leicester supply chain and look to embed its recommendations into its strategic planning.

 

Card Factory sees HY aggregate revenue of approximately £100m and they anticipate 9 store closures by end of current financial year.

 

Greggs sales increase to 72% of 2019 level after reopening. They reported a pre-tax loss of £65.2m (2019: £36.7m profit) for H1 2020 after its stores were closed for most of Q2.

 

Reckitt Benckiser Q2 tops estimates as they raise forecasts. They reported better than expected quarterly results as cautious customers sttocked up on Lysol and Dettol disindectants and Mucinex cough syrup during the coronavirus pandemic. Like-for-like sales +10.5% for Q2 2020, beating estimates of +7.8%.

 

Rio Tinto announced they have discovered gold-rich deposits at its Winu project in Western Australia and indicated the potential for a major new copper and gold mine in the region.

 

St James’s Place report that net cash inflows rise over 2% in H1 2020, whilst operating profit fell 10%.

 

Virgin Money reports a dip in customer lending in Q2 2020 as demand for mortgages and personal loans fell, but it was yet to see any spike in credit losses linked to COVID-19 pandemic. They were pushed into a H1 2020 loss after booking £232m provision for bad loans and likely defaults due to coronavirus.

 

Reporting Today:

 

Games Workshop

Fresnillo

Greggs

St James Place

 

Reporting Wednesday:

 

Aston Martin

Barclays

Drax Group

Jupiter Fund Management

Rathbone

Rio Tinto

Smith & Nephew

Smurfit Kappa

Taylor Wimpey

Unite

Wizz Air

Lancashire Holdings

Next

Premier Food

 

 

In Focus Today:

 

US – Consumer Confidence

 

 

This weeks’s Ex Dividends:

 

UK 100:

 

RELX

 

UK 250:

 

Foresight Solar Fund

GCP Infrastructure Investments

BB Healthcare Trust

City of London Investment Trust

Monks Investment Trust

 

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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