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Morning Report - 29 July 2022

Yesterday’s UK 100 Leaders Price (p) % Chg
FRESNILLO PLC 697.8 6.5%
SCHRODERS PLC 2,898.0 6.2%
ASHTEAD GROUP PLC 4,397.0 6.1%
Yesterday’s UK 100 Laggards Price (p) % Chg
SMITH & NEPHEW PLC 1067.5 -11.4%
BT GROUP PLC 161.9 -8.1%
BARCLAYS PLC 150.3 -4.6%
AVEVA GROUP PLC 2231.0 -4.3%


Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,345 0.0% 3.8%
DOW JONES INDUS. AVG 32,530 1.0% -6.9%
DAX INDEX 13,282 0.9% -15.1%
NIKKEI 225 27,749 -0.2% -0.1%
S&P/ASX 200 INDEX 6,955 1.0% -6.2%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 96.86 0.46%
Brent Crude (ICE) USD/bbl. 106.90 -0.22%
Gold Spot USD/t oz. 1,765 0.5%
Copper (Comex) USd/lb. 348 0.3%
The UK 100 is called to open +36 points this morning at 7383.

1 Day; 10 Months

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Markets Overview:


The UK 100 is called to open +36 points this morning at 7383.  The UK 100 looks set to continue its green streak this morning.  Opening nearly 2% higher than the UK blue chip index began the week.  This comes after U.S. equities rallied on Thursday for the second day in a row even after the latest GDP showed the world largest economy had shrunk for the second successive quarter, as investors looked past recession fears, with the hope that this latest downturn would soon cause the Federal Reserve to end its aggressive hiking campaign.  The Dow Jones jumped 332.04 points, or 1%, to finish at 32,529.63. The blue-chip index added more than 400 points in the previous session. The S&P rose 1.2% to 4,072.43, and the Nasdaq added nearly 1.1% to 12,162.59. All of the major averages are on pace for a winning week as well as their best month of 2022.


Company News & Broker Comments:


Company News:

Aston Martin reported a bigger loss for the HY, hurt by rising costs and supply chain snarls. They posted a pretax loss of £285.4m for H1, compared with a loss of £90.7m a year earlier.
AstraZeneca topped analyst expectations for Q2 profit and revenue, helped by higher demand for its cancer medicines. They also raised their FY guidance, saying they expect it to rise by a percentage in the low twenties rather than the high teens forecast previously.
Croda reports that their H1 pretax profit came in at £636.5m (2021 £204.1m) as they declare an interim dividend of 47p per share (+8%). They expect FY adjusted pretax profit to be slightly ahead of expectations.
Glencore cuts their FY production outlook for Copper to 510,200 tonnes, being 15% lower than H1 2021.
IAG returned to quarterly profitability for the first time since the outbreak of the COVID-19 pandemic, following a “significant” increase in capacity.
Natwest reported a better than expected profit for H1, as Bank of England rate hikes lifted its finances despite runaway inflation threatening to crunch Britain’s economy. They reported a pretax profit of £2.6bn, ahead of the £2.2bn average of analyst forecasts compiled by the bank.
Rightmove expects “broadly stable” market activity for the rest of the year, after they posted a higher HY profit. Their operating profit came in at £121.3m for H1, compared with £114.9m a year earlier.
Standard Chartered reported that their H1 profit rose 19%, in line with market expectations, as the emerging markets-focused lender benefited from rising interest rates. Their statutory pretax profit increased to £2.8bn in H1, from $2.35bn in the same period a year earlier.

Broker Comments:

Jefferies Upgrades Segro to Buy from Hold (7 Buys / 7 Holds / 1 Sell)
RBC Upgrades Anglo American to Outperform from Sector Perform (7 Buys / 10 Holds / 1 Sell)
RBC Upgrades Antofagasta to Sector Perform from Underperform (2 Buys / 8 Holds / 3 Sells)


Reporting Today:

Aston Martin Lagonda






Croda International




International Consolidated Airlines Group




NatWest Group




Standard Chartered






Reporting Monday:






HSBC Holdings






In Focus Today:

German Gross Domestic Product


German Unemployment Rate s.a


EU Gross Domestic Product s.a.






US Personal Income


US Chicago Purchasing Managers’ Index


US Michigan Consumer Sentiment Index



Next Week’s Ex-Dividends:


FTSE 100:

BT Group


Lloyds Banking Group




Reckitt Benckiser Group






Rentokil Initial


FTSE 250:







GCP Infrastructure Investments


City of London Investment Trust


Games Workshop Group


Aberforth Smaller Companies Trust


Lancashire Holdings




Schroder Oriental Income Fund


Mediclinic International

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. 76% 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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