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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%
RENTOKIL INITIAL PLC 532.0 5.8%
SMURFIT KAPPA GROUP PLC 3,003.0 5.4%
Yesterday’s UK 100 Laggards Price (p) % Chg
SMITH & NEPHEW PLC 1067.5 -11.4%
BT GROUP PLC 161.9 -8.1%
AIRTEL AFRICA PLC 158.3 -7.4%
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

Click graph to enlarge

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

 

AstraZeneca

 

Babcock

 

Croda International

 

IMI

 

International Consolidated Airlines Group

 

Intertek

 

NatWest Group

 

Rightmove

 

Standard Chartered

 

 

 

 

 

Reporting Monday:

 

Ascential

 

Cranswick

 

HSBC Holdings

 

Pearson

 

Spectris

 

In Focus Today:

German Gross Domestic Product

 

German Unemployment Rate s.a

 

EU Gross Domestic Product s.a.

 

EU HICP

 

EU HICP-X F,E,A,T

 

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

 

Schroders

 

Reckitt Benckiser Group

 

Unilever

 

RELX

 

Rentokil Initial

 

FTSE 250:

Currys

 

Vesuvius

 

Tyman

 

GCP Infrastructure Investments

 

City of London Investment Trust

 

Games Workshop Group

 

Aberforth Smaller Companies Trust

 

Lancashire Holdings

 

Inchcape

 

Schroder Oriental Income Fund

 

Mediclinic International

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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.


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