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Morning Report - 29 June 2022

Yesterday’s UK 100 Leaders	Price (p)	% Chg
ROLLS-ROYCE HOLDINGS PLC	87.1	6.5%
PRUDENTIAL PLC	1,052.5	4.3%
BT GROUP PLC	192.3	4.0%
BAE SYSTEMS PLC	826.6	3.5%
HARBOUR ENERGY PLC	375.0	3.3%

Yesterday’s UK 100 Laggards	Price (p)	% Chg
SEVERN TRENT PLC	2742.0	-3.9%
AVEVA GROUP PLC	2379.0	-2.9%
FLUTTER ENTERTAINMENT PLC-DI	8506.0	-2.6%
ENTAIN PLC	1304.0	-2.4%
HALMA PLC	1996.0	-2.0%

Major World Indices	Price	% Chg	1 YEAR
UK 100 INDEX	7,323	0.9%	3.5%
DOW JONES INDUS. AVG	30,947	-1.6%	-9.7%
DAX INDEX	13,232	0.4%	-14.9%
NIKKEI 225	27,049	0.7%	-6.1%
S&P/ASX 200 INDEX	6,764	0.9%	-7.4%

Commodities	Units	Price	% Chg
WTI Crude Oil (Nymex)	USD/bbl.	111.76	2.00%
Brent Crude (ICE)	USD/bbl.	118.15	2.66%
Gold Spot	USD/t oz.	1,820	0.0%
Copper (Comex)	USd/lb.	378	0.4%

The UK 100 is called to open -65 points this morning at 7264.

4 Hours; 12 Months

Click graph to enlarge

Markets Overview:

The UK 100 is called to open -65 points this morning at 7264. UK equities are seen lower on Wednesday, tracking decline in US and Asian markets overnight following yesterday’s US consumer confidence reading being at its lowest level in more than one year on surging inflation concerns. US consumers are not confident the Federal Reserve’s aggressive efforts to tame inflation will have the desired effect. Wall Street fell 1.6%, S&P 2% and US Tech 3%. In Asia, the Nikkei was down -1%, Shanghai -0.9% and Hang Seng -1.8%.

Company News & Broker Comments:

Company News:

B&M European Value Retail leaves FY23 guidance unchanged as they expect FY23 adjusted EBITDA to be between £550-600m.

Meggitt: Parker-Hannifin Corp has addressed competition and national security concerns over its £6.3bn takeover of Meggitt.

Moonpig reports that their FY pretax profit increased 21% to £40m (2021: £32.9m profit) as they make a strong start to FY23 and they’re confident in current expectations.

Mulberry reports a FY22 pretax profit of £21.3m (2021: £4.6m profit) as they declare a final dividend of 3p per share. They state that revenue for the first 12 weeks of the new financial year is +5% ahead of last year. They are continuing to invest in store openings across the network later this year.

Shell state that LNG shipments from its facility off northwest Australia would be disrupted for at least two weeks due to work bans by unions fighting for better pay.

Broker Comments:

Deutsche Bank Downgrades Anglo American to Hold from Buy (9 Buys / 8 Holds / 1 Sell)

Deutsche Bank Downgrades Diageo to Sell from Hold (8 Buys / 6 Holds / 1 Sell)

JP Morgan Downgrades Travis Perkins to Neutral from Overweight (8 Buys / 7 Holds / 1 Sell)

JP Morgan Downgrades Vodafone to Neutral from Overweight (10 Buys / 6 Holds / 1 Sell)

Reporting Today:

B&M European Value Retail

Moonpig Group

Reporting Tomorrow:

Currys

HgCapital Trust

In Focus Today:

Australian Retail Sales s.a.

EU Business Climate

EU Consumer Confidence

German Harmonized Index of Consumer Prices

US Gross Domestic Product Annualized

Japanese Industrial Production

Tomorrow’s Ex-Dividends:

FTSE 100:

B&M European Value Retail S.A.

Burberry Group

FTSE 250:

Caledonia Investments

Tate & Lyle

F&C Investment Trust

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