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Morning Report - 29 March 2023

Yesterday’s UK 100 Leaders Price (p) % Chg
BP PLC 509.0 2.5%
International Consolidated Airlines Group S.A. 140.7 2.5%
Glencore PLC 459.6 2.2%
Rio Tinto PLC 5,331.0 1.9%
Prudential PLC 1,043.0 1.6%
Yesterday’s UK 100 Laggards Price (p) % Chg
Ocado Group PLC 440.5 -2.6%
Hargreaves Lansdown PLC 769.4 -2.4%
Kingfisher PLC 249.9 -2.1%
Rightmove PLC 540.2 -2.0%
Haleon PLC 320.7 -1.7%

 

Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,489 0.2% 0.4%
DOW JONES INDUS. AVG 32,492 0.2% -7.1%
DAX INDEX 15,138 0.1% 4.8%
NIKKEI 225 27,518 0.2% -2.6%
S&P/ASX 200 INDEX 7,034 1.0% -5.8%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 73.15 0.47%
Brent Crude (ICE) USD/bbl. 78.49 0.47%
Gold Spot USD/t oz. 1,967 0.5%
Copper (Comex) USd/lb. 410 0.4%
The UK 100 called to open +16 points at 7500

1 Day; 2 Years

Click graph to enlarge

Markets Overview:

The UK 100 called to open +16 points at 7500. The UK 100 looks set to once again test the 7500 level this morning after a mixed session yesterday as European indices struggled for direction.  In the US, the Dow closed Tuesday down 37 points, 0.1%, to trade at 32,395, the Nasdaq Composite fell 53 points, 0.5%, to end at 11,716 and the S&P 500 dipped 6 points or 0.2%, to close at 3,971.  In Asia on this morning, the Nikkei 225 index was up 0.8%. In China, the Shanghai Composite was down 0.1%, while the Hang Seng index in Hong Kong was up 2.1%. The S&P/ASX 200 in Sydney closed up 0.2%.

 

Company News & Broker Comments:

Company News:

Essentra 2022 pretax loss widens to £29m from £7m YoY.

 

 

Galliford Try have been awarded a £75m contract for new build-to-rent building in North London.

 

 

Next are to acquire Cath Kidston for £8.5m. They reported a better-than-expected 5.7% rise in annual profit but stayed cautious on the outlook for its current year, forecasting a profit decline. They made a pretax profit of £870.4m in the year to January 2023, versus guidance of £860m (2022: £823.1m profit). For 2023-24 they their guidance for a 1.5% decline in full-price sales and profit of £795m.

 

 

Broker Comments:

 

Barclays Downgrades Smith & Nephew to Underweight (7 Buys / 4 Holds / 2 Sells)

 

 

Berenberg Upgrades ITM Power to Hold from Sell (6 Buys / 7 Holds / 2 Sells)

 

 

Exane BNP Upgrades WPP to Outperform from Neutral (8 Buys / 4 Holds / 1 Sell)

 

 

Morgan Stanley Upgrades Tesco to Overweight (6 Buys / 3 Holds / 0 Sells)

 

 

UBS Upgrades Spirent to Buy from Neutral (4 Buys / 3 Holds / 0 Sells)

Reporting Today:

UK

 

Ithica Energy

 

NEXT

 

 

US

 

None

Reporting Thursday:

UK

 

International Public Partnership

 

 

US

 

None

 

 

In Focus Today:

German Gfk Consumer Confidence Survey

 

US Pending Home Sales

 

Tomorrow’s Ex-Dividends:

UK 100 companies going ex-dividend on 30th March 2023:

 

Aviva

 

Phoenix Group Holdings

 

Taylor Wimpey

 

abrdn

 

Mondi

 

Smith & Nephew

 

InterContinental Hotels Group

 

UK 250 companies going ex-dividend on 30th March 2023:

 

Moneysupermarket.com Group

 

Fidelity European Trust

 

European Smaller Companies Trust

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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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