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Morning Report - 2 August 2022

Yesterday’s UK 100 Leaders Price (p) % Chg
PEARSON PLC 852.6 12.7%
OCADO GROUP PLC 876.0 4.4%
AVAST PLC 480.0 3.2%


Yesterday’s UK 100 Laggards Price (p) % Chg
PRUDENTIAL PLC 973.6 -3.2%
Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,413 -0.1% 5.4%
DOW JONES INDUS. AVG 32,798 -0.1% -6.1%
DAX INDEX 13,480 0.0% -13.3%
NIKKEI 225 27,993 0.7% 0.8%
S&P/ASX 200 INDEX 6,993 0.7% -6.7%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 93.89 -4.80%
Brent Crude (ICE) USD/bbl. 100.10 -3.72%
Gold Spot USD/t oz. 1,772 0.0%
Copper (Comex) USd/lb. 354 -0.9%
The UK 100 is called to open -36 points this morning at 7395. 

30 minutes; 16 Days

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Markets Overview:


The UK 100 is called to open -36 points this morning at 7395.  The UK’s blue chip index looks set to open in the red this morning, with the mood hit by tensions between the US & China over House Speaker Nancy Pelosi’s trip to Taiwan. All three major indexes snapped three-day winning streaks on Wall Street, with the S&P slipping 0.28% to end at 4,118.63. The Nasdaq lost 0.18% and closed at 12,368.98. The Dow Jones shed 46.73 points, or 0.14%, to end at 32,798.40.



Company News & Broker Comments:


Company News:

BP reported a Q2 profit of $8.45bn, its highest in 14 years, as soaring refining margins and energy prices helped it boost its dividend by 10%. Their net earnings of $8.45bn for Q2, the strongest since 2008, far exceeded analysts’ expectations for a $6.8bn profit.
Bunzl has agreed to buy four businesses across Netherlands, Brazil, Australia and UK.
Direct Line Insurance reports a H1 pretax profit of £178.1m (2021: £261.3m) as they declare an interim dividend of 7.6p, in line with the previous year.
Fresnillo reported a H1 pretax profit of $218.2m (2021: $471.9m) and have declared an interim dividend of 3.40 cents per share. They remain on track to meet their FY22 guidance for silver and gold production. They expect exploration expenses to remain at around $180m.
Greggs reports H1 pretax profit of £55.8m (2021: £55.5m) and declares an interim dividend of 15p (unchanged YoY). They state that FY outcome expectations remain unchanged.
Sage Group expects their FY22 organic recurring revenue growth to be towards top end of guidance at 8-9%. Their Q3 total revenue increased 7% YoY to £488m (2021: £456m).
Travis Perkins reports a HY adjusted operating profit of £163m (2021: £164m) and an interim dividend of 12.5p per share (2021: 12p per share). The strong performance of their merchant businesses is set to continue into H2. They expect the overall group to deliver a FY performance broadly in line with market expectations.

Broker Comments:

 RPT/Exane Downgrades HSBC to Neutral from Outperform (8 Buys / 8 Holds / 0 Sells)


Reporting Today:



Capital & Counties Properties




Direct Line Insurance


Domino’s Pizza Group






Man Group




Sage Group


Travis Perkins


Virgin Money




Reporting Wednesday:

Endeavour Mining




Hill & Smith Holdings




IP Group


Taylor Wimpey




In Focus Today:


UK House Price Data



This 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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