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Morning Report - 30 January 2025

Yesterday’s UK 100 Leaders Price (p) % Chg
JD Sports Fashion PLC 85.7 3.9%
Beazley PLC 842.5 3.8%
Admiral Group PLC 2,746.0 3.4%
United Utilities Group PLC 1,005.5 2.6%
Barclays PLC 296.4 2.4%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
BAE Systems PLC 1198.5 -4.2%
Diageo PLC 2430.0 -2.6%
Glencore PLC 346.7 -2.3%
St. James’s Place PLC 931.0 -1.7%
Taylor Wimpey PLC 118.9 -1.2%

 

Major World Indices Price % Chg 1 Year
UK 100 INDEX 8,557 0.3% 12.1%
DOW JONES INDUS. AVG 44,856 0.0% 17.3%
DAX INDEX 21,614 0.9% 27.4%
NIKKEI 225 39,415 1.0% 9.3%
S&P/ASX 200 INDEX 8,447 0.6% 11.1%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 73.17 -0.81%
Brent Crude (ICE) USD/bbl. 77.08 -0.53%
Gold Spot USD/t oz. 2,752 -0.4%
Copper (Comex) USd/lb. 431 1.4%
The UK 100 called to open +5 points at 8562

1 Day; 9 Months

Click graph to enlarge

Markets Overview:

The UK 100 called to open +5 points at 8562.  The UK 100 looks set to open marginally higher this morning, this comes after Federal Reserve chair Jerome Powell said the central bank is in no hurry to lower borrowing costs.  Interest rates remain in the range of 4.25-4.5% after cuts at the previous three meetings.

Stateside yesterday saw the S&P 500 fall 0.47% to close at 6,039.31, while the Nasdaq lost 0.51% to end at 19,632.32. The Dow Jones shed 136.83 points, or 0.31%, to 44,713.52.

 

Company News & Broker Comments:

Company News:

Airtel Africa said this morning that they had delivered a robust operational performance for the nine-month period ending December 2024, with significant growth in its customer base and data usage, which led to increased revenues in constant currency terms. Despite challenges such as currency devaluation and increased costs, the company maintained a strong financial position, introducing a second $100 million share buyback program reflecting confidence in future growth. The expansion of network infrastructure and a focus on cost efficiency improved EBITDA margins, while efforts to stabilize currency exposures and leverage ratios signaled a more robust financial strategy. These strategic initiatives are set against a backdrop of rising demand for connectivity in Africa, promising further growth opportunities.

 

BT reported this morning that it added a record 472,000 connections to its growing fibre network in its third quarter, underpinning its confidence that it will meet its full-year profit forecast. The company on Thursday reported adjusted core earnings of 2.1 billion pounds ($2.61 billion) for the three months to end-Dec, up 4% year-on-year, on revenue of 5.2 billion pounds.

 

Glencore reported lower copper, cobalt, zinc, nickel and thermal coal production in 2024.  Copper, nickel and cobalt are materials used for electric vehicles, a key plank of the energy transition.  Glencore said it produced 951,600 metric tons of copper in 2024, down 6% from 1.01 million tons in 2023, the lower end of its outlook of between 950,000 and 1.01 million tons.

 

Shell fourth quarter earnings today dropped sharply to $3.7 billion (£3 billion) after its performance was impacted by weaker oil prices and margins.  The figure, which compared with $6 billion in the previous quarter, led to an overall earnings haul of $23.7 billion (£19 billion) for 2024.  Despite the lower earnings in the quarter, Shell’a free cash flow of $39.5 billion (£31.8 billion) for 2024 came in higher than 2023.  This has fuelled a 4% increase in the fourth quarter dividend and another $3.5 billion buyback, making it the 13th consecutive quarter of at least $3 billion.

 

St James’s Place brought in £4.3bn in new money throughout 2024, bringing its total assets under management to a record £190.2bn.  Britain’s largest wealth manager attracted £1.5bn of new money over the last quarter of the year, it said in a trading update.  The firm’s pension arm brought in the vast majority of this money (£1.2bn), despite making up only just over half of its business.  However, every arm of St James’s Place saw inflows, unlike the last quarter of 2023, when its investment and discretionary fund management arm both saw withdrawals.  Despite the strong performance in the final quarter, the firm’s net inflows for the entire year fell from 2023, when it brought in £5.1bn.

 

 

Broker Comments:

No New Broker Comments

 

 

Reporting Today:

UK

 

Airtel Africa (AAF)*

BT Group (BT.A)

Glencore (GLEN)

Greencore Group (GNC)

Sage Group (SGE)

Shell (SHEL)

St James Place (STJ)

Wizz Air Holdings (WIZZ)

 

US

 

Blackstone (BX) PMO

Caterpillar Inc (CAT) PMO

Mastercard (MA) PMO

Takeda Pharmaceutical (TAK) PMO

Thermo Fisher Scientific (TMO) PMO

Apple Inc (AAPL) AMC

Intel Corp (INTC) AMC

Visa (V) AMC

Reporting Tomorrow:

UK

 

None

 

US

 

AbbVie (ABBV) PMO

Aon (AON) PMO

Chevron (CVX) PMO

Exxon Mobil (XOM) PMO

In Focus Today:

German Gross Domestic Product

EU Business Climate

EU Consumer Confidence

EU Economic Sentiment Indicator

EU Gross Domestic Product

EU Unemployment Rate

ECB Main Refinancing Operations Rate

ECB Monetary Policy Statement

ECB Rate On Deposit Facility

US Personal Consumption Expenditures

US Gross Domestic Product

US Initial Jobless Claims

ECB Press Conference

US Pending Home Sales

Japanese Tokyo Consumer Price Index

Japanese Unemployment Rate

 

Today’s Ex-Dividends:

UK 100 companies going ex-dividend on 30th January 2025:

 

None

UK 250 companies going ex-dividend on 30th January 2025:

 

Pennon Group

SSP Group

Hollywood Bowl Group

Supermarket Income REIT

Sequoia Economic Infrastructure Inc Fnd

Edinburgh Investment Trust

Schroder Oriental Income Fund

IG Group Holdings

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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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