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Morning Report - 4 August 2022

Yesterday’s UK 100 Leaders Price (p) % Chg
AVAST PLC 687.0 43.8%
TAYLOR WIMPEY PLC 126.7 5.5%
OCADO GROUP PLC 912.2 4.9%
AVEVA GROUP PLC 2,340.0 3.6%
ROLLS-ROYCE HOLDINGS PLC 90.8 3.4%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
FRESNILLO PLC 676.6 -5.0%
CENTRICA PLC 85.5 -4.1%
CRODA INTERNATIONAL PLC 7174.0 -3.3%
AIRTEL AFRICA PLC 154.2 -3.2%
VODAFONE GROUP PLC 118.9 -1.5%
Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,446 0.5% 4.5%
DOW JONES INDUS. AVG 32,813 1.3% -6.6%
DAX INDEX 13,588 1.0% -12.7%
NIKKEI 225 27,742 0.5% 0.6%
S&P/ASX 200 INDEX 6,976 -0.3% -7.0%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 91.00 0.38%
Brent Crude (ICE) USD/bbl. 96.78 -3.74%
Gold Spot USD/t oz. 1,764 -0.1%
Copper (Comex) USd/lb. 347 0.2%

 

The UK 100 is called to open +5 points this morning at 7440. 

1 hour; 20 Days

Click graph to enlarge

Markets Overview:

 

The UK 100 is called to open +5 points this morning at 7440.  This comes after trading on Wall Street yesterday saw all three major averages end the day on higher. The Dow Jones advanced by more than 400 points, while the S&P hit its highest level since June. The tech-heavy Nasdaq jumped about 2.5%.  Investors sentiment was stoked after a surprise rebound in July services PMI and comments from St. Louis Federal Reserve President James Bullard. Bullard said he does not think the U.S. is in a recession, citing job gains and low unemployment.

 

 

Company News & Broker Comments:

 

Company News:

Glencore will return $4.5bn to investors after they reported that their HY profit had more than doubled. Their EBITDA rose to $18.92bn in H1, compared with $8.7bn a year earlier.
 
Hikma Pharmaceuticals says their H1 revenue has been hit by weakness in Generics as they guide generics revenue in 2022 to be $650-675m, down from $710-750m previously. They reported a H1 pretax profit of $215m, down from $319m YoY.
 
Meggitt reported a 21% rise in H1 revenue, underpinned by plane makers ramping up production to serve a recovery in post-pandemic air travel. Their revenue came in at £821m (2021: £680m).
Mondi report HY underlying EBITDA from continuing operations of 942m euros.
Next have increased their FY sales and profit forecasts after demand for new clothes in the warm weather delivered a better-than-expected Q2 result. They now expect their full-price sales to rise by around 6.2% in 2022/23, compared with an earlier forecast of 5%. Their profit before tax rose by £10m to £860m.
 
Phoenix Group buys Sun Life UK for £248m, as they expect it to generate £470m in the long run.
Rolls-Royce state they are managing rising inflation and supply chain disruption as they see their squeezed operating profit margin improving in H2, keeping them on track to meet their targets. They reported an operating profit of £125m in H1, (2021: £307m) on underlying revenue of £5.31bn.

Broker Comments:

Goldman Sachs Downgrades HSBC to Neutral from Buy (8 Buys / 8 Holds / 0 Sells)
 
Goldman Sachs Upgrades Lloyds to Buy from Neutral (9 Buys / 4 Holds / 1 Sell)

 

Reporting Today:

ConvaTec Group

 

Glencore

 

Hikma Pharmaceuticals

 

Meggitt

 

Mondi

 

Morgan Sindall

 

Next

 

Rolls Royce

 

Serco Group

 

 

 

Reporting Friday:

Diageo

 

Frasers Group

 

Hargreaves Lansdown

 

London Stock Exchange Group

 

Pets at Home Group

 

WPP

 

 

In Focus Today:

BoE Interest Rate Decision

 

Bank of England Monetary Policy Report

 

Bank of England Minutes

 

German Factory Orders s.a.

 

US Initial Jobless Claims

 

 

Today’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

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.


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