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Morning Report - 4 September 2019

Yesterday’s FTSE100 Leaders Price (p) % Chg
FRESNILLO PLC 764.0 2.4%
FERGUSON PLC 6,270.0 2.1%
COCA-COLA HBC AG-DI 2,800.0 1.6%
Yesterday’s FTSE100 Laggards Price (p) % Chg
DS SMITH PLC 329.7 -3.5%
INFORMA PLC 849.6 -2.9%
JUST EAT PLC 754.4 -2.8%
Major World Indices Price % Chg 1 Year
FTSE 100 INDEX 7,268 -0.2% -2.5%
DOW JONES INDUS. AVG 26,118 -1.1% 0.6%
DAX INDEX 11,911 -0.4% -2.5%
NIKKEI 225 20,649 0.1% -9.0%
S&P/ASX 200 INDEX 6,553 -0.3% 4.1%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 54.30 0.67%
Brent Crude (ICE) USD/bbl. 58.56 0.51%
Gold Spot USD/t oz. 1,537 -0.7%
Copper (Comex) USd/lb. 255 1.0%
FTSE 100 called to +40 points at 7310

FTSE 100: 4 hours, 29 days

Click graph to enlarge

Markets Overview:

FTSE 100 called to open +40 points at 7310; On the back of Chinese PMI data hitting 3 month highs, seeing Hang Seng futures spiking as much as 3%, this in turn has added positive sentiment throughout global markets, the German Dax is positive by 1% in early trading, FTSE futures half a percent higher, Dow Jones futures ALREADY 212 points higher, now showing a gain of 1220 points since the beginning of August. Oil recovered back the $59 per barrel level overnight, having gone as low as $58.5, whilst gold slipped back slightly to settle at $1537 having yesterday hit $1550.


In corporate news this morning:

AstraZeneca announced that Tagrisso has been approved in China as a 1st-line treatment for EGFR-mutated non-small cell lung cancer


Barratt Developments reported higher full-year pre-tax profit +8.9% to £909.8m, benefiting from higher margins, even as it faced a tough real estate market amid brexit uncertainty. 


Dunelm reported H1 2019 profits +23%, but said it would maintain a cautious stance about its full-year outlook due to uncertainty over Britain’s exit from the European Union. They’ve benefited from the early wet-summer weather which drove Britons to its out-of-town shops coupled with an increase in online spending.


Just Group reported H1 2019 profits -27%, due to a drop in new business profit. New rules from Britain’s Prudential Regulation Authority requiring more capital behind lifetime mortgages, one of its key products has impacted its business. Currently pays no dividend, and this will remain unchanged. 

RBS announces further PPI charges, as claims were significantly higher than expected during August (leading to the PPI deadline). Consequently an extra £600-£900m will be needed to be set aside which will impact its Q3 2019 results.


Source: Bloomberg, FT, Reuters, DJ Newswires, AlphaTerminal



IQE Downgraded to Hold by Stifel (Bloomberg: 6 Buys/ 3 Holds/ 0 Sells; 12 month average price target: 79.63p)

BHP Group Upgraded to Hold by Deutsche Bank (Bloomberg: 6 Buys/ 20 Holds/ 4 Sells; 12 month average price target: 1880p)

Anotfagasta Downgraded to Sell by Deutsche Bank (Bloomberg: 10 Buys/ 9 Holds/ 5 Sells; 12 month average price target: 945p)

GlaxoSmithKline Upgraded to Buy by Societe Generale (Bloomberg: 8 Buys/ 18 Holds/ 2 Sells; 12 month average price target: 1723p)


In Focus Today:

Eurozone Markit PMI


UK Markit PMI


Eurozone Retail Sales


Companies reporting day reactions:

Barratt Developments, Just Group, Dunelm



Companies reporting this week: 

 Halfords, Dixons Carphone, Berkeley Group, Ashmore, Greene King


Ex-Dividends tomorrow:

Micro Focus: 4.4%

BHP Group: 3.7%

Glencore: 3.5%

Admiral: 3%


Dixon’s Carphone: 4.2%

Page Group: 4%

Paypoint: 2.4%

Greggs: 2.3%



(Full list available on Week in advance)

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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