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Morning Report - 5 September 2019

Yesterday’s FTSE100 Leaders Price (p) % Chg
PRUDENTIAL PLC 1,397.5 3.6%
DS SMITH PLC 339.7 3.0%


Yesterday’s FTSE100 Laggards Price (p) % Chg
ADMIRAL GROUP PLC 2095.0 -1.6%
OCADO GROUP PLC 1332.0 -0.9%


Major World Indices Price % Chg 1 Year
FTSE 100 INDEX 7,311 0.6% -1.0%
DOW JONES INDUS. AVG 26,355 0.9% 1.5%
DAX INDEX 12,025 1.0% -0.1%
NIKKEI 225 21,086 2.1% -6.6%
S&P/ASX 200 INDEX 6,613 0.9% 6.1%


Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 56.02 -0.43%
Brent Crude (ICE) USD/bbl. 60.55 -0.25%
Gold Spot USD/t oz. 1,545 -0.5%
Copper (Comex) USd/lb. 260 0.2%


FTSE 100 called to +30 points at 7340

FTSE 100: 4 hours, 29 days

Click graph to enlarge

Markets Overview:

FTSE 100 called to open +30 points (and paid a 12 point dividend) at 7340; This comes on the back of UK lawmakers rejecting Boris Johnson’s call for an early general election on October 15th. Having earlier passed a bill to block a no deal Brexit,  this paired with the rally seen on the back of fresh talks of high level trade negotiations to take place in early October have seen global markets pick up where they left off yesterday and the latter part of last week.  The Dow Jones has now added 1,600 points since August 5th, with futures showing an opening in the green in excess of 200 points.  The Nikkei also closed +2.2% on the day.  Having rallied almost 4 % yesterday, oil has settled at $61 per barrel and gold currently sits at $1544.


In corporate news this morning:

BooHoo announced a positive profit warning for H1 2019 trading, as it was ahead of expectations and now expected its full-year revenue to rise between +33%-38%. First half results are due 25th September. 


Dixons Carphone reported a fall in like-for-like mobile phone sales (-10%), though it maintained its full year guidance. 


Go Ahead Group results slightly ahead of expectations. Operating profit +4.7% and maintained full year dividend of 102.08p. Made good progress against all three strategic pillars: protect and grow the core; win new business and rail contracts; develop for the future of transport.


Melrose announced trading in line with expectations but warned that weakness in the global automotive market would persist in the second half of the year.


Redrow announced full year pre-tax profit +7%, revenue +10% and proposed a final dividend of 20.5p per share. Cautious about post-brexit future and also eventual impact of impending changes to help to buy scheme. Expects 2020 to be another successful year for the group. 

William Hill announces that Philip Bowcock will step down as CEO and director of the company with effect from 30th Sept 2019. Ulrik Bengtsson (current William Hill chief digital officer) has been appointed as his replacement.

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



Anglo American Downgraded to Add by AlphaValue (Bloomberg: 17 Buys/ 10 Holds/ 4 Sells; 12 month average price target: 2295p)

Purplebricks Downgraded to Neutral by JP Morgan (Bloomberg: 2 Buys/ 1 Holds/ 1 Sells; 12 month average price target: 128.75p)

John Wood Group Upgraded to Hold by Jefferies (Bloomberg: 9 Buys/ 5 Holds/ 2 Sells; 12 month average price target: 597p)

Premier Oil Downgraded to Hold by Stifel (Bloomberg: 10 Buys/ 5 Holds/ 0 Sells; 12 month average price target: 129p)


In Focus Today:

US ISM Non-Manufacturing PMI


US Markit services PMI


EIA Crude Oil stocks


Companies reporting day reactions:

Go Ahead Group, HSS Hire, Dixons Carphone, Redrow, Melrose, EnQuest, EVR Holdings



Companies reporting this week: 

IAG, Ashmore, Berkeley Group


Ex-Dividends reactions:

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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