Getting latest data loading
Home / Morning Report / Morning Report

This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.

Morning Report - 7 February 2019

Yesterday’s FTSE 100 Leaders Close (p) Chg (p) % Chg % YTD
RSA Insurance 532.4 15.2 2.94 3.66
Barratt Developments 561.8 15.4 2.82 21.39
Evraz 528 13.6 2.64 9.89
Hiscox 1469 31 2.16 -9.38
CRH 2350 47 2.04 13.47
Yesterday’s FTSE 100 Laggards Close (p) Chg (p) % Chg % YTD
TUI 1184 -27 -2.23 5.2
Rightmove 471.8 -8.4 -1.74 9.15
Reckitt Benckiser 5857 -103 -1.73 -2.59
Pearson 927.8 -16 -1.7 -1.13
British American Tobacco 2733.5 -47 -1.69 9.34
Major World Indices Mid/Close Chg % Chg % YTD
UK FTSE 100 7,173.1 -4.3 -0.06 6.6
UK FTSE 250 19,073.4 77.4 0.41 9.0
FR CAC 40 5,079.1 -4.3 -0.08 7.4
DE DAX 30 11,324.7 -43.3 -0.38 7.3
US DJ Industrial Average 30 25,390.3 -21.3 -0.08 8.8
US Nasdaq Composite 7,375.3 -26.8 -0.36 11.2
US S&P 500 2,731.6 -6.1 -0.22 9.0
JP Nikkei 225 20,751.3 -122.8 -0.59 3.7
HK Hang Seng Index 50 27,990.2 59.5 0.21 8.3
AU S&P/ASX 200 6,092.5 66.3 1.10 7.9
Commodities & FX Mid/Close Chg % Chg % YTD
Crude Oil, West Texas Int. ($/barrel) 53.76 -0.34 -0.01 18.3
Crude Oil, Brent ($/barrel) 62.38 -0.20 0.00 15.2
Gold ($/oz) 1304.75 -7.15 -0.01 1.7
Silver ($/oz) 15.73 -0.11 -0.01 1.7
GBP/USD – US$ per £ 1.2936 0.02 1.4
EUR/USD – US$ per € 1.1362 -0.04 -0.9
GBP/EUR – € per £ 1.1384 0.04 2.4
FTSE 100 called to open -15pts at 7158

FTSE 100: 6-month, 1-day

Click graph to enlarge

Markets Overview: (Source: Bloomberg, FT, Reuters, DJ Newswires)

FTSE 100 called to open -20pts at 7155, still flirting with a 50% retrace of 16.1% Aug-Dec declines, consolidating late Jan’s 6.7%/450pt rally. Bulls need a break above Tues/Weds 7185 highs to overcome early Nov highs and extend the recent rally. Bears require a breach of yesterday’s 7145 lows to end the consolidation and trigger a pullback. Watch levels: Bullish 7190, Bearish 7140

Calls for a negative open come after Wall St ended its recent winning streak. While the majority of US companies beat market consensus on earnings so far, investors were getting increasingly cautious about forward guidance and outlook from both Tech and Industrials.

Australia’s ASX has seen a strong overnight rally as iron ore prices hit 2-year highs following Vale’s latest industrial accident and the shutdown at its large Brucutu mine. This has helped dual-listed Rio Tinto (+1.5%), though its more energy-exposed peer BHP was offside on weaker oil prices.

Company news this morning: Watch British Gas owner Centrica and peer SSE after OFGEM allows a 10% increase to the max/cap they can charge for gas and electricity, to those who have not switched suppliers and are on default tariffs, to allow suppliers recover higher wholesale energy costs

Compass Group sees FY organic revenues growth slightly above middle of target 4-6% range with modest margin progression. Current FX rates would boost FY revenues by £508m, profits by £43m. 3M organic revenues +6.9% (N. America +8%, Europe +6.4%, RoW +2.8%); strong new business wins, good retention, bolstered by new UK Defence contracts and favourable sporting calendar.

Tate & Lyle backs FY guidance, but EPS at lower end of mid-single digit range due to US energy and transport cost inflation and strong 2018 commodity performance. In Q3, group adj. pre-tax profit grew in constant FX. Food & Beverage Solutions vol in-line with H1, profits up YoY. Sugar volumes higher, profits up slightly. Weaker demand for sweeteners in N America saw profits fall.

Smith & Nephew FY in-line, underlying revenue +2% (Q4: +3%), op. profit +7.1%, cash flow +1.1%. 1% FX boost to revenues. Over half of 90bp margin expansion from on-off legal settlement. FY dividend +3%. FY’19 underlying revenue expected +2.5-3.5%, with op margin +40-80bps.

Beazley FY gross written premium +12% (in-line, top of range), pre-tax profit -55% (beat), combined ratio -10bps to 98% (beat), RoE 5% (from 9%), dividend +5%. Property insurance losses hit earnings, but higher interest rates and firmer pricing leading to “moderate tailwinds” into 2019.

Diageo may react to Pernod Ricard upping FY profits guidance after first half organic profits +12.8% beat expectations, driven by cost savings, although organic sales +7.8% missed consensus. Polymetal reports significant increase (778Koz) in ore reserves at Russia’s Mayskoye gold deposit.

Bellway H1 revenue +12% YoY, completions +5.6%, average selling price +6.5%. Weekly reservations +2.8%. Op. margin expected -70bps to 21.5%. Net debt -80%. Cancellation rate rose to 13% (from 11%) on weaker sentiment. FY guidance unchanged, but cautious on Brexit uncertainty.

Cranswick backs FY guidance, but following year’s operating margin likely to decline, reflecting potentially challenging commercial landscape, together with start-up and commissioning costs associated with new Eye Facility, only partly offset by management actions.

Superdry Q3 global brand revenues +5.4% YoY, group revs -1.5% (wholesale +12.7%, Web -0.7%, Stores -8.5%). Avg retail space +2.6%. Q3 remained subdued, impacted by product mix and relevance issues and lack of prolonged cold weather. Pleased with early progress on transformation.

Thomas Cook reiterates FY guidance, early trading in-line. Q1 revenue +1% YoY, underlying op. loss increased to £60m (from -£46m). Began strategic review of airline, considering all options. Will reduce airline capacity after weaker summer 2019 bookings reflected consumer uncertainty.

In focus today will be the Bank of England (BoE) “Super Thursday” monetary policy update, which includes the Quarterly Inflation Report and minutes (12pm) and press conference (12.30pm). Market expects the MPC to vote unanimously to leaves rates unchanged, but inflation projections could give a crucial outlook on the state of the UK economy and finances before Brexit.

The European Commission presents its Economic Forecasts (12pm), with the economists expecting Brussels to slash Italy’s 2019 growth estimate to 0.1% from 1.2% previously. In the UK, Halifax House Prices (8:30am) are projected to accelerate to 1.5% YoY (from 1.3% prev.) after a strong bounce in January (+2.2% MoM reversing the 0.5% fall in Dec)

In terms of speakers, today we hear from the ECB’s Mersch (12:15pm), delivering a speech to the American European Community Association in Brussels. We also have a few Fed speakers scheduled, including Kaplan (2:15pm, non-voter, centrist), in Texas with a moderated Q&A, and Clarida (2:30pm, voter, centrist),  presenting a research paper entitled “The Global Factor in Neutral Policy Rates” at the Czech National Bank.

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.

Back to Top

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.

Prepared by Michael van Dulken, Head of Research
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage.
Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 77% of retail investor accounts lose money when spread betting and/or trading CFDs with this provider. You should consider whether you understand how spread bets and CFDs work and whether you can afford to take the high risk of losing your money.

4.81 Average

156 Reviews


I have found Accendo staff very helpful,,and informed. I have traded with you for some years now and have no regrets. Keep up the good work!

Posted 9 months ago

Shaun D

since signing up for Accendo I have had two traders, Mark and Sam. I have found both of these to be very informative about how CFD's work and they have made it very easy for me. Since working with Sam (last four months) my trading knowledge has improved and I can make more informative decisions about which Company's to invest with. Keep up the good work Sam.

Posted 1 year ago


I am very happy with the service I get from Accendo Markets and in particular Amrit Panesar. He is very professional and pleasant to speak to and this counts for a lot.

Posted 1 year ago

Shreekant P

Its a good site for dealing stocks worldwide and having good staff.

Posted 1 year ago

Nick W

Krishan Appiah is one of the most dedicated / informative broker I have ever had.

Posted 1 year ago

Thomas I

Since I have been trading with Accendo Markets I have experienced much greater success than has been my experience with other trading companies mainly due to the help given by, what I consider to be my terminal with the trading floor, Mark, who has been most helpful in reminding me of the progress of my positions throughout the day and keeping me in touch with those positions so that I can more easily make successful trades when appropriate instead of missing out on opportunities through lack of attention. He draws my attention to the situations and enables me to make profitable trades. I am very happy with the situation at the moment and am enjoying the experience. Thomas Irving.

Posted 1 year ago

Kartik A

Accendo markets keep me connected with the market and its very well followed by Mr. Krishan Appiah ,which helps me to take certain decision on time.

Posted 1 year ago

Peter p

I have been trading with Accendo Markets and James Abbott my account manager for coming on 5 years now, James Abbott the senior trader of Accendo Markets provides me with up to minute information when I need it and find him very easy and professional to deal with. Whenever I need to trade or am not sure about anything James is always their to help with any queries I may have. The Accendo Platform I find very easy to use and navigate although it has been slightly changed over the years but definitely for the better. Personal when I do trade 90% of the time, I rather telephone call to place my trade dealings and if James is not there to take my call I find others at Accendo like Sam, Lee take my trades and are. All in all everyone at Accendo Markets are amazing to deal with and my relationship with Accendo is just as I like it. Peter Petrou

Posted 1 year ago

Mrs. J

"Our Trader, Aymen Azizi, has been nothing but attentive to our every need throughout our long relationship with him. No issue is too small, full explanations on all our questions."

Posted 1 year ago

Brian R

I have been with Accendo for a long time now, ten or twelve year's, probably more . As I told Sam (my trader) I thought that CFDs were better than sex . I stopped trading for a few years and only started back about a couple of months ago. But it is as if I had never been gone , so to speak. Sam has helped me every step of the way, at my age one forgets things. I have only praise for Accendo and as far as I am concerned the platform is the best . Now I am back trading at 71 years of age, I might even try sex again. Brian Robertson.

Posted 1 year ago

Jim W

I understand how to make a profit with CFDs. I am restricted by the range of companies I have knowledge of. Although, I am not sure that is a big problem. Tom Robertson is a very fine man.

Posted 2 years ago

Rebekah S

Well, I would not be trading without the help of my trader, Sam Alnakkash. He provided a really great overview of Accendo Markets, an insight into trading in general and how to get started in trading online. His advice, support and training has been fantastic all along the way, enabling me to start trading earlier than I would have done had I not had the support. He has also been very adept at understanding me as a client in order to help me achieve my trading goals. I still have a lot to learn and hope I will get there.

Posted 2 years ago

Nick z

I like the updates on shares I trade. Updates from Bloomberg and Reuters plus industry updates and breaking news. I've had Matt Grice and James Abbott and found both to be excellent. I would like to continue a personal service with James. He understands how and which stocks I trade.

Posted 2 years ago

Steve O

Excellent, knowledgable broker interaction and communication, coupled with very good research and analysis.

Posted 2 years ago

William P

Being new to direct trading I needed help and was given all the time and advice that I needed to feel fully able to make decisions on what I wanted to invest in. I asked for and got exactly the type of info I required provided by Tom Cook, who I would recommend to anyone looking for help.

Posted 2 years ago

Mr. W

I have been dealing with accendo for the past 8 years my broker Amrit I find him very helpful when he is there lol and had many offers to change but will not do it Bill Roberts

Posted 2 years ago

Zoran N

Very good all round service! Timely market information. (charts + trends coverage ) On the ball accounts managers ,quickly available and alert . Part of my success owed to my personal manager Mr Sam Springet , than you.

Posted 2 years ago

Mr Brian C

Easy to deal with.....

Posted 2 years ago

Muhammed S

Accendo markets are great for trading cfds and their research is second to none! Aymen manages my account is extremely helpful and always keeps me updated on market info. Thanks again

Posted 2 years ago

Mr Buta B

Always available, whenever I call I get straight through to someone that can and will help. The staff are very knowledgeable, helpful and easy to talk to.

Posted 2 years ago

Stephen B

Aymen Azizi keeps an eye on what is happening in the market and informs me with timely relevancy, email call, and txt.

Posted 2 years ago