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Morning Report - 7 December 2022

Yesterday’s UK 100 Leaders Price (p) % Chg
Rolls-Royce Holdings PLC 93.5 3.2%
Phoenix Group Holdings PLC 611.4 2.6%
Barclays PLC 158.8 1.6%
Bae Systems PLC 826.0 1.2%
Smith (Ds) PLC 308.9 1.2%
Yesterday’s UK 100 Laggards Price (p) % Chg
Mondi PLC 1468.0 -4.7%
Scottish Mortgage Investment Trust PLC 755.8 -3.1%
Endeavour Mining PLC 1697.0 -3.0%
Dechra Pharmaceuticals PLC 2680.0 -3.0%
Halma PLC 2160.0 -2.6%

 

Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,521 -0.6% 2.5%
DOW JONES INDUS. AVG 33,596 -1.0% -5.9%
DAX INDEX 14,343 -0.7% -6.8%
NIKKEI 225 27,686 -0.7% -2.7%
S&P/ASX 200 INDEX 7,229 -0.9% -1.2%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 74.26 0.01%
Brent Crude (ICE) USD/bbl. 79.44 0.11%
Gold Spot USD/t oz. 1,774 0.2%
Copper (Comex) USd/lb. 379 -0.8%
The UK 100 is called to open +12 points this morning at 7533.

4 hours; 8 Months

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Markets Overview:

The UK 100 is called to open +12 points this morning at 7533.  The UK 100 is expected to open higher today shrugging aside hefty losses in the US and UK housing price data showing the fastest fall for 14 years this morning, as China announced a nationwide loosening of its strict zero-Covid measures.  China will now allow people with asymptomatic COVID-19 or mild symptoms to quarantine at home in another relaxation of its rules.  In the US markets fell again as uncertainty around the pace and direction of Federal Reserve rate hikes and further talk of a looming recession dented sentiment.  The S&P fell for a fourth day in a row, closing 58 points lower, or 1.44%, to 3,941, the Dow Jones slipped 351 points, or 1.03%, to 33,596 and the Nasdaq dipped 225 points, or 2%, to 11,015.

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Company News & Broker Comments:

Company News:

Games Workshop says their trading is in line with expectations since their last update in September.

 

 

GlaxoSmithKline have been spared thousands of U.S. lawsuits claiming that the heartburn drug Zantac caused cancer after the federal multi-district litigation court states there is no reliable evidence that ranitidine increases risk of any cancer.

 

 

Mitchells & Butlers flagged challenges arising from surging energy and labour costs after the British pub and restaurant group posted higher annual profit. Their operating profit grew to £124m in the FY ended Sept 24th (2021: £81m profit).

 

 

Moonpig H1 pretax profit halves to £9.1m from £18.7m YoY, as their selling and admin expenses widen to £63m from £47m YoY. They state expectations for FY23 adjusted EBITDA is unchanged as they state trading conditions are progressively more challenging through Oct and Nov.

 

 

Broker Comments:

Barclays Upgrades Haleon to Overweight from Equal Weight (5 Buys / 7 Holds / 0 Sells)

 

 

Jefferies Downgrades PageGroup to Underperform from Hold (5 Buys / 4 Holds / 0 Sells)

 

 

JP Morgan Downgrades Johnson Matthey to Underweight from Neutral (5 Buys / 11 Holds / 1 Sell)

Reporting Today:

Moonpig Group

 

Redde Northgate

 

Monks Investment Trust

 

Paragon Banking Group

 

Tritax Eurobox

 

Reporting Thursday:

DS Smith

 

In Focus Today:

Chinese Imports

 

Chinese Exports

 

Chinese Trade Balance

 

EU Gross Domestic Product

 

US Nonfarm Productivity

 

Japanese Gross Domestic Product

 

Tomorrow’s Ex-Dividends:

UK 100 companies going  ex-dividend on 8th December 2022:

 

 

Intermediate Capital Group

 

JD Sports Fashion

UK 250 companies going  ex-dividend on 8th December 2022:

 

 

Sirius Real Estate

 

Investec

 

Liontrust Asset Management

 

Energean

 

SDCL Energy Efficiency Income Trust

 

Assura

 

Shaftesbury

 

Temple Bar Investment Trust

 

Johnson Matthey

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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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