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Morning Report - 7 November 2019

Yesterday’s FTSE100 Leaders Price (p) % Chg
CENTRICA PLC 72.6 2.2%
UNILEVER PLC 4,689.5 1.8%
Yesterday’s FTSE100 Laggards Price (p) % Chg
BT GROUP PLC 193.1 -4.7%
HISCOX LTD 1389.0 -2.3%
OCADO GROUP PLC 1330.5 -2.2%
Major World Indices Price % Chg 1 Year
FTSE 100 INDEX 7,397 0.1% 3.9%
DOW JONES INDUS. AVG 27,493 0.0% 5.0%
DAX INDEX 13,180 0.2% 13.8%
NIKKEI 225 23,330 0.1% 5.6%
S&P/ASX 200 INDEX 6,727 1.0% 14.5%


Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 56.35 -1.54%
Brent Crude (ICE) USD/bbl. 61.74 -1.94%
Gold Spot USD/t oz. 1,491 0.0%
Copper (Comex) USd/lb. 267 -1.3%
FTSE 100 called to open +30 points at 7426

FTSE 100: 1 day, 2 years

Click graph to enlarge

Markets Overview:


FTSE 100 called to open +30 points at 7426; China said it has agreed with the US to rollback tariffs in phases. News overnight that China was to punish 3 nationals for Opiod trafficking into the US has been met by positive investor sentiment as it is seen as another step in the direction of allowances being made to get a US-China deal done. In focus today will be the Bank of England interest rate decision, it is widely expected that rates will be held at 0.75%. Trading in the Us was widely mixed as the Dow Jones closed flat on the day, the S&P marginally higher +2 points; and the Nasdaq closing -24 points. It was a similar story in Asia, the Nikkei closed +26 points while the Hang Seng was the biggest mover closing -115 points. Following yesterday’s EIA oil data showed a build of 6m barrels oil slipped back to $62 per barrel. Whilst gold rose $5 from yesterday’s open to sit at $1491.


In corporate news this morning:



Aston Martin expects challenging trading conditions to persist, with the DBX progressing well. YTD 2019 revenue -7%, EBITDA -57%, adjusted operating loss £21.8m (2018: £91.5m profit) and loss before tax £92.3m (2018: £23.9m profit). 


BAE Systems reported that the group guidance for 2019 remains unchanged. EPS expected to grow by mid-single digit percentage v 2018 EPS of 42.9p. 


Flutter released Q3 results this morning, total group revenue was +9% for the quarter and grew 10% year on year.  2019 guidance remains unchanged at £420-440m, US guidance raised, EBITDA loss now expected to be circa £40-45 vs expectation of £55m. 


Galliford Try confirms the combination between themselves and Bovis Homes and the acquisition of Linden Homes and partnerships & regeneration division. 


Hikma Pharmaceuticals reiterates FY 2019 guidance for the group and will continue to deliver profitability in line with expectations. 


Persimmon said trading over the Summer was in line with forecasts and said they are fully sold up for the current year. They also have £950m of forward sales reserved beyond 2019. See H2 volumes above H1. Continue to make good progress with plans.


Purplebricks group announced a trading update ahead of FY results on December 12th, citing a slow down in the housing market due to political and economic uncertainty.  However maintained its 4% market share.


Rolls Royce delivered a trading update this morning showing improved trading since the half year, however FY Operating profit now expected to be towards the lower end of guidance.

Sainsburys interim results showed increased grocery market share.  Group sales -0.2% YoY; Retail Sales (Excluding fuel) YoY -0.6%; Like for Like sales -1%; Guidance in line; EPS -16% to 7.9p per share. 


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





Associated British Foods (ABF) Upgraded to Buy by Goldman Sachs (Bloomberg: 18 buys/ 5 holds/ 0 sells)


Hiscox Downgraded to Neutral by JP Morgan (Bloomberg: 3 buys/ 6 holds/ 4 sells)


Marks and Spencer Upgraded to Hold by Societe Generale (Bloomberg: 4 buys/ 9 holds/ 11 Sells)


SSE Downgraded to a Hold rating by Berenberg (Bloomberg: 9 buys/ 10 holds/ 0 sells)


In Focus Today:


Bank Of England Interest rate decision



Companies reporting today:


Flutter, Hikma, Provident Financial, Persimmon, RSA Insurance, Sainsburys


Companies reporting next week:


Dignity, William Hill, Informa, Land Securities, Vodafone, ITV, Meggitt, British Land, Wizz Air, Coca-Cola HBC, JD Wetherspoon, Tullow OIl, Taylor Wimpey, Bunzl, Spire Healthcare, Burberry Group, Mediclinic, national Grid, Premier Oil.



(Full list available on Week in advance)


Todays’s Ex-Dividends:


BP – 1.6%


Whitbread  – 0.8%


Galliford Try – 4.7%


Card Factory – 4.6%



(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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