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Morning Report - 8 December 2022

Yesterday’s UK 100 Leaders Price (p) % Chg
Gsk PLC 1,492.4 7.5%
Ocado Group PLC 685.8 3.6%
Haleon PLC 305.7 3.6%
Smith (Ds) PLC 317.0 2.6%
Dechra Pharmaceuticals PLC 2,736.0 2.1%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
Ashtead Group PLC 4889.0 -3.5%
Rolls-Royce Holdings PLC 90.5 -3.2%
Harbour Energy PLC 300.3 -2.9%
Glencore PLC 540.3 -2.8%
Bt Group PLC 116.9 -2.8%
Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,489 -0.4% 2.1%
DOW JONES INDUS. AVG 33,598 0.0% -6.0%
DAX INDEX 14,261 -0.6% -9.1%
NIKKEI 225 27,574 -0.4% -4.5%
S&P/ASX 200 INDEX 7,176 -0.7% -3.1%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 72.93 1.28%
Brent Crude (ICE) USD/bbl. 78.08 1.18%
Gold Spot USD/t oz. 1,786 0.0%
Copper (Comex) USd/lb. 387 0.3%
The UK 100 is called to open +22 points this morning at 7511. 

4 hours; 8 Months

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Markets Overview:

The UK 100 is called to open +22 points this morning at 7511.  The UK 100 looks set to make steady gains this morning and open back above 7500, having briefly broken below yesterday, supported by gains in Hong Kong.  In Asia on Thursday, the Japanese Nikkei 225 index was down 0.4%, the Shanghai Composite was down 0.1%, while the Hang Seng index in Hong Kong was up 3.0%.  Us Markets recovered early losses to end broadly flat, with the exception of the tech heavy Nasdaq, At the close the Dow Jones Industrial Average was up 1 point at 33,597, the S&P 500 fell, for a fifth consecutive day, by 7 points, or 0.2%, to 3,934 while the Nasdaq Composite dipped 56 points, or 0.5%, 10,959.

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Company News & Broker Comments:

Company News:

Balfour Beatty says their year-end order book is expected to be around 5% ahead of the prior year. They expect profit for the year to be ahead of market expectations due to net interest. They expect FY average monthly net cash of around £800m v £740-780m previously.

 

 

British American Tobacco guides 2022 revenue growth of 2-4% at constant forex and mid-single adjusted diluted EPS growth at constant FX. They state that US industry volumes are under pressure amid downtrading but their new category arm is seeing strong volume, revenue and share growth. They have added 3.2m consumers to non-combustible franchise in the last 9 months to 21.5m. They expect strong adjusted operating margin improvement despite inflation.

 

 

DS Smith reports a H1 pretax profit of £322m, up 82% from £177m YoY as they increase their H1 dividend by 25% to 6p. They have upgraded their expectations for FY23, as they expect H2 to be consistent with H1 performance.

 

 

Ryanair reaches a deal with CEO Michael O’Leary to extend his contract to July 2028.

 

 

Tullow Oil confirms interim CFO Richard Miller as their permanent CFO.

 

 

Broker Comments:

JP Morgan Downgrades Travis Perkins to Underweight from Neutral (5 Buys / 13 Holds / 1 Sell)

 

 

JP Morgan Upgrades Just Group to Overweight from Neutral (3 Buys / 3 Holds / 0 Sells)

 

 

UBS Downgrades London Stock Exchange to Neutral from Buy (7 Buys / 3 Holds / 0 Sells)

Reporting Today:

DS Smith

 

Reporting Friday:

Berkeley Group Holdings

 

Diploma

 

Frasers Group

 

In Focus Today:

US Initial Jobless Claims

 

Today’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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