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Morning Report - 9 July 2019

Yesterday’s FTSE100 Leaders Price (p) % Chg
BHP GROUP PLC 1,992.4 1.9%
EXPERIAN PLC 2,405.0 1.7%
GLENCORE PLC 274.1 1.7%
RIO TINTO PLC 4,802.0 1.7%
Yesterday’s FTSE100 Laggards Price (p) % Chg
OCADO GROUP PLC 1170.5 -4.5%
SCHRODERS PLC 3020.0 -2.6%
CRH PLC 2636.0 -1.8%
PERSIMMON PLC 1890.0 -1.7%
Major World Indices Price % Chg 1 YEAR
FTSE 100 INDEX 7,549 -0.1% -1.8%
DOW JONES INDUS. AVG 26,806 -0.4% 8.2%
DAX INDEX 12,544 -0.2% 0.0%
NIKKEI 225 21,565 0.1% -2.2%
S&P/ASX 200 INDEX 6,666 -0.1% 6.0%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 57.53 -0.23%
Brent Crude (ICE) USD/bbl. 64.07 -0.06%
Gold Spot USD/t oz. 1,393 -0.2%
Copper (Comex) USd/lb. 265 -0.2%
FTSE 100 called to open -10 points at 7545

FTSE 100: 8 day, 2 hourly

Click graph to enlarge

Markets Overview:

FTSE 100 called to open marginally lower by -8 points at 7541; This follows an under pressure trading session in the US with the Dow closing -0.75%to come off recent and all time highs. This sentiment continued into Asian trading, seeing the Hang Seng close -0.9%. 

In focus later today will be Oil prices with US oil inventories published this afternoon. Crude has been holding above $64 per barrel. Gold slipped overnight, below the $1400 handle that had provided support previously.

In corporate news this morning:

Bovis first half completions +4%. Private average selling price +2.2%, driven by improved geographical spread of sales outlets. Total average selling price up circa 3%. Continues to see good demand for new homes across all operating regions.

 Ocado first half group EBITDA of £18.7m, with 9.7% retail growth reflecting impact of Andover fire. Group EBITDA 1H 2019 £18.1m v £34.3m in 1H 2018. Loss before tax of £142.8m for 1H 2019.

Eddie Stobart Logistics first half revenues +25%, adjusted EBIT means results are expected towards lower end of management expectations, however, as in previous years, volumes will be second half weighted so company expects full year results in line with board expectations.

Micro Focus first half 2019 pretax loss narrowed; Backs FY guidance; Sees constant currency revenues -4% to -6% in FY19; Declares Dividend of 58.33c

Sports Direct completes takeover of Game Digital.

Intertek Group downgraded by Goldman Sachs to Neutral from Sell

Antofagasta downgraded by Macquarie to Neutral from Outperform


In focus today:

US Business optimism (11.00am)

 U.S. Federal reserve Chair speech (1.45pm)

 US API Oil stocks (9.30pm)

 Overnight risk on/off? Chinese inflation data after the close tonight! (2.00am Wednesday morning)

 Company results reaction – Ocado, Micro focus & Bovis Homes

 Other major companies reporting this week to look out for – Barratt Developments, Superdry, Dart Group and many more

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.

Prepared by Michael van Dulken, Head of Research
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Spread bets and CFDs are complex instruments and come with a high risk of losing money rapidly due to leverage. 75% 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.

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