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Morning Report - 11 October 2023

Yesterday’s FTSE100 Leaders Price (p) % Chg
Ocado Group PLC 600.4 6.8%
Anglo American PLC 2,272.0 5.8%
Antofagasta PLC 1,453.0 5.1%
Flutter Entertainment PLC 13,605.0 4.9%
Ashtead Group PLC 5,032.0 4.4%

 

Yesterday’s FTSE100 Laggards Price (p) % Chg
Spirax-Sarco Engineering PLC 8924.0 -1.6%
Beazley PLC 537.0 -0.1%

 

Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,633 1.9% 9.3%
DOW JONES INDUS. AVG 33,817 0.6% 15.6%
DAX INDEX 15,422 1.9% 25.0%
NIKKEI 225 31,747 2.4% 20.3%
S&P/ASX 200 INDEX 7,041 1.0% 6.0%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 85.50 -1.02%
Brent Crude (ICE) USD/bbl. 87.31 -0.95%
Gold Spot USD/t oz. 1,857 -0.2%
Copper (Comex) USd/lb. 362 -0.7%
The UK 100 called to open -10 points at 7,518.

4 hours; 3 Months

Click graph to enlarge

Markets Overview:

The UK 100 called to open -10 points at 7,518.  The UK 100 looks set to open marginally lower this morning, this comes after US market ended higher after more dovish rhetoric from a leading Federal Reserve official but there may be some caution today ahead of the release of the FOMC minutes

 

 

Company News & Broker Comments:

Company News:

AstraZeneca says two separate Tropion trials show promise of datopotamab deruxtecan.

 

FirstGroup says First Rail’s FY24 operating profit if expected to be £12-15m ahead of targets. They expect a FY24 adjusted operating profit ahead of expectations by £14-20m.

 

GSK has reached a settlement in their Zantac litigation case in California. They have not admitted liability and will continue to defend other Zantac cases.

 

JD Sports completes their purchase of Iberian Sports Retail Group, of which they now own 100% of the company.

 

Mitie expects their H1 revenue to rise 11% to £2.1bn, up from £1.9bn YoY. They post H1 contract value of £2.2bn, up from £1.5bn YoY.

 

PageGroup reports a gross profit of £242.2m, down 7.9% YoY. They expect their 2023 operating profit to be between £125-130m.

 

Qinetiq notes “record” H1 order intake at £850m, with FY contract revenue at 90%.

 

Telecom Plus reports a 14% annualised growth rate in H1 as energy market stabilises as they reaffirm FY guidance. They are “comfortably on track” to pass 1m customers during the current fiscal year.

 

Broker Comments:

JP Morgan Upgrades Croda to Neutral from Underweight (4 Buys / 9 Holds / 0 Sells)

Reporting Today:

UK

 

None

 

 

 

US

 

None

Reporting Tomorrow:

UK

 

Dechra Pharmaceuticals

 

Hays

 

easyJet

 

 

US

 

Delta Air Lines

 

 

In Focus Today:

US IMF Meeting

German Harmonized Index of Consumer Prices

US Producer Price Index ex Food & Energy

US FOMC Minutes

 

Tomorrow’s Ex-Dividends:

UK 100 companies going ex-dividend on 12th October 2023:

 

Howden Joinery Group

Taylor Wimpey

WPP

Spirax-Sarco Engineering

Kingfisher

Tesco

 

 

UK 250 companies going ex-dividend on 12th October 2023:

 

Senior

Persimmon

Breedon Group

Ruffer Investment Company

Balanced Commercial Property Trust

Primary Health Properties

Supermarket Income REIT

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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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