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Morning Report - 22 November 2023

Yesterday’s UK 100 Leaders Price (p) % Chg
Coca-Cola Hbc AG 2,198.0 5.2%
JD Sports Fashion PLC 145.6 4.6%
Admiral Group PLC 2,690.0 2.6%
National Grid PLC 1,036.0 1.5%
Barratt Developments PLC 494.2 1.4%
Yesterday’s UK 100 Laggards Price (p) % Chg
Ocado Group PLC 569.8 -4.4%
International Consolidated Airlines Group S.A. 156.8 -4.2%
Entain PLC 834.4 -2.9%
Centrica PLC 147.7 -2.2%
Flutter Entertainment PLC 12,795.0 -2.1%
Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,478 -0.2% 1.1%
DOW JONES INDUS. AVG 35,068 -0.2% 4.1%
DAX INDEX 15,921 0.1% 10.6%
NIKKEI 225 33,354 -0.1% 18.6%
S&P/ASX 200 INDEX 7,078 0.3% -1.4%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 77.67 -0.21%
Brent Crude (ICE) USD/bbl. 82.20 -0.15%
Gold Spot USD/t oz. 2,004 1.3%
Copper (Comex) USd/lb. 384 0.1%
The UK 100 called to open +15 points at 7,496. 

4 hours; 6 Months

Click graph to enlarge

Markets Overview:

The UK 100 called to open +15 points at 7,496.  The UK 100 is expected to open higher when trading starts on Wednesday ahead of the Autumn Statement. The Chancellor Jeremy Hunt will give his statement around 1230 GMT and reports suggest he is likely to reduce headline rates of national insurance and make permanent a £10 billion-a-year tax break for companies that invest in new machinery and equipment. On Wall Street yesterday, The Dow Jones slipped 62.75 points, or 0.18%, to end the day at 35,088.29. The S&P dipped 0.20%, closing at 4,538.19, while the Nasdaq fell 0.59% to 14,199.98. Both the broad-market benchmark and the tech-heavy Nasdaq snapped a string of five consecutive winning days.

 

 

Company News & Broker Comments:

Company News:

Britvic have increased their dividend by 6.2% to 30.8p, as trading in France has been more challenging given the competitive retail market.

 

Johnson Matthey have raised their FY outlook, as upbeat demand in its hydrogen and catalyst technology units helped offset lower prices of precious metals. They expect high-single-digit growth in operating performance.

 

Kingfisher have downgraded their FY profit outlook for the second time in three months after their Q3 underlying sales fell 3.9%, with market trends in France weaker than expected.

 

Rio Tinto have settled a lawsuit for $28m brought by the US SEC in relation to their 2012 accounts.

 

Sage Group reported a 18% rise in FY underlying operating profit to £456m after their margin rose to 20.9% and they state that their margin will continue to increase this year.

 

Severn Trent have retained their annual forecast, even as they posted a 3% fall in their FY profit, hurt mainly by higher energy and chemical prices. Their HY Profit Before Tax came in at £255.1m, compared with £261.7m YoY.

 

Broker Comments:

 RBC Downgrades HSBC to ‘Sector Perform’ from Outperform (9 Buys / 6 Holds / 0 Sells)

Reporting Today:

UK

 

Breedon Group

Britvic

Coats Group

Grainger

HICL Infastructure

Johnson Matthey

Kingfisher

NextEnergy Solar Fund

Rotork

Sage Group

Severn Trent

 

 

US

 

Deere & Co

 

Reporting Tomorrow:

UK

 

FirstGroup

Londonmetric Property

Mitie Group

Virgin Money

 

 

US

 

None

 

 

In Focus Today:

BoE Monetary Policy Report Hearings

US Durable Goods Orders

US Initial Jobless Claims

US Nondefense Capital Goods Orders ex Aircraft

Michigan Consumer Sentiment Index

UoM 5-year Consumer Inflation Expectation

EU Consumer Confidence

 

Tomorrow’s Ex-Dividends:

UK 100 companies going ex-dividend on 23rd November 2023:

 

Scottish Mortgage Investment Trust

RS Group

National Grid

Vodafone Group

Imperial Brands

DCC

Land Securities Group

 

UK 250 companies going ex-dividend on 23rd November 2023:

 

Volution Group

BlackRock World Mining Trust

3i Infrastructure

Witan Investment Trust

Tate & Lyle

Urban Logistics REIT

Kainos Group

British Land Company

Babcock International Group

HICL Infrastructure

Liontrust Asset Management

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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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