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Morning Report - 22 August 2024

Yesterday’s UK 100 Leaders Price (p) % Chg
Airtel Africa PLC 114.0 3.3%
JD Sports Fashion PLC 126.7 2.8%
Croda International PLC 3,947.0 2.2%
Diageo PLC 2,494.5 2.2%
Anglo American PLC 2,285.0 1.8%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
Severn Trent PLC 2469.0 -2.5%
3I Group PLC 3164.0 -1.7%
Centrica PLC 126.0 -1.4%
United Utilities Group PLC 970.4 -1.4%
Astrazeneca PLC 12958.0 -1.1%
Major World Indices Price % Chg 1 Year
UK 100 INDEX 8,283 0.1% 13.9%
DOW JONES INDUS. AVG 40,890 0.1% 19.3%
DAX INDEX 18,449 0.5% 17.5%
NIKKEI 225 38,211 0.7% 20.0%
S&P/ASX 200 INDEX 8,027 0.2% 12.7%

 

Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 71.82 -0.15%
Brent Crude (ICE) USD/bbl. 76.06 0.03%
Gold Spot USD/t oz. 2,509 -0.2%
Copper (Comex) USd/lb. 424 0.4%

 

The UK 100 called to open -11 points at 8,272.

2 Hours; 4 Months

Click graph to enlarge

Markets Overview:

The UK 100 called to open -11 points at 8,272.  The UK 100 looks set to open lower his morning as Brent Crude traded at its lowest level of the year.

Wall Street markets finished higher last night after the minutes of July’s Federal Reserve meeting boosted the prospect of a September interest rate cut.  Rates were kept on hold at the meeting but some policymakers said they were willing to act immediately because they feared “acting too little or too late”.

The S&P added 0.42% to 5,620.85, marking its ninth winning session of the last 10. Wednesday’s advance propelled the benchmark within 1% of its all-time record close. Four of the 11 sectors that comprise the S&P 500 notched 52-week highs during the session. The Nasdaq climbed 0.57% to 17,918.99, also clinching its ninth positive day of 10. The Dow Jones delivered a more modest gains of 55.52 points, or 0.14%, to finish at 40,890.49 for its sixth winning day of the last seven.

In Asia this morning, the MSCI’s broadest index of Asia-Pacific shares outside Japan was up 0.2% in early trade and Japan’s Nikkei rose 1%. Hong Kong’s Hang Seng was up 0.7%.

 

Company News & Broker Comments:

Company News:

 

Entain Faces £150m shareholder lawsuit over share price drop. Financial Times first reported yesterday afternoon before the UK close

 

Hays reported annual profit in line with market view but 47% below year-ago levels on Thursday, as macroeconomic and political uncertainties extended hiring periods.The company, which focuses largely on hiring for white-collar roles, said its full-year operating profit fell 47% on a like-for-like basis to 105.1 million pounds ($137.5 million),compared with analysts’ average expectations of 105 million pounds.

 

JD Sports Fashion reported a 2.4% rise in second-quarter underlying sales, an improvement on the previous quarter, but said it was cautious on its outlook for the rest of the year as the global macro environment remains volatile.  JD maintained it guidance range of adjusted pretax profit GBP955m to GBP1.04b.

 

Serco Wins $320m Pituffix Space Base contract from USACE.

 

UK Insurers Insurers warned by regulator to give customers fair value.

 

 

Broker Comments:

Admiral upgraded to hold from Underperform by Jefferies (9 Buys/4 Hold/ 3 Sell)

 

Unilever upgraded to buy from Underperform by Bank of America (8 Buys/6 Hold/ 3 Sell)

Reporting Today:

UK

 

Hays

 

 

US

 

Baidu

Intuit

 

Reporting Tomorrow:

UK

 

Ithica Energy

 

 

US

 

None

 

 

In Focus Today:

German HCOB Composite PMI

German HCOB Manufacturing PMI

German HCOB Services PMI

EU HCOB Composite PMI

EU HCOB Manufacturing PMI

EU HCOB Services PMI

UK S&P Global/CIPS Composite PMI

UK S&P Global/CIPS Manufacturing PMI

UK S&P Global/CIPS Services PMI

ECB Monetary Policy Meeting Accounts

US Initial Jobless Claims

US S&P Global Composite PMI

US S&P Global Manufacturing PMI

US S&P Global Services PMI

EU Consumer Confidence

Jackson Hole Symposium

UK GfK Consumer Confidence

Japanese National Consumer Price Index

 

 

Today’s Ex-Dividends:

UK 100 companies going ex-dividend on 22nd August 2024:

 

Legal & General Group

Schroders

Land Securities Group

Mondi

Imperial Brands

ConvaTec Group

 

 

UK 250 companies going ex-dividend on 22nd August 2024:

 

Investec

International Distribution Services

XPS Pensions Group

Personal Assets Trust

Hammerson

Babcock International Group

St. James’s Place

Shaftesbury Capital

Tritax Big Box REIT

Ibstock

Just Group

Witan Investment Trust

Temple Bar Investment Trust

OSB Group

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