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Morning Report - 13 September 2024

Yesterday’s UK 100 Leaders Price (p) % Chg
Intermediate Capital Group PLC 2,248.0 4.5%
Sage Group PLC 1,038.0 4.1%
Fresnillo PLC 537.5 3.7%
Jd Sports Fashion PLC 144.9 3.7%
Rolls-Royce Holdings PLC 493.8 3.1%
Yesterday’s UK 100 Laggards Price (p) % Chg
Severn Trent PLC 203.9 -2.5%
Rentokil Initial PLC 372.0 -2.1%
Astrazeneca PLC 12050.0 -2.1%
Haleon PLC 387.4 -1.7%
Severn Trent PLC 2658.0 -1.2%

 

Major World Indices Price % Chg 1 Year
UK 100 INDEX 8,241 0.6% 9.5%
DOW JONES INDUS. AVG 41,097 0.6% 18.6%
DAX INDEX 18,518 1.0% 17.8%
NIKKEI 225 36,833 3.4% 12.6%
S&P/ASX 200 INDEX 8,076 1.1% 12.9%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 69.19 2.79%
Brent Crude (ICE) USD/bbl. 72.17 2.21%
Gold Spot USD/t oz. 2,560 1.9%
Copper (Comex) USd/lb. 421 1.7%
The UK 100 called to open flat at 8,240

4 Hours; 5 Months

Click graph to enlarge

Markets Overview:

The UK 100 called to open flat at 8,240.  The UK 100 looks set to open broadly flat this morning, traders will be looking to see if markets maintain the positive progress shown this week, reversing the losses from late last week which continued into Monday.

Stateside yesterday saw stocks rise by the close, having started the session on the back foot.  Traders will now be starting to look ahead to next weeks federal reserve meeting, and widely expected interest rate cut.

The S&P gained 0.75% to close at 5,595.76, chalking up its 4th consecutive green day. The Dow Jones added 235.06 points, or 0.58%, to end the session at 41,096.77. The tech heavy Nasdaq added 1%, outperforming the other two major bourses closing at 17,569.68.

Inflation data out before the bell showed an uptick in core prices, similar to the consumer price index data read from Wednesday and initial jobless claims also showed a slight rise in those filing for unemployment in the US, providing some rest bite for those fearing the US employment market was starting to show signs of spiralling.

 

Company News & Broker Comments:

Company News:

 

Balfour Beatty, today announced that it has been awarded a £363 million contract by National Grid to deliver the Bramford to Twinstead Reinforcement project.

 

Flutter today announces the acquisition of an initial 56% stake in NSX Group. a leading Brazilian operator of the Betnacional brand for cash consideration of approximately $350m.

 

GSK today announced that the Center for Drug Evaluation of the National Medical Products Administration in China has granted Breakthrough Therapy Designation for Blenrep combined with bortezomib plus dexamethasone for the treatment of relapsed or refractory multiple myeloma.

 

National Grid plc has announce that it has reached agreement with HM Government on the terms of the sale of National Grid’s Electricity System Operator for an enterprise value of £630 million.

 

An investigation by the Competition and Markets Authority (CMA) has provisionally found competition concerns over Vodafone‘s planned merger with Three in the UK.  The initial investigation has raised concerns that the merger could lead to tens of millions of customers paying more.  Vodafone and Three have said that this is not a final decision, and look forward to working with the CMA to secure approval.

 

Broker Comments:

AstraZeneca downgraded by Deutsche Bank to Sell from Hold (16 Buy/ 3 Hold/ 2 Sell)

 

Reporting Today:

UK

 

None

 

 

US

 

None

 

Reporting Tomorrow:

UK

 

None

 

 

US

 

None

 

 

In Focus Today:

EcoFin Meeting

Eurogroup Meeting

UK Consumer Inflation Expectations

EU Industrial Production

US Michigan Consumer Sentiment Index

UoM 5-year Consumer Inflation Expectation

 

 

Next Week’s Ex-Dividends:

UK 100 companies going ex-dividend on 19th September 2024:

 

Unite Group

 

UK 250 companies going ex-dividend on 19th September 2024:

 

Crest Nicholson Holdings

Foresight Group Holdings

Bridgepoint Group

IG Group Holdings

Drax Group

Essentra

Fidelity European Trust

PPHE Hotel Group

Energean

Patria Private Equity Trust

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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