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Morning Report - 12 November 2024

Yesterday’s UK 100 Leaders Price (p) % Chg
Croda International PLC 3,794.0 5.3%
Natwest Group PLC 395.4 3.8%
Barclays PLC 261.1 3.8%
Rolls-Royce Holdings PLC 570.8 3.2%
Lloyds Banking Group PLC 54.7 3.1%
Yesterday’s UK 100 Laggards Price (p) % Chg
Endeavour Mining PLC 1559.0 -6.6%
Fresnillo PLC 683.5 -2.4%
Sainsbury (J) PLC 243.8 -2.2%
Glencore PLC 386.9 -2.0%
Rio Tinto PLC 4584.5 -1.9%

 

Major World Indices Price % Chg 1 Year
UK 100 INDEX 8,125 0.7% 10.4%
DOW JONES INDUS. AVG 44,293 0.7% 29.2%
DAX INDEX 19,449 1.2% 27.7%
NIKKEI 225 39,376 -0.4% 20.9%
S&P/ASX 200 INDEX 8,256 -0.1% 18.3%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 67.98 -0.09%
Brent Crude (ICE) USD/bbl. 71.79 -0.06%
Gold Spot USD/t oz. 2,602 -0.7%
Copper (Comex) USd/lb. 418 -1.1%

 

The UK 100 called to open -33 points at 8,092

4 Hours; 12 Months

Click graph to enlarge

Markets Overview:

The UK 100 called to open -33 points at 8,092. The UK 100 looks set to open lower this morning giving up the bulk of yesterdays gains,

Stateside yesterday saw the Dow gain 304 points, or 0.69%, to 44,293.69. Both the S&P and the Nasdaq also closed at fresh records. The S&P added 0.1% to end the day at 6,001.35, while the Nasdaq inched up 0.06% to 19,298.76 as the post election rally continued.

Share in Asia this morning were mostly in the red, with the Hang Seng plummeting 3%, the Shanghai Composite tumbling 1.5%, the Nikkei down 0.4% and India’s Sensex dipping 0.1%.

Company News & Broker Comments:

Company News:

AstraZeneca lifted its annual sales and profit forecast for the second time in less than four months on Tuesday, helped by resilient demand for its cancer and rare diseases medicines.  They now now expect 2024 revenue and core earnings per share to grow by high teens percentage, from a previous forecast of an increase by a mid-teens percentage at constant currency rates for both revenue and EPS.

 

Vodafone today reported a jump in operating profit and reiterated its financial guidance for the year after a string of asset disposals.  They announced revenue for the first half of its financial year had risen 1.6% to €18.3bn (£15.2bn) as service revenue growth was partially offset by foreign exchange headwinds.  Overall, service revenue grew by 1.7% to €15.1bn on a reported basis and 4.8% on an organic basis. Vodafone’s German arm experienced the biggest slowdown. Revenue at the division declined 6.1% in the second fiscal quarter. Vodafone announced operating profit of €2.4bn in the first half, up 28.4%, primarily driven by a €0.7bn gain on the disposal of an 18% stake in Indus Towers.

Broker Comments:

Antofagasta upgraded to Equal Weight by Barclays (4 Buy/ 8 Hold/ 7 Sell)

 

GSK downgraded to Hold from Buy by Jefferies (9 Buy/ 7 Hold/ 3 Sell)

 

Land Securities upgraded to Hold from Underperform by Jefferies (12 Buy/ 5 Hold/ 1 Sell)

 

Reporting Today:

UK

 

3i Infastructure

AstraZeneca

Bank Of Georgia Group*

ConvaTec Group

DCC

Oxford Instruments

Renewi

Vodafone Group

 

 

US

 

Shopify

Spotify Technology SA

The Home Depot

Marathon Digital

Occidental Petroleum

Reporting Tomorrow:

UK

 

Babcock International Group

Experian

Intermediate Capital Group

SSE

Smiths Group

 

 

US

 

Cisco Systems

 

 

In Focus Today:

German Harmonized Index of Consumer Prices

UK Average Earnings Excluding Bonus

UK Claimant Count Change

UK Employment Change

UK ILO Unemployment Rate

German ZEW Survey – Current Situation

German ZEW Survey – Economic Sentiment

EU ZEW Survey – Economic Sentiment

Fed’s Waller speech

Fed’s Kashkari speech

Fed’s Harker speech

 

 

This Week’s Ex-Dividends:

UK 100 companies going ex-dividend on 14th November 2024:

 

Pershing Square Holdings

Bunzl

GSK

Shell

Sainsbury (J)

UK 250 companies going ex-dividend on 14th November 2024:

 

ICG Enterprise Trust

Fidelity Emerging Markets

Schroder Oriental Income Fund

Greencoat UK Wind

Baillie Gifford Japan Trust

C&C Group

Target Healthcare REIT

Lancashire Holdings

Murray Income Trust

Scottish American Investment Company

PRS REIT

NextEnergy Solar Fund

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