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Morning Report - 11 September 2023

Yesterday’s UK 100 Leaders Price (p) % Chg
GSK PLC 1,442.4 3.9%
Entain PLC 1,168.5 3.4%
JD Sports Fashion PLC 137.4 2.4%
Beazley PLC 551.0 2.3%
Compass Group PLC 2,038.0 1.9%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
Melrose Industries PLC 511.8 -4.7%
Smurfit Kappa Group PLC 3,001.0 -3.1%
Convatec Group PLC 225.4 -2.3%
Smith (Ds) PLC 289.5 -1.5%
Mondi PLC 1,288.0 -1.5%

 

Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,468 0.4% 2.6%
DOW JONES INDUS. AVG 34,598 0.3% 8.9%
DAX INDEX 15,727 0.1% 21.7%
NIKKEI 225 32,607 -1.2% 16.2%
S&P/ASX 200 INDEX 7,157 -0.2% 4.5%

 

Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 87.59 0.83%
Brent Crude (ICE) USD/bbl. 90.77 0.95%
Gold Spot USD/t oz. 1,923 0.2%
Copper (Comex) USd/lb. 372 -1.1%
The UK 100 called to open +28 points at 7,505

4 hours; 6 Months

Click graph to enlarge

Markets Overview:

The UK 100 called to open +28 points at 7,505. UK 100 is set to open higher this morning as traders await key inflation data out of the UK & US this week (UK GDP & US CPI data) to determine interest rate policy moving forwards. Overnight in Asia, Hong Kong halved it losses to be down -0.66% as investors remained wary of China’s troubled property sector and Japan closed in the red -0.49%.

 

 

Company News & Broker Comments:

Company News:

AstraZeneca says Imfinzi and Tagrisso combinations show good results for cancer treatment.

 

Barclays are drawing up plans to cut hundreds of jobs as the bank looks to trim its costs while embarking on a wider strategy review.

 

Burford Capital provides an update on proceedings in New York court re YPF litigation and suggests that final judgement against Argentina of $16bn. Burford says it’s “a complete win against Argentina” with damages at high end of range.

 

Restaurant Group have agreed to sell its loss making leisure business to Café Rouge owner Big Table Group. Restaurant Group will pay £7.5m to Big Table as part of the deal.

 

Vistry Group have said they will merge their affordable housing ‘Partnerships’ business with its house building operations, as they retained their annual profit forecast buoyed by resilient demand in the cheap homes segment. They reported an adjusted H1 pretax profit of £174m, compared With £189.9m a year earlier.

 

Broker Comments:

Exane BNP Upgrades Prudential to Neutral from Underperform (11 Buys / 0 Holds / 0 Sells)

 

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

Reporting Today:

UK

 

Vistry Group

 

 

 

US

 

Oracle

Reporting Tomorrow:

UK

 

Associated British Foods

Digital 9 Infastructure

Dowlais Group

JTC

 

 

US

 

None

 

 

In Focus Today:

Chinese Foreign Direct Investment

 

This Week’s Ex-Dividends:

UK 100 companies going ex-dividend on 14th September 2023:

 

Unite Group

Intertek Group

Melrose Industries

 

 

UK 250 companies going ex-dividend on 14th September 2023:

 

Apax Global Alpha

International Public Partnerships

Bakkavor Group

Energean

SDCL Energy Efficiency Income Trust

LXi REIT

Balanced Commercial Property Trust

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