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Morning Report - 13 September 2023

Yesterday’s UK 100 Leaders Price (p) % Chg
Associated British Foods PLC 2,114.0 5.7%
Airtel Africa PLC 117.9 3.3%
Vodafone Group PLC 77.2 2.8%
Endeavour Mining PLC 1,556.0 2.4%
BT Group PLC 115.6 2.2%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
Smurfit Kappa Group PLC 2,754.0 -10.2%
Antofagasta PLC 1,456.0 -3.5%
Johnson Matthey PLC 1,706.0 -2.4%
Croda International PLC 5,032.0 -2.1%
Smith (Ds) PLC 248.4 -2.1%

 

Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,529 0.4% 0.8%
DOW JONES INDUS. AVG 34,644 -0.1% 7.0%
DAX INDEX 15,714 -0.6% 17.4%
NIKKEI 225 32,776 1.0% 14.5%
S&P/ASX 200 INDEX 7,207 0.2% 2.8%

 

Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 89.10 2.07%
Brent Crude (ICE) USD/bbl. 92.20 1.72%
Gold Spot USD/t oz. 1,914 -0.5%
Copper (Comex) USd/lb. 378 -0.8%
The UK 100 called to open -17 points at 7,510.

4 hours; 6 Months

Click graph to enlarge

Markets Overview:

The UK 100 called to open -17 points at 7,510.  The UK 100 looks set to open lower this morning after UK GDP data showed that the economy had contracted 0.5% in July, worse than the 0.2% economists had expected.  On Wall Street The Nasdaq fell 1.04% to 13,773.61 in its first losing day in three. The S&P 500 dropped 0.57% to 4,461.90. Meanwhile, the Dow Jones gave up 17.73 points, or 0.05%, to close at 34,645.99.

 

 

Company News & Broker Comments:

Company News:

 

Aviva sells 25.9% stake in Singapore Life and 2 debt instruments to Sumitomo Life for £800m.

 

 

BP CEO Bernard Looney has resigned with immediate effect after admitting he had not been fully transparent about historical relationships with colleagues. Finance chief Murray Auchincloss will act as interim CEO.

 

 

Redrow report a pretax profit for FY23 of £395m, down from £410m YoY.

 

 

Renishaw expects to report a FY adjusted pretax profit of £141m, down YoY from £163.7m.

 

 

St James’s Place appoints Mark FitzPatrick as CEO designate from Oct 1st, CEO from Dec 1st.

 

 

Unite Group enters option deal to buy new 800-bed development scheme in Glasgow.

 

 

888 Holdings appoints Sean Watkins as their new CFO from Feb 1st.

 

Broker Comments:

Deutsche Bank Downgrades Associated British Foods to Hold from Buy (6 Buys / 10 Holds / 0 Sells)

 

 

JP Morgan places Pearson on ‘Positive catalyst watch’ (6 Buys / 3 Holds / 0 Sells)

 

 

JP Morgan places Whitbread on ‘Positive catalyst watch’ (11 Buys / 4 Holds / 0 Sells)

 

 

Morgan Stanley Upgrades Marks & Spencer to Overweight from Equal-Weight (3 Buys / 13 Holds / 0 Sells)

 

 

RBC Upgrades CVS Group to Outperform from Sector Perform (6 Buys / 3 Holds / 0 Sells)

Reporting Today:

UK

 

None

 

 

 

US

 

None

Reporting Tomorrow:

UK

 

Foresight Solar Fund

IG Group Holdings

Renishaw

Spire Healthcare Group

Trainline

 

 

US

 

Adobe

 

 

In Focus Today:

UK Gross Domestic Product

UK Industrial Production

UK Manufacturing Production

EU Industrial Production s.a.

US Consumer Price Index

US Monthly Budget Statement

 

Tomorrow’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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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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