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Morning Report - 2 October 2024

Yesterday’s UK 100 Leaders Price (p) % Chg
Bae Systems PLC 1,273.5 2.9%
BP PLC 401.0 2.4%
Wpp PLC 780.4 2.3%
Shell PLC 2,478.0 2.2%
Rightmove PLC 629.8 2.0%
Yesterday’s UK 100 Laggards Price (p) % Chg
International Consolidated Airlines Group S.A. 195.2 -5.0%
Easyjet PLC 501.6 -3.5%
Intermediate Capital Group PLC 2150.0 -3.5%
Jd Sports Fashion PLC 149.5 -3.0%
3I Group PLC 3226.0 -2.4%
Major World Indices Price % Chg 1 Year
UK 100 INDEX 8,277 0.5% 10.2%
DOW JONES INDUS. AVG 42,157 -0.4% 26.1%
DAX INDEX 19,213 -0.6% 26.0%
NIKKEI 225 37,809 -2.2% 19.1%
S&P/ASX 200 INDEX 8,198 -0.1% 16.6%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 71.02 1.70%
Brent Crude (ICE) USD/bbl. 74.72 1.58%
Gold Spot USD/t oz. 2,649 -0.5%
Copper (Comex) USd/lb. 458 -0.3%
The UK 100 called to open +18 points at 8,294

1 Day; 6 Months

Click graph to enlarge

Markets Overview:

The UK 100 called to open +18 points at 8,294.  The UK 100 looks set to open higher this morning after the bluechip index started the 4th quarter with gains yesterday.

Stateside yesterday saw stocks retreat as tensions continue to grow in the Middle East as Iran fired missiles into Iran.  The Dow Jones fell 173.18 points, or 0.41%, to 42,156.97. The S&P pulled back 0.93% to 5,708.75, while the Nasdaq lost 1.53% to finish at 17,910.36.

 

Company News & Broker Comments:

Company News:

 

AO World is to buy musicMagpie after the two companies agreed a takeover deal worth almost £10 million today.  AIM-listed musicMagpie, which sells pre-owned mobile phones, tech, CDs, DVDs, games, books and clothes, will boost AO’s consumer tech offering.  Founder and chief executive John Roberts said: “A top-tier trade-in service will be essential, and musicMagpie represents a significant enabler in unlocking value through our reverse supply chain.”

 

JD Sports Fashion today reported record half-year results after revenues hit £5 billion and adjusted profits rose 2% to £405.6 million.  The group trades from 4506 stores after 1,179 Hibbert sports fashion stores were acquired in a deal that was completed towards the end of the half year.  JD continues to expect a profit for the year in the region of £955 million to £1.03 billion, although this is based on certain exchange rates.  The stronger pound impacted today’s headline profit figure by £6 million and at current rates the company estimates a £20 million hit in the second half.

 

Broker Comments:

Berenberg Upgrades Rio Tinto to Buy from Hold (14 Buy / 4 Hold / 1 Sell)

Reporting Today:

UK

 

JD Sports Fashion

 

 

US

 

Nike Inc

 

Reporting Tomorrow:

UK

 

Tesco

 

 

US

 

Constellation Brands

 

 

In Focus Today:

EU Unemployment Rate

US ADP Employment Change

 

 

Tomorrow’s Ex-Dividends:

UK 100 companies going ex-dividend on 3rd October 2024:

 

British American Tobacco

Rightmove

Barratt Developments

 

UK 250 companies going ex-dividend on 3rd October 2024:

 

Centrica

Weir Group

Smith & Nephew

Hargreaves Lansdown

Phoenix Group Holdings

F&C Investment 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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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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