This report is not a personal recommendation and does not take into account your personal circumstances or appetite for risk.
| Yesterday’s UK 100 Leaders | Close (p) | Chg (p) | % Chg | % YTD |
| 3i Group | 1098.5 | 35.5 | 3.3 | 42.0 |
| Smurfit Kappa | 2400 | 74 | 3.2 | 15.3 |
| DS Smith | 356.2 | 10.4 | 3.0 | 19.0 |
| Antofagasta | 912.2 | 18.2 | 2.0 | 16.5 |
| Land Securities | 835.2 | 15.6 | 1.9 | 3.8 |
| Yesterday’s UK 100 Laggards | Close (p) | Chg (p) | % Chg | % YTD |
| BA-owner IAG | 439.5 | -13 | -2.8 | -28.9 |
| NMC Health | 2364 | -54 | -2.2 | -13.6 |
| Scottish Mortgage Investment Trust | 524 | -9.5 | -1.8 | 12.2 |
| Vodafone | 124.24 | -2 | -1.6 | -18.7 |
| Rolls-Royce | 874.2 | -12.8 | -1.4 | 5.3 |
| Major World Indices | Mid/Close | Chg | % Chg | % YTD |
| UK UK 100 | 7,422.4 | 5.7 | 0.1 | 10.3 |
| UK | 19,286.5 | -13.2 | -0.1 | 10.2 |
| FR CAC 40 | 5,514.6 | -7.1 | -0.1 | 16.6 |
| DE DAX 30 | 12,228.4 | -46.2 | -0.4 | 15.8 |
| US DJ Industrial Average 30 | 26,548.3 | -179.3 | -0.7 | 13.8 |
| US Nasdaq Composite | 7,884.7 | -121.0 | -1.5 | 18.8 |
| US S&P 500 | 2,917.4 | -28.0 | -1.0 | 16.4 |
| JP Nikkei 225 | 21,047.9 | -145.9 | -0.7 | 5.2 |
| HK Hang Seng Index 50 | 28,208.4 | 22.4 | 0.1 | 9.1 |
| AU S&P/ASX 200 | 6,646.6 | -11.4 | -0.2 | 17.7 |
| Commodities & FX | Mid/Close | Chg | % Chg | % YTD |
| Crude Oil, West Texas Int. ($/barrel) | 59.10 | 1.1 | 1.9 | 30.1 |
| Crude Oil, Brent ($/barrel) | 65.39 | 1.0 | 1.5 | 20.7 |
| Gold ($/oz) | 1409.61 | -18.4 | -1.3 | 9.9 |
| Silver ($/oz) | 15.37 | 0.1 | 0.5 | -0.6 |
| GBP/USD – US$ per £ | 1.2666 | – | -0.19 | -0.7 |
| EUR/USD – US$ per € | 1.1358 | – | -0.09 | -1.0 |
| GBP/EUR – € per £ | 1.1150 | – | -0.12 | 0.3 |
UK 100 called to open -10pts at 7408; Asian stocks were mixed as potential Fed Interest rate cuts hampered optimism, as well as Trump induced Iranian sanctions. US-China trade talks resume ahead of the all-important Trump – Xi meeting at the G20 this week. Gold has retreated over 1% at $1406 whilst oil is slightly up at $66.26 as a report suggests stockpiles in the US have continued to shrink.
Tullow Oil expects H1 revenues of $900m and free cash flow $100m, with results heavily weighted to second half of year due to the Group's liftings schedule and the phasing of both tax payments and rebates. FY CAPEX expectations remain unchanged. Drilling campaign in Guyana will get underway later this month with spud of first of three wells planned for 2019.
Bunzl says half year expectations unchanged (revenues +4%; +2% at constant FX/working days, o/w half organic, half acquisitions) with overall trading consistent with the slowing underlying revenue growth indicated at Q1 statement in April. Expects more acquisitions this year.
Wood Group says H1 revenues flat year-on-year, but significant growth in operating profit together with EBITDA margin improvement; Expectation of revenue growth, strong earnings growth and cash generation in 2019 is unchanged.
Ryanair amends buyback arrangements to limit UK investment; allow for block trades from EU holders; Repurchases to limit shares owned by non-EU holders in event of no-deal or hard Brexit.
US Marine Corps awards BAE Systems (and Iveco) a $67m contract modification to develop variants of its Amphibious Combat Vehicle to replace older Assault Amphibious Vehicles.
Stagecoach says no intention to bid for new UK rail franchises on the current risk profile offered by the Department for Transport; maintain expectations of EPS for 2019/20. Regional Bus mileage to be broadly in line with 2018/19, with modest short-term revenue growth. Costs generally well controlled. London Bus market still tough. UK Rail profit expected to be minimal. Deputy Chairman to stand down next June.
WANdisco wins $750k China contract, with one of the largest manufacturers of mobile handsets in the world, using the company's patented Fusion platform.
Data: UK CBI Trades Survey (11am), US House Prices (2pm), US New Home Sales, Richmond Fed and Consumer Confidence (3pm), API Oil Inventories (9.30pm)
Speakers - ECB de Guindos (8.15am), Fed’s Williams (1.45pm), Fed’s Bostic (5pm), Fed Chair Powell (6pm), ECB’s Coeure (6.15pm) , Fed’s Bullard (11.30pm)
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
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.
Accendo Markets considers opinions and information contained within the research to be valid when published, and gives no warranty as to the investments referred to in this material. The income from the investments referred to may go down as well as up, and investors may realise losses on investments. The past performance of a particular investment is not necessarily a guide to its future performance.
Prepared by Michael van Dulken, Head of Research