Markets Overview:

UK 100 called to open -326 points at 5550.  U.S. stock-index futures fell, again, after measures outlined by President Donald Trump to combat the virus outbreak failed to soothe markets that have been engulfed in turbulence for a month.  President Donald Trump said he will significantly restrict travel from Europe to the U.S. for the next 30 days, the most far-reaching measure yet in the administration’s efforts to combat the spread of coronavirus. Trump, speaking Wednesday evening from the Oval Office, said the restrictions, which won’t apply to the U.K.  The Bank of England unveiled stimulus including its first emergency interest-rate cut since the financial crisis.  Saudi Arabia and Russia’s price war is handing over a multi-billion dollar profit opportunity to the world’s largest oil traders. With both Riyadh and Moscow outdoing each other by pumping more oil into an already flooded market, crude prices have flipped. Gold held its ground as the disruption to the global economy from the coronavirus pandemic intensified.

Company News:

AstraZeneca have given an update on phase III trial for cediranib added to Lynparza in platinum-sensitive relapsed ovarian cancer, the trial did not meet the primary endpoint of progression-free survival vs. platinum-based chemotherapy.

Galliford Try have overstated its revenues in 2018 and as a consequence its accounts have been restated to reflect the difference.

Intu said like-for-like net rental income reduced by 9.1 per cent in 2019, with over half the change coming from CVA and administration processes which were predominantly agreed in the first half of the year. The challenging market place has impacted the investment market where 2019 saw the lowest level of shopping centre transactions since 1993.  Looking in to 2020, Intu would expect like-for-like net rental income to be down, but by a lower amount than 2019.

Just Group delivered positive organic capital generation and accelerated regulatory alignment.  Adjusted operating profit was 4% higher at £219m in FY19, as positive operating variances and operating assumption changes offset lower new business profits.

Sage Group today announces the commencement of its share buy-back programme.

Tullow Oil announced results today, delivering revenue of $1,683 million; gross profit of $759 million; loss after tax of $1,694 million (loss after tax driven by exploration write-offs and impairments totalling c.$2.0 billion including revised Uganda write-off).  Dividend suspended and 2020 capex lowered to c.$350 million; c.$200 million of G&A cash cost savings targeted over 3 years.  2020 full year guidance of 70,000 - 80,000 bopd.

WH Smith For the first half of the year to 29 February 2020 announced group total revenue was up 7% with like-for-like (LFL) revenue down 1%. Total revenue in Travel was up 19% with LFL revenue up 2%. In High Street, total revenue was down 5% with LFL revenue down 4%. As a result, WH Smith is confident that underlying profit before tax for the first half, which will be reported on 22 April 2020, will be in line with market expectations.

Reporting Today:

Trainline

Cineworld

Go-Ahead Group

Just Group

Galliford Try

Tullow Oil

Savills

Bodycote

In Focus Today:

EU - Interest rate decision

UK - Chinese Foreign Direct Investment 

Todays's Ex Dividends:

UK 100 :

Land securities

Anglo American

CRH

:

Jupiter Fund Management

GVC holdings

Assura

Upgrades/Downgrades

Burberry Upgraded to Market Perform by Bernstein (Bloomberg: 5 Buys / 13 Holds / 4 Sells)

Royal Dutch Shell Downgraded to Neutral by J.P. Morgan (Bloomberg: 15 Buys / 9 Holds / 2 Sell)

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