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Morning Report - 1 September 2021

Yesterday’s UK100 Leaders	Price (p)	% Chg
WEIR GROUP PLC/THE	1,751.5	3.8%
FERGUSON PLC	10,505.0	2.7%
JUST EAT TAKEAWAY	6,559.0	2.4%
PERSIMMON PLC	2,940.0	1.7%
ASHTEAD GROUP PLC	5,690.0	1.4%

Yesterday’s UK100 Laggards	Price (p)	% Chg
MELROSE INDUSTRIES PLC	167.7	-10.4%
B&M EUROPEAN VALUE RETAIL SA	559.0	-2.8%
NATWEST GROUP PLC	213.1	-2.6%
INTL CONSOLIDATED AIRLINE-DI	159.4	-2.5%
HSBC HOLDINGS PLC	386.2	-2.2%

Major World Indices	Price	% Chg	1 YEAR
UK 100 INDEX	7,120	-0.4%	21.5%
DOW JONES INDUS. AVG	35,361	-0.1%	24.4%
DAX INDEX	15,835	-0.3%	22.1%
NIKKEI 225	28,404	1.1%	22.8%
S&P/ASX 200 INDEX	7,522	-0.2%	26.2%

Commodities	Units	Price	% Chg
WTI Crude Oil (Nymex)	USD/bbl.	68.96	0.67%
Brent Crude (ICE)	USD/bbl.	72.07	0.61%
Gold Spot	USD/t oz.	1,815	0.1%
Copper (Comex)	USd/lb.	432	-1.3%

The UK 100 is called to open +32 today at 7150.

1 day; 7 Months

Click graph to enlarge

Markets Overview:

The UK 100 is called to open +32 today at 7150. Calls for a positive open this morning see's the UK bluechip index expected to recover the majority of yesterdays losses. On Wall Street yesterday, the Dow Jones slipped 39.11 points, or 0.11%, to close at 35,360.73. The S&P lost 0.13% to finish at 4,522.68, while the Nasdaq Composite was down just 0.04% to 15,259.24. Although it was a down day for the US benchmarks, they still ended in the month, firmly stronger, The S&P 500 rose 2.9% this month, while the tech-heavy Nasdaq climbed by roughly 4% for its third winning month in a row. The blue-chip Dow lagged but still added 1.2%. In Asia this morning markets were mostly higher on Wednesday as China’s Caixin manufacturing PMI for August came in at 49.2, below the 50 mark that separates expansion from contraction. Despite the weaker factory activity, China’s Shanghai Composite gained 0.59% and Hong Kong’s Hang Seng index rose 0.62% In Japan, the Nikkei 225 gained 1.22%.

Company News & Broker Comments:

Company News:

Babcock completes the sale of its oil and gas aviation business to CHC for £10m.

Petropavlovsk report a H1 profit of $48.9m (2020: $22m loss) as H1 revenue (-33%) and EBITDA (-41%) fell. H1 capital expenditure for the year is expected to be up to $140m. They state that production is on track to meet FY target range.

WH Smith expects its 2021 performance to be slightly ahead of its prior outlook, as its North American travel business performed well in the last two months, with sales at 93% of 2019 levels. They have warned that profitability for the year ending Aug 22 will be at the lower end of market expectations, due to charges and uncertainty in travel recovery.

888 Holdings report that their H1 pretax profit increased 14% YoY to $57.9m.

Broker Comments

Morgan Stanley Upgrades British Land to Equal weight from Underweight ( 2 Buys / 9 Holds / 3 Sells)

Morgan Stanley Upgrades Land Securities to Equal weight from Underweight (4 Buys / 5 Holds / 3 Sells)

Morgan Stanley Upgrades Shaftesbury to Equal weight from Underweight (1 Buy / 7 Holds / 2 Sells)

Morgan Stanley Downgrades Unite Group to Equal weight from Overweight (2 Buys / 4 Holds / 0 Sells)

Reporting Today:

888 Holdings

Petropavlovsk

Kainos Group

WH Smith

Reporting Tomorrow:

Barratt Developments

Melrose Industries

In Focus Today:

German Business Climate

US ADP Employment Change

US ISM Manufacturing PMI

Chinese Caixin Manufacturing PMI

German Markit Manufacturing PMI

UK Markit Manufacturing PMI

EU Unemployment Rate

Markit Manufacturing PMI

Tomorrow's Ex-Dividends:

FTSE 100:

BHP Group

Admiral Group

Glencore

Antofagasta

Glencore

FTSE 250:

PageGroup

Centamin

Redde Northgate

Diversified Energy Company

Rathbone Brothers

Quilter

LondonMetric Property

Clarkson

Grafton Group

Convatec Group

Genuit Group

Savills

Alliance Trust

JPMorgan American Investment 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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