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Morning Report - 14 April 2022

Yesterday’s UK 100 Leaders	Price (p)	% Chg
INTL CONSOLIDATED AIRLINE-DI	140.3	3.8%
FRESNILLO PLC	822.8	2.9%
ELECTROCOMPONENTS PLC	1,052.0	2.7%
COCA-COLA HBC AG-DI	1,599.5	2.4%
SMITHS GROUP PLC	1,437.0	2.1%

Yesterday’s UK 100 Laggards	Price (p)	% Chg
HARGREAVES LANSDOWN PLC	973.8	-2.8%
OCADO GROUP PLC	1153.5	-2.6%
ABRDN PLC	197.3	-2.6%
SAINSBURY (J) PLC	238.6	-2.5%
BT GROUP PLC	189.0	-2.4%

Major World Indices	Price	% Chg	1 YEAR
UK 100 INDEX	7,581	0.1%	10.0%
DOW JONES INDUS. AVG	34,565	1.0%	2.6%
DAX INDEX	14,076	-0.3%	-7.6%
NIKKEI 225	26,843	1.9%	-9.4%
S&P/ASX 200 INDEX	7,479	0.3%	6.5%

Commodities	Units	Price	% Chg
WTI Crude Oil (Nymex)	USD/bbl.	104.25	3.63%
Brent Crude (ICE)	USD/bbl.	108.60	3.78%
Gold Spot	USD/t oz.	1,978	0.0%
Copper (Comex)	USd/lb.	471	0.1%

The UK 100 is called to open +15 points at 7595.

1 day; 2 Years

Click graph to enlarge

Markets Overview:

The UK 100 is called to open +15 points at 7595. The UK 100 looks set to make a positive start ahead of the Easter break as Wall Street rallied as US reporting season got underway. US markets saw all three indices well up overnight and led by the tech-dominated Nasdaq, which gained more than 2%. Asian shares were mostly higher on Thursday as Bank of Korea announced a surprise 25 basis points hike in its base rate to 1.5%, a decision predicted by less than half of the economists in a Reuters poll. The Shanghai Composite in China surged 1.49% and Hong Kong’s Hang Seng index rose 0.81%. Japan's Nikkei 225 lifted 1.21% while South Korea’s Kospi traded near the flat line.

Company News & Broker Comments:

Company News:

Ashmore state that their Assets Under Management as of March 31^st were $78.3bn, down 10% v their position on December 31^st 2021. They also note a negative investment performance of $5bn in Q3. They blame this on short term investor sentiment due to the Ukraine conflict, as they note that performance was positive in equities and alternatives.

Dunelm reports that their Q3 total sales were £399m, +69% YoY and +40% on two years ago. They expect their FY22 gross margin to be similar to FY21, as they continue to expect FY profit before tax to be in line with the latest market expectations.

Hays report that their Q3 total net fees increased 29% YoY or 32% on a LFL basis.

Mediclinic report that their FY revenue increased by 7.8% to £3.23bn (up from £3bn last year). Their FY EBITDA margin increased by 16%.

National Grid expects their FY underlying EPS to be modestly higher than guidance.

Smiths Group appoints Clare Scherrer as CEO from April 29th.

Wizz Air expects their FY22 net loss to be between 632-652m euros. They state they are on track to ramping-up operations at the start of FY23. They have also been encouraged by demand in recent weeks.

Broker Comments:

Berenberg Downgrades Bunzl to Hold from Buy (6 Buys / 8 Holds / 3 Sells)

Reporting Today:

Ninety One

Reporting Tomorrow:

None

In Focus Today:

Chinese FDI - Foreign Direct Investment

ECB Interest Rate Decision

US Initial Jobless Claims

US Retail Sales

US Retail Sales Control Group

ECB Press Conference

US Michigan Consumer Sentiment Index

This Morning's Ex-Dividends:

FTSE 100:

ITV

FTSE 250:

Vesuvius

Ibstock

Unite Group

BMO 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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