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Morning Report - 11 May 2023

Yesterday’s UK 100 Leaders Price (p) % Chg
Melrose Industries PLC 443.1 4.4%
Rolls-Royce Holdings PLC 155.2 2.3%
Johnson Matthey PLC 1,947.5 2.0%
Rs Group PLC 878.2 1.9%
Ashtead Group PLC 4,707.0 1.7%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
Ocado Group PLC 459.2 -3.3%
Pearson PLC 802.6 -2.9%
Intercontinental Hotels Group PLC 5,338.0 -2.8%
Admiral Group PLC 2,160.0 -2.8%
Unilever PLC 4,272.0 -2.2%

 

Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,731 -0.4% 7.3%
DOW JONES INDUS. AVG 33,453 -0.3% 3.9%
DAX INDEX 15,862 -0.6% 18.0%
NIKKEI 225 29,122 -0.4% 11.1%
S&P/ASX 200 INDEX 7,256 -0.1% 2.7%

 

Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 72.25 -1.98%
Brent Crude (ICE) USD/bbl. 76.08 -1.76%
Gold Spot USD/t oz. 2,029 -0.3%
Copper (Comex) USd/lb. 384 -1.6%
The UK 100 called to open +15 points at 7744.

4 hours; 5 Months

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Markets Overview:

The UK 100 called to open +15 points at 7744. UK 100 is called to start slightly higher on Thursday, recovering some of its weekly loss, ahead of the Bank of England’s latest interest rate decision at 12pm today. The Bank of England is expected to lift UK interest rates by 25 basis points, but attention will be on whether it guides for more hikes in meetings ahead, or suggests a pause is coming. US stocks ended largely higher on Wednesday, with tech shares getting a boost after the data that showed US inflation is slowing. Nasdaq surged +1%, S&P +0.5% & Dow -0.1%. In Asia Shanghai closed -0.1%, Hong Kong -0.5% & Tokyo -0.1%.

Company News & Broker Comments:

Company News:

ITV report that their total advertising revenue in Q1 was down 10% as expected, as they stuck to their longer term targets and said its new streaming service ITVX was performing well.

 

JD Sports Fashion hires Dominic Platt as their new CFO, to join later this year.

 

John Wood reports Q1 FY23 revenue of $1.45bn and says that their Q1 FY23 adjusted EBITDA is in line with its expectations. Their Q1 FY23 order book is around $5.7bn as they state that their 2023 outlook remains unchanged.

 

Man Group promotes Robyn Grew to CEO, replacing retiring Luke Ellis.

 

Rolls-Royce says their performance reflects positive changes due to transformation programme, as they back their FY operating profit guidance of £800m-£1bn.

 

Vodafone forms partnership with Emirates Telecommunications Group Co for EMEA region.

 

 

Broker Comments:

Jefferies Upgrades Diploma to Buy from Hold (6 Buys / 4 Holds / 0 Sells)

 

Reporting Today:

UK

 

3i Infastructure

 

Airtel Africa

 

Grainger

 

ITV

 

TBC Bank Group

 

 

US

 

Fiverr International

 

Takeda Pharmaceutical

Reporting Tomorrow:

UK

 

Allianz Technology Trust

 

Beazley

 

 

US

 

 

 

 

In Focus Today:

 

Chinese Consumer Price Index

 

Chinese Producer Price Index

 

BoE Interest Rate Decision

 

Bank of England Monetary Policy Report

 

UK Monetary Policy Summary

 

UK NIESR GDP Estimate

 

BoE's Governor Bailey speech

 

US Initial Jobless Claims

 

US Producer Price Index ex Food & Energy

 

Today's Ex-Dividends:

UK 100 companies going ex-dividend on 11th May 2023:

 

Tesco

 

HSBC Holdings

 

BP

 

UK 250 companies going ex-dividend on 11th May 2023:

 

SThree

 

Serco Group

 

Clarkson

 

Inchcape

 

Barr (A.G.)

 

Petershill Partners

 

TBC Bank Group

 

GCP Infrastructure Investments

 

Fidelity Special Values

 

Greencoat UK Wind

 

Target Healthcare REIT

 

Balanced Commercial Property Trust

 

Renewables Infrastructure Group

 

Tritax Big Box REIT

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