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Morning Report - 8 June 2023

Yesterday’s UK 100 Leaders Price (p) % Chg
Associated British Foods PLC 1,916.0 4.1%
Bt Group PLC 149.9 4.0%
Melrose Industries PLC 519.6 3.3%
Ocado Group PLC 370.0 3.2%
Ashtead Group PLC 5,266.0 2.1%

 

Yesterday’s UK 100 Laggards Price (p) % Chg
Convatec Group PLC 201.6 -2.4%
Entain PLC 1,277.5 -2.1%
Admiral Group PLC 2,342.0 -2.1%
Segro PLC 812.8 -2.1%
SSE PLC 1,843.0 -2.0%

 

Major World Indices Price % Chg 1 YEAR
UK 100 INDEX 7,617 -0.2% 0.5%
DOW JONES INDUS. AVG 33,622 0.1% 1.2%
DAX INDEX 15,959 -0.2% 9.8%
NIKKEI 225 31,914 -1.8% 13.0%
S&P/ASX 200 INDEX 7,118 -0.2% 0.3%
Commodities Units Price % Chg
WTI Crude Oil (Nymex) USD/bbl. 72.61 1.21%
Brent Crude (ICE) USD/bbl. 77.06 1.01%
Gold Spot USD/t oz. 1,957 -0.3%
Copper (Comex) USd/lb. 377 0.0%
The UK 100 called to open flat at 7627

4 hours; 5 Months

Click graph to enlarge

Markets Overview:

The UK 100 called to open flat at 7627.  The UK 100 looks set to open flat this morning after a mixed session on Wall Street yesterday following a surprise interest rate rise from the Bank of Canada.  The Dow Jones closed up 91.74 points at 33,665.02. The S&P fell 16.33 points to settle at 4,267.52 and the Nasdaq slipped 171.52 points, ending the session at 13,104.90.  It was also a mixed session in Asia, this morning, the Nikkei 225 fell 1.2%, despite better-than-expected growth numbers. In China, the Shanghai Composite was 0.7% higher, while the Hang Seng index in Hong Kong was up 0.4%.

 

 

Company News & Broker Comments:

Company News:

Crest Nicholson have warned of a further slowdown in the housing market after they posted a slump in HY profit as elevated mortgage rates and broader economic worries dampened demand. They reported an adjusted pretax profit for the 6 months ended April 30th of £20.9m, down from £52.5m a year earlier.

 

 

M&G report that Q1 net client flows excluding heritage came in at £400m, down from £1.6bn YoY. Their assets under management came in at £344bn as of March 31st, up from £342bn YoY. M&G CEO is “both confident and excited” for the future despite the “uncertain external environment”.

 

 

Mitie Group reports FY net income of £91m.

 

 

Ryanair says US class action dating back to Nov 2018 settled after mediation between parties. The total settlement amount with City of Birmingham pension fund is $5m.

 

 

Wizz Air Holdings posted an annual net loss of 535m euros after its operations were affected by the war in Ukraine and higher fuel costs. They’ve forecast to make a net profit in its new financial year.

 

 

Broker Comments:

Citi Group Upgrades Rio Tinto to Buy from Neutral (6 Buys / 9 Holds / 2 Sells)

 

 

JP Morgan Upgrades Clarkson to Overweight from Neutral (4 Buys / 2 Holds / 0 Sells)

Reporting Today:

M&G

 

Mitie Group

 

Wizz Air Holdings

 

 

US

 

Signet Jewelers

 

DocuSign

Reporting Tomorrow:

UK

 

None

 

US

 

NIO

 

 

In Focus Today:

EU Gross Domestic Product s.a.

 

US Initial Jobless Claims

 

US Initial Jobless Claims 4-week average

 

 

This Morning's Ex-Dividends:

UK 100 companies going ex-dividend on 8th June 2023:

 

Vodafone Group

 

Sainsbury (J)

 

Johnson Matthey

 

WPP

 

Centrica

 

Compass Group

 

UK 250 companies going ex-dividend on 8th June 2023:

 

RHI Magnesita N.V.

 

FDM Group (Holdings)

 

Dr. Martens

 

Morgan Advanced Materials

 

C&C Group

 

Energean

 

Assura

 

IntegraFin Holdings

 

AJ Bell

 

Edinburgh Investment Trust

 

Worldwide Healthcare 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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