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Morning Report - 21 April 2022

Yesterday’s UK 100 Leaders	Price (p)	% Chg
CRH PLC	3,215.5	5.9%
ASHTEAD GROUP PLC	4,776.0	4.0%
EXPERIAN PLC	2,817.0	3.9%
FERGUSON PLC	10,610.0	3.5%
INTERMEDIATE CAPITAL GROUP	1,668.0	3.3%

Yesterday’s UK 100 Laggards	Price (p)	% Chg
OCADO GROUP PLC	1082.0	-5.3%
RIO TINTO PLC	5850.0	-4.8%
GLENCORE PLC	518.9	-3.1%
ANTOFAGASTA PLC	1636.0	-3.0%
ANGLO AMERICAN PLC	4035.5	-2.9%

Major World Indices	Price	% Chg	1 YEAR
UK 100 INDEX	7,629	0.4%	11.2%
DOW JONES INDUS. AVG	35,161	0.7%	4.0%
DAX INDEX	14,362	1.5%	-5.1%
NIKKEI 225	27,218	0.9%	-4.5%
S&P/ASX 200 INDEX	7,569	0.1%	8.2%

Commodities	Units	Price	% Chg
WTI Crude Oil (Nymex)	USD/bbl.	102.75	0.19%
Brent Crude (ICE)	USD/bbl.	107.27	0.02%
Gold Spot	USD/t oz.	1,958	0.0%
Copper (Comex)	USd/lb.	468	-1.2%

The UK 100 is called to open +15 points at 7640.

1 day; 2 Years

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Markets Overview:

The UK 100 is called to open +15 points at 7640. The UK 100 is called to open higher this morning after a mixed day both on Wall Street and across Asia. Following Netflix drop of in excess of 35% yesterday, Tesla settled the tech nerves, delivering record-breaking quarterly numbers after the bell.

Company News & Broker Comments:

Company News:

Anglo American's Q1 production fell 10% Y-o-Y, partly owing to operations running at a reduced capacity because of higher rates of COVID-19 infections among workers. They also lowered FY guidance on volumes and unit cost for metals including platinum, iron ore and metallurgical coal to reflect inflationary pressure on prices, particularly diesel. Copper production fell 13% to 139,500 tonnes in Q1 v 160,300 tonnes in the same period last year, because of lower grades.

Antofagasta report that their Q1 copper production came in at 138,000 tonnes, in line with guidance.

AstraZeneca trial shows Evusheld significantly protects against symptomatic COVID.

BHP Group have cut their annual guidance for copper production as well as nickel output as the nickel miner grapples with COVID-19 related labour market woes. Copper production fell 6% annually to just under 370,000 tonnes. They now expect copper output for the year to be between 1.57-1.62m tonnes, lowered from previous guidance range of 1.59-1.76m tonnes.

Meggitt reported that revenue for Q1 rose, owing to some recovery in global travel and growth in its energy business, but the company warned of continued volatility in its supply chains. They reported a 5% rise in its revenue for Q1 compared with last year.

Rentokil report that they are performing in line with expectations.

THG notes recent "third-party interest" in the company.

Broker Comments:

Berenberg Downgrades National Grid to Hold from Buy (8 Buys / 5 Holds / 1 Sell)

Berenberg Downgrades Rio Tinto to Hold from Buy (5 Buys / 12 Holds / 1 Sell)

Reporting Today:

AJ Bell

Anglo American

Man Group

RELX

Rentokil

Reporting Tomorrow:

None

In Focus Today:

IMF Meeting

EU HICP

US Initial Jobless Claims

EU Consumer Confidence

BoE's Governor Bailey speech

UK GfK Consumer Confidence

Today's Ex-Dividends:

FTSE 100:

Antofagasta

Legal & General Group

BAE Systems

Glencore

Spirax-Sarco Engineering

FTSE 250:

Jupiter Fund Management

Provident Financial

Rathbones Group

Bodycote

Genuit Group

Essentra

Bridgepoint Group

Just Group

Weir Group

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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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