Highlights of the Day
Asian Markets
A rebound in battered Chinese stock markets helped lift Asian equities, which also drew support from earnings-led gains on Wall Street in a welcome relief for investors grappling with an intensifying Sino-U.S. trade conflict. |
U.S. Markets
U.S. stocks finished higher, with the tech-index rising for a fifth straight day as investors focused on healthy corporate earnings, which have so far helped to buoy the market over recent sessions. Technology and consumer discretionary stocks led the gains, underpinning the market’s move higher. |
|
Today's News
Domino’s Pizza Group reported a 12.8% increase in half-year sales, getting a boost from the FIFA World Cup and higher online orders. Britain’s biggest pizza delivery firm, which sold 8.2 million pizzas during the World Cup, said sales in the UK rose 8.3% in the six months ended July 1.
Meggitt booked a 39% decline in first-half profit after asset sales and adverse currency movements lowered its revenue. Pre-tax profit for the six months through June fell to £105.2m, as revenue fell 1% to £952.2m. On an underlying basis, pre-tax profit fell 5% to £136.1m, though on a constant currency basis the fall was 1%.
Hargreaves Lansdown reported annual pretax profits rose by 10% as net new business inflows swelled to a record. For the 12 months to 30 June, Hargreaves Lansdown reported pretax profit grew 10% to £292.4m, and net revenue rose 16% to £447.5m driven by higher asset levels and increased client share dealing activity.
InterContinental Hotels Group reported 8% rise in half-year underlying operating profit helped by strong revenue growth in Greater China. For the six months to 30 June, underlying operating profit rose 8% to $398m from $370m a year earlier and underlying revenue rose 4% to $875m from $838m.
Standard Life Aberdeen posted a 12% drop in pre-tax profit in the first half and assets under management fell, with the firm’s co-chief executives describing market conditions as challenging. The business, formed from an £11bn merger last year of two rival Scottish firms, recorded a 2.6% drop in assets under management and administration to £610bn over the six months to end-June.
Intertek reported a rise in half-year profit and lifted its interim dividend. For the half year ended June 30, pretax profit rose 3.0% to £196.6m from £190.8bn last year, although revenue fell to £1.35bn from £1.37bn. Intertek lifted its interim dividend 36% to 31.9p from 23.5p the year before.
Manufacturing company Rotork said management expectations for full fear at constant currency were unchanged. They raised their interim dividend 7.3% to 2.20p from 2.05p and their half year adjusted operating margin was 19.8%, up from 18.3% year-on-year.
TP ICAP, the world’s largest interdealer broker, said it chose Paris to be its European Union headquarters after Britain leaves the bloc, as it reported a more than 52% drop in first-half pre-tax profit. The company, which brings together buyers and sellers in financial, energy and commodities markets, said pre-tax profit fell to £34m in the six months ended June, from £71m pounds a year earlier.
Oil Prices rose ahead of the introduction of U.S. sanctions against major crude exporter Iran.
Gold Prices were mixed following further escalations of the US-China trade conflict.
Companies Reporting this week
Monday: |
HSBC * Ultra Electronics * Synthomer * easyJet * Wizz Air * Vedanta |
Tuesday: |
Hargreaves Lansdown * Intercontinental Hotels * Domino’s Pizza * Intertek * Meggitt * Rotork *TP ICAP * Walt Disney * |
Wednesday: |
Glencore * Prudential * Interserve * Page Group * Liberty Global * Bellway |
Thursday: |
G4S * Legal and General * Randgold Resources * Cineworld * Evraz * Card Factory |
Friday: |
No Companies Reporting |
Early Market Movements
UK 100 |
7,687.8 |
+24.1 |
+0.3% |
UK 250 |
20,664.9 |
+25.5 |
+0.1% |
GER 30 |
12,664.3 |
+66.1 |
+0.5% |
FRA 40 |
5,495.6 |
+18.4 |
+0.3% |
US 30 |
25,502.18 |
+39.60 |
+0.2% |
U.S. 500 |
2,850.40 |
+10.05 |
+0.4% |
OIL (Crude) |
74.18 |
+0.43 |
+0.6% |
GOLD |
1,212.64 |
+5.00 |
+0.4% |
UK Risers & Fallers (8:15am)
Fresnillo |
1007.5 |
+26.9 |
+2.7% |
Antofagasta |
962.2 |
+19.6 |
+2.1% |
Ferrexpo |
170.525 |
+6.175 |
+3.8% |
Intertek |
5426 |
-444 |
-7.6% |
Hargreaves Lansdown |
2043 |
-175 |
-3.5% |
Dominos Pizza |
282.85 |
-35.15 |
-11.1% |
Latest Broker Views
William Hill |
Barclays |
Overweight |
270 |
320 |
Ferrexpo |
JPMorgan |
Overweight |
170.525 |
230 |
Spire Healthcare |
Barclays |
Equal Weight |
193.4 |
190 |
Ultra Electronics |
JPMorgan |
Neutral |
1699 |
1950 |
Forthcoming Economic Data
8.30am: UK Halifax HPI m/m |
0.3% |
0.2% |
– |
3.00pm: US JOLTS Job Openings |
6.64m |
6.74m |
– |
Sources:
http://www.stockmarketwire.com/article/6081725/Meggitt-profit-falls-39pct-owing-to-asset-sales-and-currency-movements.html
http://www.stockmarketwire.com/article/6081737/Hargreaves-Lansdown-annual-profits-rise-as-inflows-hit-record.html
http://www.stockmarketwire.com/article/6081697/InterContinental-Hotels-H1-profits-boosted-by-strong-Great-China-growth.html
https://uk.reuters.com/article/uk-tp-icap-results/interdealer-broker-tp-icap-selects-paris-for-eu-hub-profit-falls-idUKKBN1KS0LX?il=0
https://uk.reuters.com/article/uk-standard-life-results/standard-life-aberdeen-first-half-profit-assets-under-management-fall-idUKKBN1KS0KW?il=0
https://uk.reuters.com/article/uk-hsbc-cfo/hsbc-confirms-stevenson-to-start-as-finance-director-on-jan-1-2019-idUKKBN1KS0KA?il=0
https://uk.reuters.com/article/uk-dominos-piza-grp-results/dominos-pizza-posts-higher-half-year-sales-on-higher-uk-demand-idUKKBN1KS0JR?il=0
https://uk.reuters.com/article/uk-global-oil/oil-rises-ahead-of-renewed-u-s-sanctions-against-iran-idUKKBN1KS04I?il=0
https://uk.reuters.com/article/uk-intercontinental-results/ihg-quarterly-room-revenue-growth-accelerates-on-china-demand-idUKKBN1KS0KK?il=0