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Pin to quick picksDunelm Share News (DNLM)

Share Price Information for Dunelm (DNLM)

London Stock Exchange
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Share Price: 1,012.00
Bid: 1,012.00
Ask: 1,016.00
Change: -3.00 (-0.30%)
Spread: 4.00 (0.395%)
Open: 1,018.00
High: 1,018.00
Low: 1,005.00
Prev. Close: 1,015.00
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LONDON BRIEFING: Melrose wins GE Aerospace deal; Prudential optimistic

Mon, 06th Nov 2023 07:57

(Alliance News) - London's FTSE 100 is set for an underwhelming start to the week, ahead of a slew of purchasing managers index readings from the continent to come.

Risk sentiment improved last week, following a US jobs report which has been more tepid than other recent readings. It strengthened the case for the Federal Reserve to continue deciding against hiking rates.

It also hurt the dollar, with the pound and euro advancing, though a stronger sterling proved of little help to the international earner-heavy FTSE 100.

"There were a number of catalysts, with the Federal Reserve being at the heart of them, while the US bond market also saw a big rebound after the US treasury outlined lower than expected bond issuance for the quarter. Throw in a goldilocks non-farm payrolls report and a couple of disappointing US ISM reports, and US 10-year yields saw their biggest weekly decline since March, as markets started to price in the prospect of rate cuts sometime in the summer of next year," CMC Markets analyst Michael Hewson commented.

"While the markets were revising their estimates for when US rates might start to get cut, economic data in the UK and Europe pointed to an even deeper economic malaise, as it slowly became apparent for all of the hawkishness of the ECB, as well as the Bank of England, that both of them are also done on the rate hike front, and that we could start to see rate cuts from the ECB as soon as Q1 next year, with the Bank of England sometime in H2 of 2024."

Hewson continued: "In Europe, today’s services PMIs are expected to reinforce this weak demand outlook, having already had sight of the flash numbers from Germany and France at the end of October."

Here is what you need to know at the London market open:

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MARKETS

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FTSE 100: called up 0.1% at 7,426.63

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Hang Seng: up 1.7% at 17,955.11

S&P/ASX 200: closed up 0.3% at 6,997.40

Nikkei 225: closed up 2.4% at 32,708.48

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DJIA: closed up 222.24 points, or 0.7%, at 34,061.32

S&P 500: closed up 0.9% at 4,358.34

Nasdaq Composite: closed up 1.4% at 13,478.28

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EUR: up at USD1.0736 (USD1.0730)

GBP: up at USD1.2389 (USD1.2369)

USD: up at JPY149.56 (JPY149.37)

Gold: down at USD1,983.73 per ounce (USD1,990.11)

Oil (Brent): down at USD85.60 a barrel (USD86.44)

(changes since previous London equities close)

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ECONOMICS

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Monday's key economic events still to come:

09:00 GMT EU services PMI

08:55 GMT Germany services PMI

09:30 GMT UK construction PMI

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Hezbollah chief Hassan Nasrallah warned that war between Israel and Hamas could turn into a regional conflict if attacks on Gaza continue, placing responsibility firmly on the US. In his first speech since war broke out almost four weeks ago between Hamas militants and Israel, the head of the powerful Iran-backed movement warned that "all options" were open for an expansion of the conflict to Lebanon. "America is entirely responsible for the ongoing war on Gaza and its people, and Israel is simply a tool of execution," Nasrallah said in a televised broadcast, calling the conflict "decisive". "Whoever wants to prevent a regional war – and this is addressed to the Americans – must quickly stop the aggression on Gaza," he said.

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The UK government revealed plans to mandate oil and gas licensing in the North Sea in a bid to reduce dependency on "hostile foreign regimes", it will be announced in the King's Speech. The plans were set to provide job security for 200,000 workers in the GBP16 billion industry more secure, and to help with the transition to net zero in 2050. Legislation to be set out later this week in the King's Speech will require the North Sea Transition Authority to invite applications for new production license on an annual basis to "safeguard the prosperity of our country".

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BROKER RATING CHANGES

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RBC cuts Next to 'sector perform' ('outperform') - price target 7,700 (8,000) pence

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RBC raises Dunelm to 'sector perform' ('underperform') - price target 1,100 (1,000) pence

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COMPANIES - FTSE 100

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Scottish Mortgage Investment Trust reported a net asset value per share decline over the first six months of its financial year. "We will have periods when we underperform the market, and the six months in question was one," the tech-focused investor said. Its net asset value per share, with borrowings at fair value, fell 3.0% to 818.9 pence on September 30 from 843.9p at the end of March. It maintained its dividend at 1.60p per share. The company added: "Our objective is to find companies with the potential for exceptional growth and then own them patiently as they deliver. There are times when stock markets reward this approach and times, as now, when they do not. We constantly revisit the case for our investments and expect that we will sometimes find our optimism misplaced. However, we do not revisit the underlying investment philosophy that has served us well for many years."

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Melrose Industries said its GKN Aerospace Engines has inked a "major new agreement" with GE Aerospace. Melrose said the total incremental sales from this new deal will be around USD5 billion over the 30-year duration of the GEnx engine programme. "GKN Aerospace and GE Aerospace have significantly widened their long-term partnership with a new agreement that expands RRSP participation on the GEnx programme, the fastest-selling high-thrust engine. The new agreement also covers new technology insertion, aftermarket repair of high-volume engines structures, and production of fan cases for a range of GE engines," Melrose said.

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Prudential reported a surge in new business profit in the third quarter of 2023, continuing first-half "momentum". The Asia-focused insurer said it saw "ongoing demand for both savings and health and protection products" in domestic and Chinese Mainland visitor customers in Hong Kong. At actual exchange rates, new business sales rose 36% on-year in the third quarter to USD3.25 billion. New business profit was 34% higher at USD1.60 billion. "Our diversified business model and strong capitalisation positions us well to navigate ongoing challenges in the macro-economic and geopolitical environment. Looking forward the environment continues to be challenging but new business momentum has continued into the fourth quarter supported by our multi-market growth engine," Prudential said.

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COMPANIES - FTSE 250

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Embattled Hipgnosis Songs Fund said it does not expect to declare any dividends before the new financial year. Hipgnosis Song Management, its investment advisor, has been reviewing the firm's financial position. Catalogue bonus provisions are expected to increase by roughly USD23 million to USD68 million at September 30. It now expects 10 out of the firm's 146 catalogues will meet "performance hurdles". Hipgnosis added: "The USD68 million would be payable over a period of three years from 30 September 2023, with USD40 million due within 12 months, USD24 million due within 1-2 years and USD4 million due within 2-3 years. In addition, there are a further nineteen catalogues with active bonus provisions totalling USD75 million, that are unlikely to meet performance hurdles; these are not recognised as provisions but are contingent liabilities and will be disclosed in the forthcoming interim results with associated sensitivity analysis." It added: "In light of this information, the board has determined that it will not declare dividends before the new financial year. The operating cash flow of the company during this time will therefore be used to ensure that the company has sufficient cash resources to fund the payment of the catalogue bonuses as required."

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OTHER COMPANIES

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Delivered wholesale firm Kitwave expects an annual outturn in line with expectations for the year ended October 31. It noted a strong performance at West Country Food. The integration of fresh produce wholesaler West Country is progressing, it added. Kitwave added: "Following a strong performance in the first half of FY2023, positive momentum continued across all of the group's divisions. As a result, and following the significant upgrade in July 2023, the board expects the full-year financial results to be in line with current market expectations. Whilst acknowledging the prevailing macroeconomic landscape, which has created broader inflationary challenges, the board remains confident in the group's ability to utilise its extensive experience and expertise to mitigate these risks effectively."

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By Eric Cunha, Alliance News news editor

Comments and questions to newsroom@alliancenews.com

Copyright 2023 Alliance News Ltd. All Rights Reserved.

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UK earnings, trading statements calendar - next 7 days

Friday 13 January 
DFS Furniture PLCTrading Statement
MJ Gleeson PLCTrading Statement
Taylor Wimpey PLCTrading Statement
Monday 16 January 
Ashmore Group PLCTrading Statement
Hercules Site Services PLCFull Year Results
Knights Group Holdings PLCHalf Year Results
Rio Tinto PLCTrading Statement
Tuesday 17 January 
Alliance Pharma PLCTrading Statement
Card Factory PLCTrading Statement
Crest Nicholson Holdings PLCFull Year Results
Experian PLCTrading Statement
Genel Energy PLCTrading Statement
Hays PLCTrading Statement
Henry Boot PLCTrading Statement
IntegraFin Holdings PLCTrading Statement
Ocado Group PLCTrading Statement
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Ramsdens Holdings PLCFull Year Results
Safestore Holdings PLCFull Year Results
THG PLCTrading Statement
Wise PLCTrading Statement
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Associated British Foods PLCTrading Statement
Burberry Group PLCQ3 Results
Currys PLCTrading Statement
Diploma PLCTrading Statement
Galliford Try Holdings PLCTrading Statement
Gateley Holdings PLCTrading Statement
Ibstock PLCTrading Statement
Kenmare Resources PLCTrading Statement
Liontrust Asset Management PLCTrading Statement
Midwich Group PLCTrading Statement
Pearson PLCTrading Statement
Rathbones Group PLCTrading Statement
Vistry Group PLCTrading Statement
QinetiQ Group PLCTrading Statement
WH Smith PLCTrading Statement
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AJ Bell PLCTrading Statement
Bakkavor Group PLCTrading Statement
BHP Group LtdTrading Statement
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Centamin PLCTrading Statement
Deliveroo PLCTrading Statement
Dunelm Group PLCTrading Statement
Energean PLCTrading Statement
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Harbour Energy PLCTrading Statement
Headlam Group PLCTrading Statement
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Kier Group PLCTrading Statement
Luceco PLCTrading Statement
Network International Holdings PLCTrading Statement
Premier Foods PLCTrading Statement
Sage Group PLCTrading Statement
Zotefoams PLCTrading Statement
  
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IN BRIEF: Whitbread says incoming CEO Dominic Paul joining January 10

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UK dividends calendar - next 7 days

Tuesday 29 November 
JPMorgan Global Core Real Assets Ltddividend payment date
Pacific Horizon Investment Trust PLCdividend payment date
Wednesday 30 November 
BAE Systems PLCdividend payment date
Bankers Investment Trust PLCdividend payment date
City of London Investment Trust PLCdividend payment date
Custodian REIT PLCdividend payment date
Diverse Income Trust PLCdividend payment date
Ecofin Global Utilities & Infrastructure Trust PLCdividend payment date
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Thursday 1 December 
3i Group PLCex-dividend payment date
abrdn Japan Investment Trust PLCex-dividend payment date
Alliance Trust PLCex-dividend payment date
AVI Global Trust PLCex-dividend payment date
Bellway PLCex-dividend payment date
Burford Capital Ltddividend payment date
Caledonia Investments PLCex-dividend payment date
CMC Markets PLCex-dividend payment date
CML Microsystems PLCex-dividend payment date
Devro PLCex-dividend payment date
DFS Furniture PLCex-dividend payment date
Downing Renewables & Infrastructure Trust PLCex-dividend payment date
Fidelity Special Values PLCex-dividend payment date
Helical PLCex-dividend payment date
Henderson Diversified Income Trust PLCex-dividend payment date
Hill & Smith PLCex-dividend payment date
JPMorgan China Growth & Income PLCdividend payment date
JPMorgan Claverhouse Investment Trust PLCdividend payment date
LondonMetric Property PLCex-dividend payment date
LXI REIT PLCex-dividend payment date
Marshalls PLCdividend payment date
Montanaro European Smaller Companies Trust PLCex-dividend payment date
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Ninety One PLCex-dividend payment date
Oxford Instruments PLCex-dividend payment date
PayPoint PLCex-dividend payment date
Personal Assets Trust PLCex-dividend payment date
Pets at Home Group PLCex-dividend payment date
Pollen Street PLCex-dividend payment date
Premier Miton Global Renewables Trust PLCex-dividend payment date
Real Estate Credit Investments Ltdex-dividend payment date
RM Infrastructure Income PLCex-dividend payment date
Scottish Oriental Smaller Companies Trust PLCex-dividend payment date
Severn Trent PLCex-dividend payment date
Tatton Asset Management PLCex-dividend payment date
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Warehouse REIT PLCex-dividend payment date
Wincanton PLCex-dividend payment date
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CVS Group PLCdividend payment date
Greencoat Renewables PLCdividend payment date
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Thursday 24 November 
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Copyright 2022 Alliance News Limited. All Rights Reserved.

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UK dividends calendar - next 7 days

Friday 4 November 
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Andrews Sykes Group PLCdividend payment date
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Barratt Developments PLCdividend payment date
Bodycote PLCdividend payment date
Brooks Macdonald Group PLCdividend payment date
City of London Investment Group PLCdividend payment date
CT UK High Income Trust PLCdividend payment date
Finsbury Growth & Income Trust PLCdividend payment date
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Johnson Service Group PLCdividend payment date
JPMorgan Multi-Asset Growth & Income PLCdividend payment date
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Mid Wynd International Investment Trust PLCdividend payment date
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Schroder Income Growth Fund PLCdividend payment date
TP ICAP Group PLCdividend payment date
Twentyfour Income Fund Ltddividend payment date
Weir Group PLCdividend payment date
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