Market Prognosis

A concise summary of the major macro events of the past 24 hours, and selected UK company-specific news.

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May 9, 2024

Bank’s tone pivotal for market direction

Macro

China’s encouraging trade figures for April boosted Hong Kong equities overnight. 

The BoE rate decision is due later this morning. A rate change is unlikely but with many UK market metrics poised at breakout levels, a dovish outlook for UK rates looks pivotal for the market’s next move.   

UK Companies

ITV reported that its advertising revenue rose 3% in Q1, with solid momentum into Q2, up around 12%. The pension scheme is in surplus. The business is on track to deliver its 2026 KPI targets. 

Robinson, the packaging minnow, said its sales volumes in the first four months were 12% above the same period in 2023; total revenue was 8% ahead. It expects revenue for the 2024 financial year to surpass 2023 and current market expectations. FY operating profit will likely be in the region of £3.0m (2023: £2.2m), ahead of current market expectations.

Irish pharma distributor Uniphar‘s performance in the first four months was consistent with the Board’s expectations. It announced a new target of growing Group EBITDA to €200m over the medium term.

Watches of Switzerland has announced the acquisition of Roberto Coin Inc., an Italian watch and fine jewellery brand, for a total consideration of $130 million.

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