Company
LON:BOY
Bodycote Group is a leading supplier of specialist testing and thermal processing services – a vital provider of heat treatments, hot isostatic pressing, metallurgical coatings and testing services.
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“Bodycote also has had the best share price performance in our coverage in the last 3 months (+40% vs European Industrials +20%) and as such we see a reduced level of upside and reduce our rating”
The FTSE 250-listed engineer said North America-based Ellison, is highly complementary to its existing Surface Technology business
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There were mixed messages in Mario Draghi's update on Thursday
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With a slew of corporate earnings and the European Central Bank's policy decision, Thursday will be a busy day of news
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The week ahead includes updates from ITV, Unilever, Rightmove, Diageo, Marston's, IG Group, National Express, GSK and AstraZeneca
The flight to safety in 2019 has pushed the share price premium for a handful of UK industrial stocks to "nose-bleed multiples" not seen since the financial crisis, the broker said
Hardware & electrical equipment
Group revenue for the first four months of 2019 was £245mln, 1% higher year-on-year (flat at constant currency).
Berenberg analysts "said the heat treatment industry is, by its very nature, cyclical, and while Bodycote has become more insulated from a macroeconomic slowdown, it is not immune”
"While we are conscious of the global macro-economic backdrop, we have entered 2019 well positioned and at this early point in the year, our expectations for 2019 remain unchanged,” said chief executive Stephen Harris
Investments and investor services
Footsie finished down around 53 points at 7,104. On the week as a whole, it shed around 0.028%
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December’s US jobs data showed the unemployment rate tick up slightly to 4%, while slower hourly earnings growth raised some eyebrows even though over 300,000 jobs were created
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The Week Ahead brings updates from the likes of Aviva, Direct Line, L&G and Admiral, while investors can also bet on Paddy Power Betfair and GVC Holdings
The aero and auto engineer could continue to be impacted by weakness in the auto and industrials sector, according to UBS analysts
In a note to clients, the Canadian bank’s analysts concluded: “We do not expect a major downturn, but even if there is one the recent sector sell-off has priced in a recession for many names in our coverage group”
In its sector valuation, the broker said that its ECI had fallen from a peak above 1.2 to below 1.1, an indicator it said was “a key sector sell signal”
Equiniti said revenues were boosted by contract renewals and new client wins
Interim revenues rose by 6.4% to £368mln, underpinned by the core rust proofing and galvanising operations
The Nasdaq on Wall Street is down over 88 points at the time of writing, at 7,420.
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Three of the 10 largest London-listed companies (by capitalisation) are updating the market on Thursday. A dozen or more other household names are also expected to report.
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Over the five sessions in the Week Ahead, around 20% of the FTSE 100 index will report results or issue a trading update, with about half that number due on Thursday alone
