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    IMB   GB0004544929

IMPERIAL BRANDS PLC

(IMB)
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UK stocks enjoy three-day winning streak as investors eye rate cuts

03/04/2020 | 12:31pm EDT
FILE PHOTO: Signage is seen outside the entrance of the London Stock Exchange in London

London's blue chip index completed a hat-trick on Wednesday, as investors bet on possible rate cuts in Europe after the U.S. Federal Reserve's emergency move to protect the U.S. economy from the impact of the coronavirus on Tuesday.

The FTSE 100 index rose as miners and other export-heavy firms were also boosted by a dip in sterling.

The index closed the session 1.5% higher, led by gains for consumer staples including Reckitt Benckiser, Morrison and Imperial Brands. The domestically focussed mid-cap index was 0.3% higher.

The mining index <.FTNMX1770> rose 1.9%, while the auto <.FTNMX3350> and pharma <.FTNMX4570> sectors were up between 4.2% and 3.7%.

Luxury goods makers <.FTNMX3760> recovered after being hit hard last month by fears of widespread disruption to supply chains as the virus spread rapidly outside China.

"Even a consideration that maybe the glass is not empty but more akin to being half-full boosts risk assets such as the equity markets which - on a yield basis - look highly attractive versus investment alternatives," Chris Bailey, European Strategist at Raymond James, said.

Chinese factory and services activity contracted sharply in February, and central banks around the world are scrambling to come up with ways to contain the hit to growth.

In its first such move since the global financial crisis in 2008, the U.S. Federal Reserve unexpectedly lowered borrowing costs by 50 basis points on Tuesday, setting the stage for its European peers to follow suit.

"The positive move has been influenced by speculation that we might see interest rate cuts from the Bank of England as well as the European Central Bank in the near-term," CMC Markets analyst David Madden said.

"In light of the Fed?s emergency rate cut yesterday, the chatter about other central banks cutting too is likely to do the rounds for a while," he said.

Airline stocks including British Airways-owner IAG fell as the virus continued to spread in over 80 countries.

The wider travel and leisure sub-sector <.FTNMX5750> has now fallen in eight of the past nine sessions.

Among individual stocks, shopping centre owner Intu slumped 40.9% to a record low as it scrapped a planned equity raise and said there was a risk that it might breach some of its debt covenants this year.

Sausage-skin maker Devro gained 8.2% after saying its China manufacturing plant was operating at normal capacity and had not faced labour or supply shortages due to the health crisis.

By Devik Jain and Noor Zainab Hussain


ę Reuters 2020
Stocks mentioned in the article
ChangeLast1st jan.
CMC MARKETS PLC -0.33% 448.5 Delayed Quote.15.09%
DEVRO PLC -0.45% 223 Delayed Quote.45.83%
FTSE 100 0.34% 7105.72 Delayed Quote.9.62%
IMPERIAL BRANDS PLC 1.25% 1576.5 Delayed Quote.1.40%
INTERNATIONAL CONSOLIDATED AIRLINES GROUP, S.A. -1.48% 170.9 Delayed Quote.8.55%
INTU PROPERTIES PLC -54.58% 1.776 End-of-day quote.-94.78%
MSCI UNITED KINGDOM (STRD) 0.43% 1159.288 Real-time Quote.11.23%
RAYMOND JAMES FINANCIAL, INC. -0.65% 129.52 Delayed Quote.35.34%
RECKITT BENCKISER GROUP PLC 0.09% 5620 Delayed Quote.-14.17%
S&P UNITED KINGDOM (PDS) 0.46% 1417 Delayed Quote.10.14%
WM MORRISON SUPERMARKETS PLC 0.26% 272.8 Delayed Quote.53.93%
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Financials
Sales 2021 8 757 M 12 187 M 12 187 M
Net income 2021 2 324 M 3 233 M 3 233 M
Net Debt 2021 9 537 M 13 272 M 13 272 M
P/E ratio 2021 6,70x
Yield 2021 8,94%
Capitalization 14 814 M 20 584 M 20 615 M
EV / Sales 2021 2,78x
EV / Sales 2022 2,70x
Nbr of Employees 32 500
Free-Float 89,0%
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Technical analysis trends IMPERIAL BRANDS PLC
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Mean consensus OUTPERFORM
Number of Analysts 20
Last Close Price 15,77 GBX
Average target price 1 928,90 GBX
Spread / Average Target 12 135%
EPS Revisions
Managers and Directors
Stefan Bomhard Chief Executive Officer & Director
Lukas Jean-Baptiste Paravicini Chief Financial Officer & Director
Therese Marie Esperdy Non-Executive Chairman
Steven P. Stanbrook Independent Non-Executive Director
Simon Langelier Independent Non-Executive Director