LONDON REPORT
THIS week will see a string of stormy annual meetings, which will be closely watched for signs that the “shareholder spring” is taking hold. The market is also due to digest some key earnings reports on Thursday and Facebook’s long-awaited US float on Friday.
However, today looks set to be relatively quiet on the corporate front, with an interim management statement from Travis Perkins, interim results from miner Lonmin and a trading update from Serco.
Tomorrow, F&C Asset Management is expected to reveal the results of its strategic review, including plans for its retail business following an attempt to refocus on institutional clients.
G4S will release first quarter results, while Babcock is set to reveal full year figures. The Bank of England, meanwhile, will release its trade deficit figures for March.
Economic releases will be at the forefront on Wednesday, as the Bank of England releases its quarterly inflation report and official unemployment statistics for the three months to the end of April are out.
And gaming group 888 is on course for a tempestuous AGM, after two investor bodies issued warnings to shareholders over executive pay plans.
There are also a string of results in the financial sector: ICAP is due to report its full year results, Close Brothers releases an interim management statement and Thomson Reuters holds its annual meeting.
Xchanging will also update its shareholders on its turnaround plans.
SSE is expected to reveal how much delaying price rises hit its bottom line, while Greggs will face its shareholders over the cost of the coalitions’ pasty tax plans. Oil explorer BG Group and financier Arbuthnot also have shareholder meetings scheduled.
Thursday is jam-packed with earnings reports, from oil firms Vedanta, Premier and Cairn, telecoms group TalkTalk and pub chain Marston’s.
Struggling media group Johnston Press could give more details of its cost-cutting plans in an interim statement, while National Grid, Aviva and Invensys will also update the market.
Cookson is on course for fireworks at its AGM over its executive pay, and Lloyds is also holdings its meeting.
Facebook is set to price its shares ahead of a float on the Nasdaq on Friday. The week is capped off by results from Mitchells & Butlers and the London Stock Exchange.