LONDON REPORT
A SLEW of company results this week culminates with a busy Thursday, when retail giant Sports Direct, Halfords, Kingfisher and Mothercare are all set to update the market.
Accountancy software maker Sage is set to give an interim management statement today, which will be followed with a Capital Market Day for investors tomorrow.
Panmure Gordon says today’s update is likely to be hampered by the grim state of affairs in Europe and has reduced its earnings forecast from 19.9p to 19.3p a share.
Tomorrow’s economic news includes details of the Consumer Price Index and Retail Price Index. IG Group will also give its full-year report.
On Wednesday, the minutes from the July meeting of the Bank of England’s Monetary Policy Committee will be published, where the major point of interest will be the vote on the decision to beef up the bank’s asset purchase programme. The unemployment rate is also set to be announced.
Cable and Wireless Worldwide will host its annual general meeting while Ebay and Ericsson are set to give second quarter updates.
On Thursday DIY retailer Kingfisher is forecast to give a solid second quarter update, despite the poor weather recently. Broker Jefferies predicts the firm’s second quarter earnings before interest and tax to be broadly unchanged.
Sports Direct is set to give a final report, while Britvic, Halfords and Imperial Tobacco will give interim management statements and Mothercare will also deliver a trading announcement.
Gulf Keystone, JJB Sports, Land Securities and Mothercare will have their annual general meetings.
Technical companies updating the market include Microsoft, Nokia and Verizon.
In economic news, the EU will announce its balance of payments. Meanwhile the UK’s retail and internet sales figures for June will be released, with investors hoping for a spike from Jubilee celebrations.
On Friday, mobile phone networks giant Vodafone will give a first quarter update. Nomura predicts the group will deliver year-on-year organic growth of 0.7 per cent, down from 2.3 per cent
AGMS include CWW, Mulberry, Homeserve and Walker Crips.