ShareCast News

The third quarter trading update season moves into overdrive next week, with statements from the likes of HSBC, Marks & Spencer (M&S), Associated British Foods, Aviva, Morrisons and RSA, plus controversy magnets G4S and Bumi. On the economic front, the Bank of England will reveal whether it is going to add to the asset purchase programme pot.

Panmure Gordon expects the downgrade cycle will continue at supermarket chain Morrisons, with the group seen under-performing the market all the way into fiscal 2014.

The broker is forecasting third quarter (Q3) like-for-like sales will have declined by 0.1%, which will put pressure on the profit & loss account.

"It has already announced Q1 and Q2 like-for-like sales declines of 1.0% and 0.9% (ex-petrol) respectively. Q3 has a slightly tougher comparable, but we look for a decline of 1%. New space is expected to add around 2.1% to sales growth in H1 [first half], so total sales growth should be just over 1% (ex-petrol). The last Kantar data for the 12 weeks to September 30 had Morrison growing at 0.0%, so the risk to our forecast seems to be on the downside," Panmure Gordon reckons.

Elsewhere in the retail sector, Seymour Pierce thinks Marks & Sparks will "do the normal trick of beating the whisper number".

Seymour Pierce is forecasting M&S will announce interim pre-tax profits of £285m, down by almost 10% year-on-year from last year's half-year number of £315m. That forecast puts the broker £5m above the median forecast among investment analysts covering the High Street bellwether stock.

Sales are tipped by the broker to edge up 1% to £4,750m, with like-for-like sales down 5.5% year-on-year on the General Merchandise side but up 1.5% in the Food halls. The dividend is expected to be held at 6p, Seymour Pierce's Freddie George said.

Property web site Rightmove's update on Thursday will provide a good opportunity for investors to catch up on trading and operational developments since the group's interims on August 1st, notes Roddy Davidson at Westhouse Securities.

"Next week's update will also provide a chance to gauge the company's recent experience of / expectations for the UK housing market, whether this accords with the weak and patchy environment suggested by recent surveys and whether government backed initiatives are stimulating activity. Finally, we will also look for feedback on whether the merger of Zoopla, Primelocation and FindaProperty (backed by DMGT and P.E. investors) has increased competitive tension," said Davidson, who reckons holders should bank profits ahead of the trading update.



Monday November 05

INTERIMS

Active Risk Group, E2V Technologies

INTERIM DIVIDEND PAYMENT DATE

Fiberweb, JZ Capital Partners Ltd, M. P. Evans Group, Mears Group, Morrison (Wm) Supermarkets, Nationwide Accident Repair Services, Northbridge Industrial Services, UK Select Trust Ltd.

QUARTERLY PAYMENT DATE

Dcg Iris Ltd Red Sterling

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

ISM Non-Manufacturing (US) (15:00)

ISM Services (US) (15:00)

Q3

Inmarsat, PostNL NV

FINALS

Egdon Resources

IMSS

Hiscox Ltd., HSBC Holdings, Inmarsat, Telecity Group

AGMS

Merchant House Group, TR European Growth Trust

UK ECONOMIC ANNOUNCEMENTS

Official Reserves (09:30)

FINAL DIVIDEND PAYMENT DATE

CPL Resources, Stavert Zigomala

Tuesday November 06

INTERIMS

Babcock International Group, DCC, Endace Ltd, First Derivatives, Indian Hotels Company Ltd. GDR (Reg S), Marks & Spencer Group, Zhejiang Southeast Electric Power Co Ltd. GDR (Reg S)

INTERIM DIVIDEND PAYMENT DATE

Dillistone Group

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

ABC Consumer Confidence (US) (21:00)

Factory Orders (GER) (11:00)

PMI Composite (GER) (08:55)

PMI Services (GER) (08:55)

Producer Price Index (EU) (10:00)

Q2

Indian Hotels Company Ltd. GDR (Reg S)

Q3

Banco Espirito Santo SA N Shs, InterContinental Hotels Group

GMS

JSC KazMunaiGaz Exploration Production GDR (Reg S)

FINALS

Associated British Foods

IMSS

Capital Shopping Centres Group, Kofax, PPHE Hotel Group Ltd

AGMS

A&J Mucklow Group, Animalcare Group, Asian Citrus Holding, CAP-XX Ltd., Eurocommercial Properties NV, Kofax, Psource Structured Debt Ltd., Sirius Real Estate Ltd.

UK ECONOMIC ANNOUNCEMENTS

BRC Sales Monitor (00:01)

Industrial Production (09:30)

Manufacturing Production (09:30)

Q1

Kofax

Wednesday November 07

INTERIMS

Burberry Group, Canaccord Financial Inc., FirstGroup, Vedanta Resources

INTERIM DIVIDEND PAYMENT DATE

Bodycote, Carillion, SIG, StatPro Group

INTERIM EX-DIVIDEND DATE

Amati VCT , Andrews Sykes Group, BlackRock Smaller Companies Trust, Bunzl, Elderstreet VCT, Maven Income & Growth VCT, Pace, Scottish Mortgage Inv Trust, SThree, Stobart Group Ltd., Whitbread

QUARTERLY EX-DIVIDEND DATE

Barclays, BP, IBM Corp.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Consumer Credit (US) (20:00)

Crude Oil Inventories (US) (15:30)

Industrial Production (GER) (11:00)

MBA Mortgage Applications (US) (12:00)

PMI Construction (GER) (08:55)

Retail Sales (EU) (10:00)

Q2

Canaccord Financial Inc.

Q3

Mood Media Corp. (DI), Randgold Resources Ltd., Smurfit Kappa Group

IMSS

4Imprint Group, Aer Lingus Group, Capital & Counties Properties , G4S, Old Mutual, Playtech Ltd., RPS Group

AGMS

Hays, Public Service Properties Investments Ltd (DI), Schroder Japan Growth Fund, Sinclair Is Pharma

UK ECONOMIC ANNOUNCEMENTS

BRC Shop Price Index (00:01)

FINAL DIVIDEND PAYMENT DATE

Begbies Traynor Group, Photo-Me International

FINAL EX-DIVIDEND DATE

Ashmore Group, Asian Citrus Holding, Centaur Media, Craneware, Dechra Pharmaceuticals, Genus, Hargreaves Services, James Halstead, JPMorgan Overseas Inv Trust, Jupiter Primadona Growth Trust, London Finance & Investment Group, Manchester & London Inv Trust, Matchtech Group, Regenersis, Sherborne Investors (Guernsey) 'A' Shares, Swallowfield, Third Point Offshore Investors Ltd. EUR Shares, Third Point Offshore Investors Ltd. GBP Shares, Third Point Offshore Investors Ltd. USD Shares

Thursday November 08

INTERIMS

3i Infrastructure, BTG, Cable & Wireless Communications, Charles Stanley Group, Dairy Crest Group, Electrocomponents, Experian, Flybe Group, Shanks Group, Tate & Lyle

INTERIM DIVIDEND PAYMENT DATE

British American Inv Trust, Petropavlovsk, Yule Catto & Co

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Balance of Trade (GER) (07:00)

Balance of Trade (US) (13:30)

Bloomberg Consumer Confidence (US) (14:45)

Continuing Claims (US) (13:30)

Current Account (GER) (07:00)

ECB Interest Rate (EU) (12:45)

Initial Jobless Claims (US) (13:30)

Retail Price Index (GER) (07:00)

Q3

Coca-Cola HBC S.A., Corio NV, Lancashire Holdings, Talvivaara Mining Company

ANNUAL REPORT

Associated British Foods

IMSS

Aviva, Balfour Beatty, Bumi, Eurasian Natural Resources Corp., Hammerson, Hardy Oil & Gas, Howden Joinery Group, Morrison (Wm) Supermarkets, Reed Elsevier, Rightmove, RSA Insurance Group, Schroders, Schroders (Non-Voting), Spirent Communications, Supergroup, Trinity Mirror, Wetherspoon (J.D.), Yule Catto & Co

EGMS

Palmaris Capital

AGMS

Craneware, Genus, IndigoVision Group, Macau Property Opportunities Fund Ltd., New Star Investment Trust, Wetherspoon (J.D.)

UK ECONOMIC ANNOUNCEMENTS

Balance of Trade (09:30)

BoE Interest Rate Decision (12:00)

FINAL DIVIDEND PAYMENT DATE

Edge Performance VCT 'D' Shares, Edge Performance VCT 'E' Shares, Edge Performance VCT 'F' Shares, Edge Performance VCT G Shares, Penna Consulting

Friday November 09

INTERIM DIVIDEND PAYMENT DATE

Capital Lease Aviation, Cobham, Huntsworth, Hydrogen Group, Johnson Service Group, Maven Income & Growth 2 VCT, office2office, Rightmove, Spectris, Spirax-Sarco Engineering, Staffline Group, Unite Group

QUARTERLY PAYMENT DATE

British Land Co

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Consumer Price Index (GER) (07:00)

Import and Export Price Indexes (US) (13:30)

U. of Michigan Confidence (Prelim) (US) (15:00)

Wholesales Inventories (US) (15:00)

Q3

Hellenic Telecom Industries SA ADS, International Consolidated Airlines Group SA (CDI)

GMS

Tangent Communications

IMSS

Beazley, EnQuest, Rolls-Royce Holdings, Tullett Prebon

SPECIAL DIVIDEND PAYMENT DATE

TR European Growth Trust

AGMS

Amur Minerals Corporation NPV, Jupiter Energy Ltd

TRADING ANNOUNCEMENTS

Rentokil Initial

FINAL DIVIDEND PAYMENT DATE

Daejan Holdings, JPMorgan Mid Cap Inv Trust, TR European Growth Trust