Minerg Antofagasta will report its full-year results on Tuesday.
Monday March 13
Full-year results:Grupo Clarin, Computacenter, Telecom Egypt, Telit Communications, Clarkson
AGM: eServGlobal, SSP Group
Economics: JOLTS job openings (US), Labor market conditions index m/m (US)
Tuesday March 14
Expect investors to focus on Antofagasta’s investment decisions when it unveils its full-year results. Peter Malin, of Peel Hunt, said management is closing in on “a go decision for the Los Pelambres expansion”. As such, he expects “serious investment” to start in 2018 after a decision is taken this year. In late January, the Chilean copper miner reported a strong production increase in the final quarter of 2016. However, in October, Antofagasta said full-year production would be at the lower end of its guidance.
The FTSE 100 firm has already flagged a material impairment to Alto Maipo, after it announced in January that it would sell its 40pc stake in the hydroelectric power project to partner AES Gener. Sales for the year are forecast to rise from $3.4bn to $3.6bn, while consensus forecasts point to pre-tax profits of $980m.
Full-year results: French Connection Group, Crossrider, InterQuest Group, TP Icap, Surgical Innovations Group, SIG, Prudential, TCS Group, The Gym Group, Advanced Medical Solutions Group, Applegreen, Antofagasta, Burford Capital, Brady
Interim results: Kalibrate Technologies, Eagle Eye Solutions, Close Brothers
Trading update: Ocado
Economics: BRC retail sales monitor y/y (UK), Core PPI m/m (US), PPI m/m (US), NAHB housing market index (US), TIC long-term purchases (US), ZEW economic sentiment (GER), industrial production m/m (EU), ZEW economic sentiment (EU)
Wednesday March 15
Shares in Hikma Pharmaceuticals weakened ahead of its full-year results amid comments from US President Donald Trump. Last week, Mr Trump said he was working on a “new system” to increase competition in the drug industry and bring down pricing, causing shares in sector-wide to falter. In its wake, investors will be keen to focus on the FTSE 100 firm’s outlook statement for the year. Hikma has previously said it expects revenues in its generics unit to come in at around $800m.
Ahead of the results, Amy Walker, of Peel Hunt, says markets will focus on the progress in the group’s generics business following some delays to launches at the end of the second half of last year. The broker also flagged that FX movements are likely to have “a strong impact” on the branded business this year. Hikma is forecast to post full-year sales of $1.9bn and pre-tax profits of $301m.
Full-year results:Marshalls, Fusionex International, Gem Diamonds, Robert Walters, StatPro Group, Cape, Hikma Pharmaceuticals, Polymetal International, Forterra
Interim results: Thinksmart, Clinigen Group, Brooks Macdonald Group
Economics: Average earnings index 3m/y (UK), unemployment rate (UK), claimant count change (UK), BOE quarterly bulletin (UK), Empire State manufacturing index (US), retail sales m/m (US), CPI m/m (US), business inventories m/m (US), FOMC economic projections (US), Federal funds rate (US), FOMC statement (US), FOMC Press conference (US), employment change q/q (EU)
Thursday March 16
Investors will focus their attention on how Sainsbury’s is dealing with higher import costs when it delivers its full-year results. Last week, its rival Morrisons warned more expensive imports were creating uncertainties for the group. Its comes as industry data from Kantar Worldpanel, published earlier this month, showed food inflation doubled in a month. It also revealed sales in Sainsbury’s increase by 0.3pc in the 12 weeks to February 26, compared to Tesco which enjoyed sales growth of 0.6pc during the same period.
In January, Sainsbury’s said sales at its grocery stores open over a year rose 0.1pc, excluding fuel, in the third quarter of the company’s financial year – its first positive like-for-like sales performance since the fourth quarter of its 2015-16 year.
Full-year results: Balfour Beatty, Capital Drilling, Megafon, OneSavings Bank
Trading update: Sainsbury (J)
Economics: Official bank rate (UK), monetary policy summary (UK), MPC official bank rate votes (UK), MPC asset purchase facility votes (UK), asset purchase facility (UK), building permits (US), housing starts (US), unemployment claims (US), Philly Fed manufacturing index (US), final CPI y/y (EU)
Friday March 17
After reporting a 20pc drop in demand in the first half of their financial year, investors are hoping London builder Berkeley’s performance has improved in the third quarter. The high-end builder has been hurt by the property tax hike and the Brexit vote, which weighed on sentiment sector wide.
However, the mid-cap group posted pre-tax profit growth of 34pc to £392.7m in the six months to the end of October. Earlier this year, the Sunday Times reported that a fund manager at Schroder Investment Management had written to Berkeley asking it to consider an all-stock merger with its rival Bovis.
Full-year results: React Group
Interim results: Goodwin
Trading update: Investec, SThree, Berkeley Group
AGM: Premier African Minerals, Chemring Group, Spitfire Oil, Toro
Economics: industrial production m/m (US), capacity utilisation rate (US), preliminary UoM inflation expectations (US), preliminary UoM consumer sentiment (US), trade balance (EU), consumer confidence (EU)[“Source-telegraph”]