| | Sunday 15 July 2012 A MESSAGE FROM TOM Those who short shares, bear raiders are almost universally disliked. And for good reason. Whilst all of us involved in the stock market are ultimately motivated by the desire to make money, at least those of us who buy shares are creating a more liquid secondary market allowing companies to raise capital to expand, create jobs etc. And so we serve some purpose.
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The Week Ahead Sage, Vodafone, Kingfisher, BoE minutes
Thursday is the big day for results next week with retail giants Sports Direct, Halfords, Kingfisher and Mothercare all set to update the market.
Accountancy software behemoth Sage is first out to bat on Monday, however, with an interim management state (IMS) which will be followed on Tuesday with a Capital Market Day for investors.
Panmure Gordon reckons the "fly in the ointment" for the Monday update is likely to be the grim state of affairs in Europe.
"Within the IMS expected message of 'trading in line' any European commentary can only reflect the operational reality - this remains a tough geography," Panmure Gordon said, explaining its decision to reduce its current ear earnings forecast from 19.9p to 19.3p a share.
"Shares are range-bound, and given the recent strength, watch for some profit taking next week," suggests Panmure.
Also out on Monday are the interim results from information technology recruitment specialist SThree, and Peel Hunt thinks a buoyant market in Germany is likely to have been offsetting weakness elsewhere. "However, the outlook remains bleak and we still expect global macro economic uncertainty to weigh on candidate and employer confidence," said the broker, which is bearish on all recruiters.
Peel Hunt predicts interim profit before tax of GBP13.6m.
On Thursday do-it-yourself retailer Kingfisher is expected by broker Jefferies to give a solid second quarter update, despite the lousy weather recently.
"A c.1% LFL [like-for-like] gain in both France and the UK should be taken well," the broker suggests. "We model for a broadly unchanged gross margin (reflecting range reviews and seasonal promotions in the UK, but sourcing progress in France) and strong cost control to allow for a broadly unchanged Q2 EBIT [second quarter earnings before interest and tax]," Jefferies says.
On Friday, mobile phone networks giant Vodafone gives a first quarter (Q1) update. Nomura reckons the group will deliver year-on-year organic growth of 0.7%, down from 2.3% in the preceding quarter.
"In Europe, we expect growth of -1.7% (Q4 -0.2%, Q3 -1.7%) while in AMAP [Africa, Middle East and Asia Pacific], we forecast 6.0% vs 7.6% in Q4.," Nomura says.
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.
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BOOK OF THE WEEK By Wilhelm Hankel and Robert Isaak
A book review by Emanuil Halicioglu of Growth Equities & Company Research Democratic capitalism, one of the greatest civilising forces known to man, has been pushed to the edge of a precipice. A brave new world economy, one not in thrall to a runaway interbank credit system, is struggling to be born, and only the actions of world policymakers, working in concert to make the hard choices, can bring it into being.
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ALTERNATIVE BET OF THE WEEK Your local betting shop may be great for the footie, but you must go online for the truly weird bets.
This week: House of Lords reform by end 2015
Singles Only. A bill for the House of Lords to become largely or wholly elected must have been passed by the end of the year specified.
Regards,
ShareCrazy
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