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Week ahead: Glencore and Admiral
Fri, 24 May, 2013
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Week ahead: Glencore and Admiral
Fri, 2 Mar 2012, 11:21:00
Monday will see the full-year results from Swiss commodities giants <b>Glencore</b>.
 
 The firm has hit the headlines in the last month after it confirmed its proposal to merge with FTSE 100 peer Xstrata to create a "major natural resources group with a combined equity market value of $90bn".
 
 Glencore pre-released its full-year results in a trading update along side the merger announcement on February 7th and so the market isn't expecting any surprises on that front. Therefore, analysts will likely be looking out for comments concerning the outlook for 2012.
 
 The group revealed that full-year net income (pre-exceptionals) rose by 7% to $4.1bn in 2011 on revenues that jumped 28% to $186.15bn. Credit Suisse said that the results were in line with expectation but there was a slight miss in earnings in Marketing, offset by a beat in Industrial.
 
 UBS said back in January that it believes that 2012 will provide a challenging environment for Marketing and Industrial, which will have to cope with lower expected volumes and higher costs. 
 
 However, the broker stayed optimistic, saying that it sees Glencore as the "most dynamic company in EU mining over next three years (given management quality/entrepreneurship) and should be particularly well positioned relative to peers when the commodity cycle turns." 
 
 As for the merger, Glencore and Xstata are currently waiting for regulatory approval and after constructive consultation with the European Commission (EC), it will now be notified to the EC under the European Union merger regulation, Glencore said on February 24th. The miner assured that it does not expect the combining of the businesses to have a negative impact on competition in the commodity markets in which the two operate.
 
 Insurance group <b>Admiral</b> is due to report its full-year figures on Wednesday.
 
 Credit Suisse last week upgraded its rating for the stock from neutral to outperform, saying that it expects the results to "represent the first step for Admiral towards regaining market confidence that bodily injury (BI) challenges are being resolved, with improved clarity expected to provide upside risk to earnings expectations."
 
 The broker expects pre-tax profit to come in at £295m, up 11% year-on-year and similar to the 10% growth guidance provided in the third quarter trading statement. This will translate into earnings per share of 81p. 
 
 "The key focus of the result will be on bodily injury, where the content and tone of management commentary may cause volatility (in both directions)," analysts said.
 
 BC
 
 <b>Monday March 05</b>
 
 INTERIM DIVIDEND PAYMENT DATE
 Puma High Income VCT , Puma Vct VII, Stavert Zigomala
 
 INTERIM EX-DIVIDEND DATE
 Impala Platinum Holdings Ltd.
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 Factory Orders (US) (15:00)
 Goods Orders (US) (15:00)
 ISM Non-Manufacturing (US) (15:00)
 ISM Services (US) (15:00)
 PMI Composite (EU) (09:00)
 PMI Composite (GER) (08:55)
 PMI Services (EU) (10:00)
 PMI Services (GER) (08:55)
 
 GMS
 Corero Network Security
 
 FINALS
 Amlin, British Polythene Industries, CLS Holdings, FBD Holdings, Glencore International, Hydrogen Group, Intertek Group, Paddy Power, Petrofac Ltd., Proximagen Group, Sagentia Group
 
 IMSS
 City of London Investment Group
 
 SPECIAL EX-DIVIDEND PAYMENT DATE
 easyJet
 
 EGMS
 India Hospitality Corp. (DI)
 
 AGMS
 TXO
 
 UK ECONOMIC ANNOUNCEMENTS
 PMI Services (09:30)
 
 FINAL DIVIDEND PAYMENT DATE
 Fenner, New Europe Property Investments
 
 <b>Tuesday March 06</b>
 
 INTERIMS
 Interior Services Group, St Ives
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 PMI Construction (GER) (08:55)
 
 Q3
 Ashtead Group
 
 Q4
 First Quantum Minerals Ltd.
 
 FINALS
 Cape, Cupid, First Quantum Minerals Ltd., Fisher (James) & Sons, Hydro International, Inmarsat, John Menzies, Macfarlane Group, Meggitt, Michael Page International, MyCelx Technologies Corporation (Reg S), Omega Insurance Holdings Ltd. (DI), Oxford Biomedica, Pace, SQS Software Quality Systems AG, Total Produce, Tullett Prebon, Ubisense Group Plc, Wood Group (John), Zotefoams
 
 IMSS
 Betfair Group
 
 AGMS
 Catco Reinsurance Opps. Fd (DI), CQS Rig Finance Fund Ltd., Environ Group (Investments) , Jersey Electricity 'A' Shares, Local Shopping REIT
 
 UK ECONOMIC ANNOUNCEMENTS
 BRC Sales Monitor (00:01)
 
 <b>Wednesday March 07</b>
 
 INTERIM DIVIDEND PAYMENT DATE
 Cohort, Stagecoach Group
 
 INTERIM EX-DIVIDEND DATE
 Alumasc Group, Ashmore Group, Asian Citrus Holding, Centaur Media, Colefax Group, Craneware, Dechra Pharmaceuticals, Foresight VCT, JPMorgan Mid Cap Inv Trust, Kesa Electricals, Medusa Mining Ltd. (DI), Oxford Instruments, Park Group, Renishaw, Ricardo, Standard Life UK Smaller Companies Trust, Stewart & Wight, Waterman Group
 
 QUARTERLY EX-DIVIDEND DATE
 British Assets Trust, Personal Assets Trust, Real Estate Credit Investments PCC Ltd
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 Consumer Credit (US) (20:00)
 Crude Oil Inventories (US) (15:30)
 MBA Mortgage Applications (US) (12:00)
 Productivity (US) (13:30)
 
 FINALS
 32Red, 4Imprint Group, Access Intelligence, Admiral Group, Advanced Medical Solutions Group, Alkane Energy, Belgravium Technologies, Chime Communications, Costain Group, Dignity, Elringklinger AG, Goldenport Holdings Inc., Grafton Group Units, Hardy Oil & Gas, InterQuest Group, Jupiter Fund Management , Legal & General Group, Lookers, Management Consulting Group, Melrose, Sportech, Stadium Group, Tarsus Group
 
 SPECIAL EX-DIVIDEND PAYMENT DATE
 Asian Citrus Holding, City Merchants High Yield Trust, JPMorgan Income & Growth Inv Trust Income Shares
 
 AGMS
 Engel East Europe NV
 
 UK ECONOMIC ANNOUNCEMENTS
 BRC Shop Price Index (00:01)
 
 FINAL EX-DIVIDEND DATE
 Anglogold Ashanti Ltd., BlackRock World Mining Trust, British American Tobacco, CRH, Domino Printing Sciences, Driver Group, Electronic Data Processing, Lavendon Group, Octopus Titan VCT 1, Octopus Titan VCT 2, Sanderson Group, Serco Group, Spirent Communications, St. Modwen Properties, Standard Chartered, SWP Group, TUI Travel
 
 <b>Thursday March 08</b>
 
 QUARTERLY EX-DIVIDEND DATE
 Canadian General Investments Ltd.
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 Bloomberg Consumer Confidence (US) (14:45)
 Continuing Claims (US) (13:30)
 Industrial Production (GER) (11:00)
 Initial Jobless Claims (US) (13:30)
 
 Q2
 Elringklinger AG
 
 FINALS
 Alpha UK Multi Property Trust, Aviva, Balfour Beatty, Cineworld Group, Clarkson, Cobham, Corin Group, H&T Group, Hunting, Irish Continental Group Units, Jcdecaux SA, Morrison (Wm) Supermarkets, Schroders, Schroders (Non-Voting), Spirax-Sarco Engineering
 
 ANNUAL REPORT
 Alpha UK Multi Property Trust
 
 IMSS
 Smith (DS)
 
 EGMS
 MDY Healthcare
 
 AGMS
 Aluminium Bahrain B.S.C. GDR (Reg S), Henderson Diversified Income Ltd.
 
 UK ECONOMIC ANNOUNCEMENTS
 Balance of Trade (Trade Balance) (09:30)
 
 <b>Friday March 09</b>
 
 INTERIMS
 JD Wetherspoon
 
 INTERIM DIVIDEND PAYMENT DATE
 Murgitroyd Group
 
 QUARTERLY PAYMENT DATE
 Lilly (Eli) & Co
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 Balance of Trade (GER) (07:00)
 Balance of Trade (US) (13:30)
 Consumer Price Index (GER) (07:00)
 Current Account (GER) (07:00)
 Factory Orders (GER) (11:00)
 Non-Farm Payrolls (US) (13:30)
 Retail Price Index (GER) (07:00)
 Unemployment Rate (US) (13:30)
 Wholesales Inventories (US) (15:00)
 
 FINALS
 Aga Rangemaster Group, Aggreko, Marshalls, Old Mutual
 
 IMSS
 SThree
 
 UK ECONOMIC ANNOUNCEMENTS
 Industrial Production (09:30)
 Manufacturing Production (09:30)
 
 FINAL DIVIDEND PAYMENT DATE
 Avon Rubber, Pressure Technologies
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