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Week Ahead: WH Smith, Aveva, MPC minutes
Tue, 22 May, 2012
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Week Ahead: WH Smith, Aveva, MPC minutes
Fri, 20 Jan 2012, 12:54:00
With the flurry of Christmas trading updates almost over, next week is looking relatively quiet on the corporate front, with newsagent <b>WH Smith</b> one of the last of the household names from the retail sector to report, when it has its annual general meeting on Wednesday.
 
 In its November update WH Smith said sales in the first 10 weeks of its financial year were down 3%, with like-for-like sales (LFL) down 6% compared to the same period last year. Sales at WH Smith Travel - which has outlets in airports, train stations and motorway services, etc. - were down 4% year-on-year on a LFL basis, but the decline may have been arrested in December, given that in the corresponding month of 2010 sales would have been affected by the adverse weather conditions. 
 
 As for sales on the High Street - the group's other division - these fell 6% on a LFL basis. This division might also benefit from soft comparatives from December 2010. Broker Peel Hunt has suggested that first half sales will be down 5% in the High Street retail business and 3.5% lower than a year earlier in the Travel division.
 
 <b>Aveva</b>, the Cambridge based engineering information technology company, issues an interim management statement on Friday, and bearing in mind that sector peer <b>Invensys</b> recently issued a profits warning relating to delays to Chinese nuclear projects, Aviva may be keen to reassure that all is hunky-dory at its own Chinese nuclear operations.
 
 Broker Panmure Gordon went so far as to contact Aveva to get the all-clear on China. "Aveva says that its China nuclear operations are on track - indeed, some may argue that Invensys told us about continual tweaks to the design and so may actually be a small positive for Aveva," Panmure Gordon said.
 
 "Following our queries, Aveva comments that its business has picked up in H2 [second half] following its reorganisation in China. The nuclear side of Aveva should be relatively unaffected, although budgets for the nuclear players should be smaller for the time being. The majority of spending is at the 'preparatory stage' and, of this, design is a big component. Aveva has, this year, received orders (and payments) from a diversified group of nuclear companies spanning designers and operators and expects the number to grow more this calendar 2012 year," Panmure Gordon said. 
 
 On Tuesday, the minutes from the January meeting of the Bank of England's <b>Monetary Policy Committee</b> (MPC) will be released. A gratifyingly large fall in UK inflation in December has given scope for the MPC to expand its quantitative easing (QE) programme some more without unduly fuelling inflation, but committee member Ben Broadbent recently said that the MPC has not yet made its mind up on this matter.
 
 The QE (asset purchasing) programme was upped to £275bn in October from £200bn previously, and many economists think the Old Lady of Threadneedle Street will open the tap up a bit more next month as economic growth in the UK appears to be stalling, but speaking in an interview with Market News International, Broadbent said "I am free, have been free, at the subsequent meetings and will be free in the one in February, to vote as I see fit."
 
 
 <b>Monday January 23</b>
 
 INTERIMS
 City of London Investment Group
 
 INTERIM DIVIDEND PAYMENT DATE
 DS Smith
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 Consumer Confidence Indicator (EU) (10:00)
 
 AGMS
 Alternative Networks, Avacta Group, John Lewis of Hungerford
 
 TRADING ANNOUNCEMENTS
 Dragon Oil
 
 FINAL DIVIDEND PAYMENT DATE
 Hargreave Hale AIM VCT 1
 
 <b>Tuesday January 24</b>
 
 INTERIMS
 PZ Cussons, Zetar
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 Industrial New Orders (EU) (10:00)
 
 FINALS
 Chemring Group
 
 ANNUAL REPORT
 Sinclair (William) Holdings
 
 IMSS
 International Ferro Metals Group, Land Securities Group, Sage Group
 
 AGMS
 Evocutis, Redefine International, Siemens AG
 
 TRADING ANNOUNCEMENTS
 Playtech Ltd.
 
 UK ECONOMIC ANNOUNCEMENTS
 Public Sector Finances (09:30)
 
 <b>Wednesday January 25</b>
 
 INTERIMS
 Ebiquity, Renishaw
 
 INTERIM DIVIDEND PAYMENT DATE
 Latham (James)
 
 INTERIM EX-DIVIDEND DATE
 Anite, Fletcher King, IG Group Holdings, NCC Group, SSE
 
 QUARTERLY PAYMENT DATE
 Molex Inc., Molex Inc. 'A' Shares
 
 QUARTERLY EX-DIVIDEND DATE
 City of London Inv Trust, Merchants Trust
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 Crude Oil Inventories (US) (15:30)
 FOMC Interest Rate (US) (17:15)
 House Price Index (US) (15:00)
 IFO Business Climate (GER) (09:00)
 IFO Current Assessment (GER) (09:00)
 IFO Expectations (GER) (09:00)
 MBA Mortgage Applications (US) (12:00)
 Pending Homes Sales (US) (15:00)
 
 IMSS
 Britvic, Metric Property Investments 
 
 AGMS
 Artisan, Britvic, GW Pharmaceuticals, Invesco Leveraged High Yield Fund Ltd., Polar Capital Global Healthcare Growth & Income Trust, Renew Holdings, WH Smith
 
 UK ECONOMIC ANNOUNCEMENTS
 BBA Mortgage Lending Figures (09:30)
 BoE Interest Rate Minutes (09:30)
 CBI Industrial Trends Surveys (11:00)
 GDP (Preliminary) (09:30)
 Index of Services (09:30)
 
 FINAL DIVIDEND PAYMENT DATE
 Diploma, Majedie Investments
 
 FINAL EX-DIVIDEND DATE
 Blackrock Frontiers Investment Trust, British Portfolio Trust, Compass Group, Gooch & Housego, Renew Holdings, Shaftesbury, Titon Holdings, Treatt
 
 <b>Thursday January 26</b>
 
 INTERIMS
 Angle
 
 INTERIM DIVIDEND PAYMENT DATE
 Cable & Wireless Worldwide, Dairy Crest Group, Tongaat-Hulett Ltd.
 
 QUARTERLY EX-DIVIDEND DATE
 Marsh & Mclennan Cos Inc.
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 Bloomberg Consumer Confidence (US) (14:45)
 Continuing Claims (US) (13:30)
 Durable Goods Orders (US) (13:30)
 Initial Jobless Claims (US) (13:30)
 Leading Indicators (US) (15:00)
 New Homes Sales (US) (15:00)
 
 FINALS
 Gem Diamonds Ltd. (DI), Safestore Holdings
 
 IMSS
 easyJet, Invensys, London Stock Exchange Group
 
 EGMS
 NB Distressed Debt Investment Fund Ltd.
 
 AGMS
 Euromoney Institutional Investor, Impax Asset Management Group, ITE Group, Lonmin, Mitchells & Butlers, Ultrasis
 
 TRADING ANNOUNCEMENTS
 Petropavlovsk
 
 UK ECONOMIC ANNOUNCEMENTS
 CBI Distributive Trades Surveys (11:00)
 
 FINAL DIVIDEND PAYMENT DATE
 Aberdeen Asset Management, Alternative Networks
 
 <b>Friday January 27</b>
 
 INTERIM DIVIDEND PAYMENT DATE
 Atkins (WS), Betfair Group, Burberry Group, Dart Group, Ensor Holdings, Falkland Islands Holdings, Greene King, Halfords Group, Hornby, Micro Focus International, RPC Group, Solid State, Speedy Hire, Vertu Motors
 
 QUARTERLY PAYMENT DATE
 F&C Commercial Property Trust Ltd.
 
 INTERNATIONAL ECONOMIC ANNOUNCEMENTS
 GDP (Advance) (US) (13:30)
 M3 Money Supply (EU) (09:00)
 U. of Michigan Confidence (Final) (US) (15:00)
 
 Q4
 Samsung Electronics Co Ltd (ATT) GDR (Reg S)
 
 IMSS
 Aveva Group
 
 SPECIAL DIVIDEND PAYMENT DATE
 F&C Private Equity trust Restricted Shares, Income & Growth VCT 
 
 AGMS
 Brainspark, Henderson European Focus Trust, Hot Tuna International, JPMorgan Russian Securities, Marston's, Petra Diamonds Ltd., Scottish Inv Trust, Smiths News
 
 TRADING ANNOUNCEMENTS
 Hornby
 
 FINAL DIVIDEND PAYMENT DATE
 Character Group, Proactis Holdings
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