Thursday preview: ABF in focus on 4 July
By Alexander Bueso
Date: Wednesday 03 Jul 2019
(Sharecast News) - Thursday is expected to be a rather quite session given how US financial markets will be closed in observance of the 4 July holiday and what with what traders are left at their desks likely to be sitting on their hands ahead of the June non-farm payrolls report due out on the following day.
And no major UK economic releases are set for release.
It's a similar story across the Channel, although speeches from European Central Bank vice president, Luis de Guindos, and Governing Council member, Philip Lane, are scheduled.
Nevertheless, there is always room for surprises, particularly on the geopolitical front, with Iran having said on Wednesday that it would begin to increase its uranium enrichment capabilities - a potential precursor to making a nuclear weapon.
Against that backdrop, Associated British Foods is among the few corporates that is scheduled to update financial markets on Thursday.
According to analysts at Credit Suisse, the spotlight will be on the performance of its discount fashion arm, Primark, over the third quarter of the company's financial year.
They estimate that like-for-like sales at the unit shrank by 2.2%, with revenues in the UK off by 0.5% and in Europe by 3.5% amid a "soft" April and a "very challenging" May.
For the full year, the Swiss broker is calling for "broadly flat" profits before tax and earnings per share, although the following year is expected to be "materially better" on the back of an uplift in sugar, another solid year at Primark and good results at its grocery unit.
Nevertheless, Credit Suisse cautioned clients that volatility in FX and sugar prices - depending on Brexit and tariffs - might impact on ABF's profitability.
Thursday July 04
INTERIM DIVIDEND PAYMENT DATE
Bellway, Cardiff Property, Establishment Inv Trust
INTERIM EX-DIVIDEND DATE
BBA Aviation 5% Cum Prf, CC Japan Income & Growth Trust, Dewhurst, Dewhurst (Non-Voting), European Investment Trust, Hargreave Hale AIM VCT , Paragon Banking Group, Sanderson Group, Treatt, Up Global Sourcing Holdings , Zytronic
QUARTERLY EX-DIVIDEND DATE
Anglo Pacific Group, BMO Private Equity Trust, BMO UK High Income Trust , Marble Point Loan Financing Limited NPV, Real Estate Credit Investments Ltd, Scottish Inv Trust, Yew Grove Reit
INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Retail Sales (EU) (10:00)
SPECIAL EX-DIVIDEND DATE
Bisichi Mining, BMO UK High Income Trust B Shares, Coca-Cola HBC AG (CDI), International Consolidated Airlines Group SA (CDI), Kubera Cross-Border Fund Ltd., Yew Grove Reit
AGMS
3i Infrastructure, Calculus VCT , Distil, Great Portland Estates, Maven Income & Growth VCT, Mckay Securities, Sainsbury (J), Subex Ltd GDR (Reg S), TwentyFour Select Monthly Income Fund Limited
FINAL DIVIDEND PAYMENT DATE
Air Partner, Establishment Inv Trust, Forterra, Good Energy Group, Huntsworth, Mears Group, Pacific Assets Trust, Ten Entertainment Group
FINAL EX-DIVIDEND DATE
Aveva Group, Babcock International Group, Bisichi Mining, Brown (N.) Group, Caffyns, Cake Box Holdings, Calculus VCT , CML Microsystems, Coca-Cola HBC AG (CDI), Cropper (James), De La Rue, Gabelli Value Plus Trust , Gama Aviation , Hibernia Reit , Homeserve, ICG Enterprise Trust, iEnergizer Ltd., International Consolidated Airlines Group SA (CDI), Liontrust Asset Management, Mountview Estates, Next, Octopus AIM VCT, Speedy Hire, System1 Group, TalkTalk Telecom Group , ULS Technology , Wincanton, Workspace Group
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