Tuesday preview: Cairn, Legal & General, IMPs

22nd Mar 2010 17:41

Oil explorer Cairn Energy's 'clean net income could be about $70m but a number of exceptional items will reduce the reported figure to about $10m compared to $348m in 2008 which was boosted by transaction gains and losses,' according to broker Charles Stanley.Deutsche Bank more or less agrees, saying the clean net income figure will be $69m. 'As has been widely flagged by Cairn, no material Greenland update is expected, and sales are likely to continue to lag production capacity in Rajasthan,' the German bank said.Insurer Legal & General (L&G) is tipped to announce earnings per share of 13.2p, up from 10.7p in 2008. The company has already announced that its 2009 worldwide new business sales fell by 7% to £1,388m on an annualised premium equivalent (APE) basis.It is the last of the big insurers to report in the current results season and most of its peers have produced results that were ahead of expectations. Broker Panmure Gordon thinks L&G may do the same, 'particularly in respect to the final dividend where we are forecasting a top of the range final of 2.89p/share (+41%) making 4.0p (-2%) for the full year.'The broker is forecasting 2009 operating profit of £1,133m.Tobacco company Imperial Tobacco is set to give a trading update where, as per usual, it will probably claim to be trading in line with expectations, though there is a chance that it will break with tradition if rising leaf costs have hurt it more than it has previously let on. 'Leaf costs are pressurising consensus but sterling's recent weakness is counter-acting that to a large degree,' Citigroup argues.INTERIM DIVIDEND PAYMENT DATEBHP Billiton, Park GroupUK ECONOMIC ANNOUNCEMENTSConsumer Prices Index (09:30)Retail Prices Index (09:30)BBA Loans for House Purchases (09:30)INTERNATIONAL ECONOMIC ANNOUNCEMENTSBoJ Interest Rates Minutes (JPN) (23:50)Existing Home Sales (US) (15:00)Richmond Fed Manufacturing Index (US) (14.00)Business Confidence Indicator (FRA) (7.45)Production Outlook Indicator (FRA) (7.45)Supermarket and Convenience Store Sales (JPN) FINALS1st Dental Laboratories, 888 Holdings, Atlantic Global, Cairn energy, CBG Group, Energetix, Ferrexpo, Hansteen Holdings, Henry Boot, Ideal Shopping Direct, Irish Continental Group Units, Legal & General Group, LMS Capital, Morson Group, Norcon, Parity Group, Portmeirion, RAB Capital, Straight, Titanium Resources, Trafficmaster, Tribal Group, Vindon Healthcare, VphaseANNUAL REPORTFerrexpo, Flying Brands, Meggitt, Rolls-Royce Group, SpectrisEGMSTiton HoldingsAGMSGalleon HoldingsTRADING ANNOUNCEMENTSImperial Tobacco GroupQ1Carnival