Tuesday preview: Persimmon, Admiral, US house prices

24th Aug 2009 16:18

Though no longer in the FTSE 100, housebuilder Persimmon's results are still eagerly awaited as they give clues to the state of the all-important UK housing market; few things are more guaranteed to boost UK consumer confidence than a rise in UK house prices.Sector peer Bovis announced a sharp fall in pre-tax profits on Monday though encouragingly private legal completions grew by 18%. Persimmon's half-year results are also expected to contain some causes for optimism, including progress in the reduction of the company's debt burden and an absence of land bank value write-downs. Broker Panmure Gordon is predicting a pre-tax loss of £6.1m in the absence of any more write-downs. The share price of car insurer Admiral has been motoring ahead over the last month, and is just a few pence shy of its 52-week high, as investors have been attracted by its defensive properties. The company produces interim results on Tuesday and is expected to have benefited from an improvement in the pricing trends in the UK motor insurance market. Rates for personal car insurance rose 9% in the first quarter of 2009.On the economic front, US house prices and US consumer credit will be in focus in the afternoon. The House Price index for June is expected to have risen 0.40% while the US Consumer Confidence index for August is expected to have improved to 48 from July's 46.6.INTERIMSAdmiral, Aggreko, ANT, Chime Communications, Corin Group, CRH, Derwent London, ING UK Real Estate Income Trust Ltd., Persimmon, Pinewood-Shepperton, Puricore, Robotic Technology, Source BioScience, Spectris, Unite Group, VisonicINTERIM DIVIDEND PAYMENT DATEAberdeen Growth Opportunities VCT, Charter European Trust, DewhurstQUARTERLY PAYMENT DATEM&G High Income & Growth Units, M&G High Income Inv Trust Income SharesAGMSPlatminTRADING ANNOUNCEMENTSPunch TavernsFINAL DIVIDEND PAYMENT DATEM&G High Income & Growth Units, M&G High Income Inv Trust Income Shares, Speedy HireQUARTERLY RESULTSGlobus MaritimeINTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Confidence (15:00) (US)Richmond Fed Manufacturing Activity Index (15:00) (US)House Pirce Index (15:00) (US)