Tuesday preview: US election, M&S, Babcock, Asian Citrus

5th Nov 2012 17:41

The big event on Tuesday is the US presidential election but the exit polls for that won't be published until well after London has shut up shop for the day.On the corporate front, Marks & Sparks (M&S) is set to take centre stage. Seymour Pierce thinks Marks & Spencer will "do the normal trick of beating the whisper number".Seymour Pierce is forecasting M&S will announce interim pre-tax profits of £285m, down by almost 10% year-on-year from last year's half-year number of £315m. That forecast puts the broker £5m above the median forecast among investment analysts covering the High Street bellwether stock. Sales are tipped by the broker to edge up 1% to £4,750m, with like-for-like sales down 5.5% year-on-year on the General Merchandise side but up 1.5% in the Food halls. The dividend is expected to be held at 6p, Seymour Pierce's Freddie George said.Interims from Babcock International, the engineering group, are expected by Peel Hunt to reveal profit before tax of £142.5m, up 7% year-on-year. The annual general meeting of Chinese orange plantations owner Asian Citrus Holdings could be tense and interesting. "The resolutions include normal director rotation of four directors, two of whom: Mr Ip and Mr Cheung, have not received the unanimous support of the board, although both received majority support. The former is also a director of Chaoda Modern, a 5.35% shareholder which is under scrutiny and for which the shares, listed on the HK stock exchange, have been suspended," notes Sue Munden at Seymour Pierce. "We believe that many shareholders will vote against Mr Ip but we will have to wait to see whether he keeps his appointment. We think his departure would be welcomed as it would complete the detachment from Chaoda. The lack of support for Mr Cheung is less contentious. Were both directors to leave there remains sufficent non-executive directors on the board so no replacements would be needed," Munden contends.INTERIMSBabcock International Group, DCC, Endace Ltd, First Derivatives, Indian Hotels Company Ltd. GDR (Reg S), Marks & Spencer Group, Zhejiang Southeast Electric Power Co Ltd. GDR (Reg S)INTERIM DIVIDEND PAYMENT DATEDillistone GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSABC Consumer Confidence (US) (21:00)Factory Orders (GER) (11:00)PMI Composite (GER) (08:55)PMI Services (GER) (08:55)Producer Price Index (EU) (10:00)Q2Indian Hotels Company Ltd. GDR (Reg S)Q3Banco Espirito Santo SA N Shs, InterContinental Hotels GroupGMSJSC KazMunaiGaz Exploration Production GDR (Reg S)FINALSAssociated British FoodsIMSSCapital Shopping Centres Group, Kofax, PPHE Hotel Group LtdAGMSA&J Mucklow Group, Animalcare Group, Asian Citrus Holding, CAP-XX Ltd., Eurocommercial Properties NV, Kofax, Psource Structured Debt Ltd., Sirius Real Estate Ltd.UK ECONOMIC ANNOUNCEMENTSBRC Sales Monitor (00:01)Industrial Production (09:30)Manufacturing Production (09:30)Q1KofaxJH