Week Ahead: Babcock International, BoE rate decision

1st Jul 2011 14:13

Engineering support services group Babcock International is expected to give a trading update at its annual general meeting on Thursday, and Panmure Gordon will be hoping for updates on the order pipeline and news relating to disposals."News relating to disposals maybe given (notably its US assets), although this could be delayed until after the summer or even when it announces interims in November. The shares have had a good run of late, being one of the strongest performers in the sector to date, and to sustain this further good news from here will be required," the broker reckoned."The big question will be whether it decides to stay in the US. We think the company will choose to exit this market as a lot of the VT operations in this area do not fit the margin profile Babcock seeks at group level," the broker continued. "The South African business also remains a disposal target in our view, although Babcock may look to keep hold of this during the next 12 months as the positive operational gearing in this business continues to come through. As an aside, we find the recent media speculation interesting that Babcock could be interested in bidding for the assets of Learn Direct for £30-50m. This may suggest a disposal is already on the agenda and the company is more than comfortable with its balance sheet as it moves back into investment mode post the integration of VT," Panmure Gordon said.On the economic front, the Bank of England's Monetary Policy Committee meets on Thursday to determine interest rate and quantitative easing policy.Given recent comments - described as his most "doveish" in recent memory - by the bank's governor, Mervyn King, it would be astonishing were the committee to vote for anything other than a continuation of the status quo.Monday July 04INTERIM DIVIDEND PAYMENT DATERenew HoldingsQUARTERLY EX-DIVIDEND DATEJP Morgan Chase & CoINTERNATIONAL ECONOMIC ANNOUNCEMENTSSentix Investor Confidence (EU) (09:30)Producer Price Index (EU) (10:00)FINALSCyril Sweett GroupAGMSSteppe Cement Ltd.UK ECONOMIC ANNOUNCEMENTSHalifax House PricesBank of England Housing Equity Withdrawal (09:30)PMI Construction (09:30)FINAL DIVIDEND PAYMENT DATEChristie Group, Scottish Mortgage Inv TrustTuesday July 05INTERIMSLow & Bonar, St. Modwen PropertiesINTERIM DIVIDEND PAYMENT DATEVictrexINTERNATIONAL ECONOMIC ANNOUNCEMENTSPMI Services (FRA) (08:50)PMI Composite (GER) (08:55)PMI Services (GER) (08:55)PMI Composite (EU) (09:00)PMI Services (EU) (09:00)Factory Orders (US) (15:00)Retail Sales (EU) (10:00)GMSAggrekoFINALSHarvard InternationalIMSSBrown (N.) GroupEGMSLandore Resources Ltd.AGMSBlackrock Hedge Selector Ltd. Red Part Shs (UK Emerging Co Shs), Brown (N.) Group, Capital Gearing Trust, JPMorgan Income & Capital Inv Trust, JPMorgan Income & Capital Inv Trust Units, Shires IncomeUK ECONOMIC ANNOUNCEMENTSOfficial Reserves (09:30)PMI Services (09:30)FINAL DIVIDEND PAYMENT DATEBalfour Beatty, Brammer, French Connection Group, Rolls-Royce GroupWednesday July 06INTERIM EX-DIVIDEND DATEBBA Aviation, CareTech Holding, Character Group, Chrysalis VCT, Dunedin Smaller Companies Inv Trust, ITE Group, Pressure Technologies, Sinclair (William) HoldingsQUARTERLY EX-DIVIDEND DATEBritish Land Co, Investors Capital Trust 'A' Shares, Mercantile Inv Trust, Verizon CommunicationsINTERNATIONAL ECONOMIC ANNOUNCEMENTSPMI Construction (GER) (08:55)GDP (2nd release) (EU) (10:00)Factory Orders (GER) (11:00)MBA Mortgage Applications (US) (12:00)ISM Non-Manufacturing (US) (15:00)ISM Services (US) (15:00)GMSTEG GroupANNUAL REPORTFalkland Islands HoldingsIMSS3i Group, Booker Group, Robert WaltersSPECIAL DIVIDEND PAYMENT DATEPanther SecuritiesAGMS3i Group, Booker Group, EKF Diagnostics Holdings , London & Stamford Property Ltd., Masawara, May Gurney Integrated Services, Oxford Technology 2 VCT, Oxford Technology VCT, Robert Wiseman Dairies, Sierra Rutile Ltd, Ultima Networks, Westside Acquisitions TRADING ANNOUNCEMENTSLupus Capital, Tullow OilUK ECONOMIC ANNOUNCEMENTSBRC Shop Price Index (00:01)FINAL DIVIDEND PAYMENT DATEAegis Group, Anglo Pacific Group, Camellia, Cineworld Group, Development Securities, Elderstreet VCT, Huntsworth, Management Consulting Group, Metric Property Investments , Pace, Panther Securities, Staffline Group, Tarsus GroupFINAL EX-DIVIDEND DATEBabcock International Group, Bond International Software, Burberry Group, Caledonia Investments, Capital Pub Company, Carphone Warehouse Group, De La Rue, Dee Valley Group, E2V Technologies, Hyder Consulting, Kiotech International, Lindsell Train Inv Trust, Lombard Risk Management, Martin Currie Pacific Trust, Monks Inv Trust, Octopus AIM VCT, Puma VCT V, Rensburg AIM VCT, Shanks Group, TalkTalk Telecom Group , TR Property Inv Trust, TR Property Inv Trust Sigma Shares, Vedanta Resources, Walker GreenbankThursday July 07INTERIMSAFC Energy, Heavitree Brewery, Sandvine Corp.QUARTERLY PAYMENT DATEXP Power Ltd. (DI)QUARTERLY EX-DIVIDEND DATEMarsh & Mclennan Cos Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSMachine Orders (JPN)Industrial Production (GER) (11:00)ECB Interest Rate (EU) (12:45)Bloomberg Consumer Confidence (US) (14:45)Continuing Claims (US) (13:30)Crude Oil Inventories (US) (15:30)Initial Jobless Claims (US) (13:30)Q2Sandvine Corp.GMSDealogic HoldingsFINALSBegbies Traynor Group, Heath (Samuel) & Sons, NCC GroupIMSSMetric Property Investments AGMSAlexon Group, Aveva Group, Babcock International Group, Boussard & Gavaudan Holding Ltd. EUR Shares, Boussard & Gavaudan Holding Ltd. GBP Shares, Chaarat Gold Holdings Ltd. (DI), Downing Planned Exit VCT 2, Downing Planned Exit VCT 3, Great Portland Estates, Man Group, MCB Finance Group, Pivot Entertainment GroupTRADING ANNOUNCEMENTSCharlemagne Capital Ltd., Dunelm Group, HaysUK ECONOMIC ANNOUNCEMENTSIndustrial Production (09:30)Manufacturing Production (09:30)BoE Interest Rate Decision (12:00)NIESR GDP estimateFINAL DIVIDEND PAYMENT DATEAberdeen New Thai Inv Trust, London & Stamford Property Ltd., Stobart Group Ltd.Friday July 08INTERIM DIVIDEND PAYMENT DATEAssociated British Foods, Britvic, Daily Mail and General Trust, Debenhams, Topps TilesQUARTERLY PAYMENT DATEBritish Assets TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSM2 Money Supply (PJN)Current Account Total (JPN)Bankruptcies (JPN)Balance of Trade (GER) (07:00)Current Account (GER) (07:00)Bank of France Business Sentiment (FRA) (07:30)Non-Farm Payrolls (US) (13:30)Unemployment Rate (US) (13:30)Wholesale Inventories (US) (15:00)Consumer Credit (US) (20:00)GMSJPMorgan European Smaller Companies Trust , NasstarSPECIAL DIVIDEND PAYMENT DATESpirax-Sarco EngineeringAGMSAurum Mining, JJB Sports, JPMorgan European Smaller Companies Trust , Value and Income TrustTRADING ANNOUNCEMENTSSIGUK ECONOMIC ANNOUNCEMENTSProducer Price Index (09:30)FINAL DIVIDEND PAYMENT DATE3i Infrastructure, Booker Group, Cello Group, Corin Group, First Derivatives, Hill & Smith Holdings, M&C Saatchi, Marshalls, Morgan Crucible Co, Octopus Apollo VCT 1, Octopus Apollo VCT 2, Octopus Eclipse VCT 2, Prezzo, Tesco, Yule Catto & Co--jh