Week Ahead: BoE minutes, Lonmin, TalkTalk

12th Nov 2010 11:33

Platinum extractor Lonmin is expected to move back into the black when it announces full year results for the year to 30 September on Monday, helped by a near 25% increase in platinum prices over the reporting period.Market consensus is for profit before tax of £210.5m on sales of £980.8m. Panmure Gordon is forecasting earnings before interest, tax, depreciation and amortisation of $326m and earnings per share of $0.63."Our unchanged expectation is for platinum in concentrate production of 673,000 ounces, and total platinum sales of 690,000 ounces," the broker said. "We believe that the key focus will be on growth and, in particular, the market will be looking for confirmation of plans to increase production to 850,000 ounces in fiscal 2013 by spending US$300-350m per year in capital expenditure," Panmure Gordon reckons.Later in the week internet service provider TalkTalk Telecom issues interim figures, and Daniel Stewart thinks the near-term focus will be on the integration of the Tiscali UK broadband customers. Assuming management has that under control, however, the broker believes attention will soon turn to internet protocol TV (IPTV) delivered on the YouView platform."We expect Talk Talk to report good progress in subscriber integration, with 70,000 net adds for the first half," the broker predicts. The group added 34,000 (net) new broadband customers in the third quarter so Daniel Stewart's forecast suggests a small pick-up in subscriber growth in the second quarter.The group's broadband base at the end of the first quarter stood at 4.231m, and Daniel Stewart is projecting this will have risen to 4.337m at the end of September. Broadband average revenue per user (ARPU) is tipped to rise to £24.02 for the first half, from £23.90 at the end of the first quarter. Total revenue is seen rising to £903m.Business publisher Informa puts out an interim management statement on Wednesday, and the read across from sector peers UBM, Euromoney and Daily Mail & General Trust suggests the tone should be upbeat. "We expect Informa to be benefitting from similar trends and are more confident of a successful science journal subscription renewal season than in the prior year, which we saw as the key test of the normally high resilience," said Singer Capital Markets. "Given industry trading trends, our modest assumptions and Informa's conservative guidance we see upside potential to forecasts across all the divisions/activities," the broker added. On the economic front, the release on Wednesday of the minutes from the November meeting of the Bank of England's Monetary Policy Committee (MPC) will be more keenly awaited than most MPC minutes releases over the last two years. At the October meeting there was a three-way split, with Andrew Sentance reiterating his call for a quarter point hike in the Bank's key lending rate to 0.75%, while Adam Posen voted for an easing in monetary policy by means of a £50bn increase to the quantitative easing (QE) programme.Messrs. Posen and Sentance are likely to have voted the same way in November, but the key element of interest will be whether any MPC members have moved into either of their camps. After the recent release of the Bank of England's Quarterly Inflation Report the Bank's governor, Mervyn King, conceded that there had been some "vigorous debate" among MPC members about the state of the UK economy. The MPC in its November meeting "stood ready to respond in either direction as the balance of risks evolved," a statement from the Bank said after the inflation report was released, with the outlook for growth described as "highly uncertain".Monday November 15INTERIMSCranswick, E2V Technologies, Eckoh, Majestic Wine, Robert Wiseman Dairies, UBC Media Group, Workspace GroupINTERIM DIVIDEND PAYMENT DATETravis PerkinsQUARTERLY PAYMENT DATEAbbott Laboratories, Marsh & Mclennan Cos Inc.UK ECONOMIC ANNOUNCEMENTSRightmove House Prices (00:01)INTERNATIONAL ECONOMIC ANNOUNCEMENTSBank of Japan MPC Meeting (JPN)Industrial Production (JPN)Capacity Utilisation (JPN)Current Account (FRA) (07:45)Balance of Trade (EU) (10:00)Consumer Price Index(EU) (10:00)Harmonised Index of Consumer Prices (EU) (10:00)Retail Sales (US) (13:30)Business Inventories (US) (13:30)Empire State Manufacturing (US) (13:30)Business Inventories (US) (15:00)Retail Sales Inventories (US) (15:15)Q3Atlas Estates Ltd., Bank BPH SA GDR (Reg S), London MiningGMSFiltronic, Freshwater UKFINALSLonminANNUAL REPORTPolo Resources Ltd. (DI)IMSSAmlin, Beazley, PersimmonEGMSPetroNeft ResourcesAGMSCAP-XX Ltd., Pan African ResourcesFINAL DIVIDEND PAYMENT DATESystem C HealthcareTuesday November 16INTERIMSAdvanced Computer Software Group, Burberry Group, Byotrol, Cropper (James), HSBC Infrastructure Company Ltd., Record, TalkTalk Telecom Group , Trifast, VictoriaINTERNATIONAL ECONOMIC ANNOUNCEMENTSMachine Tool Orders (JPN)RBA Interest Rate Minutes (AUS) (00:00)Non-Farm Payroll (FRA) (07:45)Consumer Price Index (EU) (10:00)New Car Registrations (EU) (10:00)ZEW Survey (EU) (10:00)ZEW Survey (GER) (10:00)Producer Price Index (US) (13:30)Capacity Utilisation (US) (14:15)Industrial Production (US) (14:15)NAHB Housing Index (US) (15:00)ABC Consumer Confidence (US) (22:00)Q3Frutarom Indstries Ltd.GDR (Reg S), MHP SA GDR (Reg S)FINALSeasyJet, Enterprise InnsANNUAL REPORTWorld Careers NetworkIMSSInforma, John Menzies, Premier OilAGMSAntisoma, BHP Billiton, Dunelm Group, IRP Property Investments Ltd., MeDaVinci, Smiths GroupUK ECONOMIC ANNOUNCEMENTSConsumer Price Index (09:30)Retail Price Index (09:30)DCLG House Prices (09:30)FINAL DIVIDEND PAYMENT DATEStrategic Equity CapitalWednesday November 17INTERIMSEntertainment One Ltd. (DI), Experian, ICAP, Metric Property Investments , Speedy HireINTERIM DIVIDEND PAYMENT DATEAviva, Centrica, Scisys, Total SAINTERIM EX-DIVIDEND DATEAndrews Sykes Group, Braemar Shipping Services, Charles Stanley Group, DCC, Great Portland Estates, HSBC Infrastructure Company Ltd., London Security, Marks & Spencer Group, Norcon, Printing.com, Sainsbury (J), Scottish Mortgage Inv Trust, Straight, Vodafone Group, Wynnstay PropertiesQUARTERLY EX-DIVIDEND DATECanaccord Financial Inc., Carnival, Henderson Financial Opportunities Ltd., M WinkworthINTERNATIONAL ECONOMIC ANNOUNCEMENTSConstruction Output (EC) (10:00)MBA Mortgage Applications (US) (12:00)Building Permits (US) (13:30)Consumer Price Index(US) (13:30)Housing Starts (US) (13:30)Crude Oil Inventories (US) (15:30)Q3MirLand Development Corp.GMSDimension Data Holdings, Plantic Technologies Ltd. (DI)FINALSBarloworld Ltd., Dimension Data Holdings, United DrugIMSSCentaur Media, Centrica, Paddy Power, SIG, Ted BakerSPECIAL EX-DIVIDEND PAYMENT DATEEdinburgh Inv Trust, Narborough PlantationsEGMSAbbey, Ruukki Group (DI)AGMSBarratt Developments, Centaur Media, Coal of Africa Ltd., Medusa Mining Ltd. (DI), New Star Inv TrustUK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Minutes (09:30)Claimant Count Rate (09:30)Unemployment Rate (09:30)FINAL DIVIDEND PAYMENT DATEHargreaves ServicesFINAL EX-DIVIDEND DATECPL Resources, Euromoney Institutional Investor, Fidelity Special Values, Keystone Inv Trust, Lok'n Store Group, TristelThursday November 18INTERIMSDart Group, Halfords Group, National Grid, Norcros, QinetiQ Group, SABMiller, UK Mail Group INTERIM DIVIDEND PAYMENT DATEBritish Polythene Industries, Game Group, Tullett PrebonINTERNATIONAL ECONOMIC ANNOUNCEMENTSCurrent Account (EU) (09:00)Continuing Claims (US) (13:30)Initial Jobless Claims (US) (13:30)Leading Indicators (US) (15:00)Philadelphia Fed Index (US) (15:00)Q3AFI DevelopmentGMSProbabilityIMSSAlpha Pyrenees Trust Ltd., Avis Europe, Chaucer Holdings, Close Brothers Group, Keller Group, Melrose, Reed Elsevier, RicardoEGMSJPMorgan Global Emerging Income TrustAGMSClose Brothers Group, Critical Information Group, Henderson EuroTrust, Netcall, Ricardo, Sinclair Pharma, Worldspreads GroupUK ECONOMIC ANNOUNCEMENTSInternet Retail Sales (09:30)M4 Money Supply (estimate) (09:30)M4 Sterling Lending (estimate) (09:30)Mortgage Approvals (09:30)Public Sector Finances (09:30)Retail Sales (09:30)Trends in Lending (09:30)FINAL DIVIDEND PAYMENT DATEIndigoVision Group, Thorpe (F.W.)Friday November 19INTERIMSFuller Smith & TurnerINTERIM DIVIDEND PAYMENT DATEAberforth Geared Income Trust, Bloomsbury Publishing, Hunting, Intertek Group, M&C Saatchi, NTT DoCoMo Inc, Octopus AIM VCT, Standard Life, Walker GreenbankINTERNATIONAL ECONOMIC ANNOUNCEMENTSDepartment Store Sales (JPN)Supermarket Saless (JPN)Producer Price Index (GER) (07:00)Wage Growth (FRA) (07:45)Q3New World Resources NV (DI)IMSSBisichi Mining, FBD Holdings, Rotork, T ClarkeSPECIAL DIVIDEND PAYMENT DATERensburg AIM VCT, TR European Growth TrustEGMSNewRiver Retail Ltd. (Reg S)AGMS1pm, Anglo & Overseas, Greenko Group, Matchtech Group, North River Resources, NorthamberFINAL DIVIDEND PAYMENT DATECity of London Investment Group, Close Brothers Group, Go-Ahead Group, Hansard Global, Hays, Smiths Group, TR European Growth Trust