Week ahead: Glencore and Admiral

2nd Mar 2012 09:30

Monday will see the full-year results from Swiss commodities giants Glencore.The firm has hit the headlines in the last month after it confirmed its proposal to merge with FTSE 100 peer Xstrata to create a "major natural resources group with a combined equity market value of $90bn".Glencore pre-released its full-year results in a trading update along side the merger announcement on February 7th and so the market isn't expecting any surprises on that front. Therefore, analysts will likely be looking out for comments concerning the outlook for 2012.The group revealed that full-year net income (pre-exceptionals) rose by 7% to $4.1bn in 2011 on revenues that jumped 28% to $186.15bn. Credit Suisse said that the results were in line with expectation but there was a slight miss in earnings in Marketing, offset by a beat in Industrial.UBS said back in January that it believes that 2012 will provide a challenging environment for Marketing and Industrial, which will have to cope with lower expected volumes and higher costs. However, the broker stayed optimistic, saying that it sees Glencore as the "most dynamic company in EU mining over next three years (given management quality/entrepreneurship) and should be particularly well positioned relative to peers when the commodity cycle turns." As for the merger, Glencore and Xstata are currently waiting for regulatory approval and after constructive consultation with the European Commission (EC), it will now be notified to the EC under the European Union merger regulation, Glencore said on February 24th. The miner assured that it does not expect the combining of the businesses to have a negative impact on competition in the commodity markets in which the two operate.Insurance group Admiral is due to report its full-year figures on Wednesday.Credit Suisse last week upgraded its rating for the stock from neutral to outperform, saying that it expects the results to "represent the first step for Admiral towards regaining market confidence that bodily injury (BI) challenges are being resolved, with improved clarity expected to provide upside risk to earnings expectations."The broker expects pre-tax profit to come in at £295m, up 11% year-on-year and similar to the 10% growth guidance provided in the third quarter trading statement. This will translate into earnings per share of 81p. "The key focus of the result will be on bodily injury, where the content and tone of management commentary may cause volatility (in both directions)," analysts said.BCMonday March 05INTERIM DIVIDEND PAYMENT DATEPuma High Income VCT , Puma Vct VII, Stavert ZigomalaINTERIM EX-DIVIDEND DATEImpala Platinum Holdings Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSFactory Orders (US) (15:00)Goods Orders (US) (15:00)ISM Non-Manufacturing (US) (15:00)ISM Services (US) (15:00)PMI Composite (EU) (09:00)PMI Composite (GER) (08:55)PMI Services (EU) (10:00)PMI Services (GER) (08:55)GMSCorero Network SecurityFINALSAmlin, British Polythene Industries, CLS Holdings, FBD Holdings, Glencore International, Hydrogen Group, Intertek Group, Paddy Power, Petrofac Ltd., Proximagen Group, Sagentia GroupIMSSCity of London Investment GroupSPECIAL EX-DIVIDEND PAYMENT DATEeasyJetEGMSIndia Hospitality Corp. (DI)AGMSTXOUK ECONOMIC ANNOUNCEMENTSPMI Services (09:30)FINAL DIVIDEND PAYMENT DATEFenner, New Europe Property InvestmentsTuesday March 06INTERIMSInterior Services Group, St IvesINTERNATIONAL ECONOMIC ANNOUNCEMENTSPMI Construction (GER) (08:55)Q3Ashtead GroupQ4First Quantum Minerals Ltd.FINALSCape, Cupid, First Quantum Minerals Ltd., Fisher (James) & Sons, Hydro International, Inmarsat, John Menzies, Macfarlane Group, Meggitt, Michael Page International, MyCelx Technologies Corporation (Reg S), Omega Insurance Holdings Ltd. (DI), Oxford Biomedica, Pace, SQS Software Quality Systems AG, Total Produce, Tullett Prebon, Ubisense Group Plc, Wood Group (John), ZotefoamsIMSSBetfair GroupAGMSCatco Reinsurance Opps. Fd (DI), CQS Rig Finance Fund Ltd., Environ Group (Investments) , Jersey Electricity 'A' Shares, Local Shopping REITUK ECONOMIC ANNOUNCEMENTSBRC Sales Monitor (00:01)Wednesday March 07INTERIM DIVIDEND PAYMENT DATECohort, Stagecoach GroupINTERIM EX-DIVIDEND DATEAlumasc Group, Ashmore Group, Asian Citrus Holding, Centaur Media, Colefax Group, Craneware, Dechra Pharmaceuticals, Foresight VCT, JPMorgan Mid Cap Inv Trust, Kesa Electricals, Medusa Mining Ltd. (DI), Oxford Instruments, Park Group, Renishaw, Ricardo, Standard Life UK Smaller Companies Trust, Stewart & Wight, Waterman GroupQUARTERLY EX-DIVIDEND DATEBritish Assets Trust, Personal Assets Trust, Real Estate Credit Investments PCC LtdINTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Credit (US) (20:00)Crude Oil Inventories (US) (15:30)MBA Mortgage Applications (US) (12:00)Productivity (US) (13:30)FINALS32Red, 4Imprint Group, Access Intelligence, Admiral Group, Advanced Medical Solutions Group, Alkane Energy, Belgravium Technologies, Chime Communications, Costain Group, Dignity, Elringklinger AG, Goldenport Holdings Inc., Grafton Group Units, Hardy Oil & Gas, InterQuest Group, Jupiter Fund Management , Legal & General Group, Lookers, Management Consulting Group, Melrose, Sportech, Stadium Group, Tarsus GroupSPECIAL EX-DIVIDEND PAYMENT DATEAsian Citrus Holding, City Merchants High Yield Trust, JPMorgan Income & Growth Inv Trust Income SharesAGMSEngel East Europe NVUK ECONOMIC ANNOUNCEMENTSBRC Shop Price Index (00:01)FINAL EX-DIVIDEND DATEAnglogold Ashanti Ltd., BlackRock World Mining Trust, British American Tobacco, CRH, Domino Printing Sciences, Driver Group, Electronic Data Processing, Lavendon Group, Octopus Titan VCT 1, Octopus Titan VCT 2, Sanderson Group, Serco Group, Spirent Communications, St. Modwen Properties, Standard Chartered, SWP Group, TUI TravelThursday March 08QUARTERLY EX-DIVIDEND DATECanadian General Investments Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSBloomberg Consumer Confidence (US) (14:45)Continuing Claims (US) (13:30)Industrial Production (GER) (11:00)Initial Jobless Claims (US) (13:30)Q2Elringklinger AGFINALSAlpha UK Multi Property Trust, Aviva, Balfour Beatty, Cineworld Group, Clarkson, Cobham, Corin Group, H&T Group, Hunting, Irish Continental Group Units, Jcdecaux SA, Morrison (Wm) Supermarkets, Schroders, Schroders (Non-Voting), Spirax-Sarco EngineeringANNUAL REPORTAlpha UK Multi Property TrustIMSSSmith (DS)EGMSMDY HealthcareAGMSAluminium Bahrain B.S.C. GDR (Reg S), Henderson Diversified Income Ltd.UK ECONOMIC ANNOUNCEMENTSBalance of Trade (Trade Balance) (09:30)Friday March 09INTERIMSJD WetherspoonINTERIM DIVIDEND PAYMENT DATEMurgitroyd GroupQUARTERLY PAYMENT DATELilly (Eli) & CoINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (GER) (07:00)Balance of Trade (US) (13:30)Consumer Price Index (GER) (07:00)Current Account (GER) (07:00)Factory Orders (GER) (11:00)Non-Farm Payrolls (US) (13:30)Retail Price Index (GER) (07:00)Unemployment Rate (US) (13:30)Wholesales Inventories (US) (15:00)FINALSAga Rangemaster Group, Aggreko, Marshalls, Old MutualIMSSSThreeUK ECONOMIC ANNOUNCEMENTSIndustrial Production (09:30)Manufacturing Production (09:30)FINAL DIVIDEND PAYMENT DATEAvon Rubber, Pressure Technologies