Week Ahead: Lower output guidance expected from Tullow

19th Aug 2011 11:41

After a brief lull, the flow of company results is starting to increase again, with big names such as Admiral, Diageo, Petrofac, G4S, Antofagasta, Cairn, Wood Group, Serco, Tullow, WPP, BHP Billiton and Kazakhmys all set to report.Broker finnCap thinks there is a good chance that Tullow Oil will cut its full-year guidance, after its partner on the Jubilee field, Kosmos Energy, reported a slower than expected ramp-up of production at the field, located off the coast of Ghana."Current guidance is 90-94mboepd [million barrels of oil equivalent per day] and we are forecasting 88.9mboepd, having already anticipated these difficulties," finnCap said.Tullow is now expected to hit full production at its Jubilee field in December, rather than the originally targeted August. Car insurance specialist Admiral should see strong growth in policy sales, Nomura predicts. "Commentary from Aviva, RSA, RBSI [Direct Line and Churchill] and AXA suggested motor rates continuing to increase, and against this backdrop, we expect Admiral to book strong policy growth," Nomura said. "In addition, one of the reasons Admiral had such strong growth in policy count in 2010 (+32%) and 1Q [first quarter] 2011 (c33%) was in part attaining market share from RBSI, and we note RBSI again decreased in force policies in Q2 2011 by 3% vs 1Q 2011. We look for 33% growth in group policy count for 1H [the first half], in line with Q1," the broker added.Monday August 22INTERIMSAmlin, Capital Drilling Ltd. (DI), Essar Energy , Petrofac Ltd.QUARTERLY PAYMENT DATEOJSC Magnit GDR (Reg S)ANNUAL REPORTNWF GroupSPECIAL DIVIDEND PAYMENT DATEBritish Smaller Companies VCTEGMSARC Capital Holdings Ltd.AGMSAberdeen New Dawn Inv Trust, iEnergizer Ltd., Prospect Japan Fund Ltd.FINAL DIVIDEND PAYMENT DATEBritish Smaller Companies VCT, London Stock Exchange GroupTuesday August 23INTERIMSAntofagasta, Cairn Energy, Capital & Regional, Chime Communications, Corin Group, G4S, H&T Group, John Wood Group, Pendragon, Persimmon, Severfield-Rowen, Source BioScience, Spectris, Spirax-Sarco Engineering, Summit Corp., UK Coal, UK Commercial Property TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Confidence Indicator (EU) (10:00)ZEW Survey (EU) (10:00)ZEW Survey (GER) (10:00)SPECIAL DIVIDEND PAYMENT DATEeServGlobal Ltd.AGMSLivermore Investments Group Ltd., Omega Diagnostics GroupUK ECONOMIC ANNOUNCEMENTSBBA Mortgage Lending Figures (09:30)Wednesday August 24INTERIMSAdmiral Group, Alpha UK Multi Property Trust, Ark Therapeutics Group, Axis-Shield, Carillion, Clarkson, Derwent London, Forth Ports, Hardy Oil & Gas, Henry Boot, Melrose, New World Resources A Shares, New World Resources NV A Shares, North Midland Construction, OJSC Magnit GDR (Reg S), Plaza Centers NV, Serco Group, Tullow Oil, Unite Group, WPPINTERIM DIVIDEND PAYMENT DATEMicrogenINTERIM EX-DIVIDEND DATEAcencia Debt Strategies Ltd., BBA Aviation, Brewin Dolphin Holdings, Capital & Counties Properties , Catlin Group Ltd., Communisis, CRH, Eurasian Natural Resources Corp., Fidessa Group, Henderson Opportunities Trust, InterContinental Hotels Group, Japan Residential Investment Co Ltd., Lancashire Holdings, London Capital Group Holdings, Matrix Income & Growth VCT, Maven Income & Growth 4 VCT, Maven Income & Growth 4 VCT 'S' Shares, Patsystems, Quadnetics Group, Rights & Issues Inv Trust Income Shares, Rotork, UK Select Trust Ltd., United Business Media Ltd., Witan Inv Trust, XaarQUARTERLY EX-DIVIDEND DATECanaccord Financial Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSCrude Oil Inventories (US) (15:30)Durable Goods Orders (US) (13:30)House Price Index (US) (15:00)IFO Business Climate (GER) (09:00)IFO Current Assessment (GER) (09:00)IFO Expectations (GER) (09:00)Industrial New Orders (EU) (10:00)MBA Mortgage Applications (US) (12:00)GMSAcorn Income Fund Ltd., AIM InvestmentsFINALSBHP BillitonSPECIAL DIVIDEND PAYMENT DATESt Peter Port Capital Ltd.SPECIAL EX-DIVIDEND PAYMENT DATEPHSCEGMSAurora Russia Ltd.AGMSAbbeycrest, AIM Investments, Creightons, Latham (James), ProVen Growth & Income VCT, ProVen VCT, Provexis, Puma VCT V, Sutton Harbour HoldingsFINAL DIVIDEND PAYMENT DATEHalma, St Peter Port Capital Ltd.FINAL EX-DIVIDEND DATEAtkins (WS), Bloomsbury Publishing, City of London Group, Downing Distribution VCT 'D' Shares, Downing Distribution VCT 2 , First Property Group, Park Group, PHSCThursday August 25INTERIMSAegis Group, Aggreko, Amec, Aqua Resources Fund Ltd., Cathay International Holdings Ltd., Chaucer Holdings, Churchill China, Costain Group, Eurasia Drilling Co Ltd. GDR (Reg S), Glencore International, Hansteen Holdings, Hunting, Huntsworth, IMI, Johnston Press, Kazakhmys, Molins, Petropavlovsk, Premier Oil, Salamander Energy, SIG, Signet Jewelers Ltd., Sopheon, Sportech, STV GroupINTERIM DIVIDEND PAYMENT DATECharter European Trust, Matrix European Real Estate Inv Trust Ltd., Maven Income & Growth 3 VCTINTERIM EX-DIVIDEND DATEFirst Quantum Minerals Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSBloomberg Consumer Confidence (US) (14:45)Continuing Claims (US) (13:30)Initial Jobless Claims (US) (13:30)Q2Signet Jewelers Ltd.GMSNiche Group (The)FINALSDiageo, Haynes Publishing Group, Impala Platinum Holdings Ltd.EGMSBalmoral International Land, BlackRock Absolute Return Strategies Ltd. GBP Shares, RGI International Ltd.AGMSBalmoral International Land, Midas Income & Growth Trust, Puma VCT III, RedHot Media International Ltd (DI)., Trakm8 HoldingsTRADING ANNOUNCEMENTSHaynes Publishing GroupFriday August 26INTERIMSAga Rangemaster Group, Independent News & Media, Lavendon Group, Marshalls, New Britain Palm Oil Ltd. (DI), T Clarke, Vimetco GDR NV GDR (Reg S), Yule Catto & CoINTERIM DIVIDEND PAYMENT DATEDowning Planned Exit VCT 4, Downing Planned Exit VCT 5, Edinburgh UK Tracker Trust, Independent Inv Trust, Maven Income and Growth VCT 5, Reed ElsevierINTERNATIONAL ECONOMIC ANNOUNCEMENTSGDP (Preliminary) (US) (13:30)U. of Michigan Confidence (Final) (US) (15:00)GMSImaginatikFINALSMBL GroupANNUAL REPORTAbbeySPECIAL DIVIDEND PAYMENT DATEAberforth Geared Income Trust, Access IntelligenceEGMSDatang International Power Generation Co Ltd., Thames River Multi Hedge PCC Ltd. EUR Shares, Thames River Multi Hedge PCC Ltd. Realisation Shares, Thames River Multi Hedge PCC Ltd. USD SharesAGMSNaspers Ltd. ADR, Plant Impact, Prosperity Minerals Holdings Ltd.UK ECONOMIC ANNOUNCEMENTSGDP (output, income & expenditure) (09:30)Index of Services (09:30)FINAL DIVIDEND PAYMENT DATEAberdeen New Dawn Inv Trust, Heath (Samuel) & Sons, Kewill, Latham (James), Volex