Week Ahead: WH Smith, Aveva, MPC minutes

20th Jan 2012 09:16

With the flurry of Christmas trading updates almost over, next week is looking relatively quiet on the corporate front, with newsagent WH Smith one of the last of the household names from the retail sector to report, when it has its annual general meeting on Wednesday.In its November update WH Smith said sales in the first 10 weeks of its financial year were down 3%, with like-for-like sales (LFL) down 6% compared to the same period last year. Sales at WH Smith Travel - which has outlets in airports, train stations and motorway services, etc. - were down 4% year-on-year on a LFL basis, but the decline may have been arrested in December, given that in the corresponding month of 2010 sales would have been affected by the adverse weather conditions. As for sales on the High Street - the group's other division - these fell 6% on a LFL basis. This division might also benefit from soft comparatives from December 2010. Broker Peel Hunt has suggested that first half sales will be down 5% in the High Street retail business and 3.5% lower than a year earlier in the Travel division.Aveva, the Cambridge based engineering information technology company, issues an interim management statement on Friday, and bearing in mind that sector peer Invensys recently issued a profits warning relating to delays to Chinese nuclear projects, Aviva may be keen to reassure that all is hunky-dory at its own Chinese nuclear operations.Broker Panmure Gordon went so far as to contact Aveva to get the all-clear on China. "Aveva says that its China nuclear operations are on track - indeed, some may argue that Invensys told us about continual tweaks to the design and so may actually be a small positive for Aveva," Panmure Gordon said."Following our queries, Aveva comments that its business has picked up in H2 [second half] following its reorganisation in China. The nuclear side of Aveva should be relatively unaffected, although budgets for the nuclear players should be smaller for the time being. The majority of spending is at the 'preparatory stage' and, of this, design is a big component. Aveva has, this year, received orders (and payments) from a diversified group of nuclear companies spanning designers and operators and expects the number to grow more this calendar 2012 year," Panmure Gordon said. On Tuesday, the minutes from the January meeting of the Bank of England's Monetary Policy Committee (MPC) will be released. A gratifyingly large fall in UK inflation in December has given scope for the MPC to expand its quantitative easing (QE) programme some more without unduly fuelling inflation, but committee member Ben Broadbent recently said that the MPC has not yet made its mind up on this matter.The QE (asset purchasing) programme was upped to £275bn in October from £200bn previously, and many economists think the Old Lady of Threadneedle Street will open the tap up a bit more next month as economic growth in the UK appears to be stalling, but speaking in an interview with Market News International, Broadbent said "I am free, have been free, at the subsequent meetings and will be free in the one in February, to vote as I see fit."Monday January 23INTERIMSCity of London Investment GroupINTERIM DIVIDEND PAYMENT DATEDS SmithINTERNATIONAL ECONOMIC ANNOUNCEMENTSConsumer Confidence Indicator (EU) (10:00)AGMSAlternative Networks, Avacta Group, John Lewis of HungerfordTRADING ANNOUNCEMENTSDragon OilFINAL DIVIDEND PAYMENT DATEHargreave Hale AIM VCT 1Tuesday January 24INTERIMSPZ Cussons, ZetarINTERNATIONAL ECONOMIC ANNOUNCEMENTSIndustrial New Orders (EU) (10:00)FINALSChemring GroupANNUAL REPORTSinclair (William) HoldingsIMSSInternational Ferro Metals Group, Land Securities Group, Sage GroupAGMSEvocutis, Redefine International, Siemens AGTRADING ANNOUNCEMENTSPlaytech Ltd.UK ECONOMIC ANNOUNCEMENTSPublic Sector Finances (09:30)Wednesday January 25INTERIMSEbiquity, RenishawINTERIM DIVIDEND PAYMENT DATELatham (James)INTERIM EX-DIVIDEND DATEAnite, Fletcher King, IG Group Holdings, NCC Group, SSEQUARTERLY PAYMENT DATEMolex Inc., Molex Inc. 'A' SharesQUARTERLY EX-DIVIDEND DATECity of London Inv Trust, Merchants TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSCrude Oil Inventories (US) (15:30)FOMC Interest Rate (US) (17:15)House Price Index (US) (15:00)IFO Business Climate (GER) (09:00)IFO Current Assessment (GER) (09:00)IFO Expectations (GER) (09:00)MBA Mortgage Applications (US) (12:00)Pending Homes Sales (US) (15:00)IMSSBritvic, Metric Property Investments AGMSArtisan, Britvic, GW Pharmaceuticals, Invesco Leveraged High Yield Fund Ltd., Polar Capital Global Healthcare Growth & Income Trust, Renew Holdings, WH SmithUK ECONOMIC ANNOUNCEMENTSBBA Mortgage Lending Figures (09:30)BoE Interest Rate Minutes (09:30)CBI Industrial Trends Surveys (11:00)GDP (Preliminary) (09:30)Index of Services (09:30)FINAL DIVIDEND PAYMENT DATEDiploma, Majedie InvestmentsFINAL EX-DIVIDEND DATEBlackrock Frontiers Investment Trust, British Portfolio Trust, Compass Group, Gooch & Housego, Renew Holdings, Shaftesbury, Titon Holdings, TreattThursday January 26INTERIMSAngleINTERIM DIVIDEND PAYMENT DATECable & Wireless Worldwide, Dairy Crest Group, Tongaat-Hulett Ltd.QUARTERLY EX-DIVIDEND DATEMarsh & Mclennan Cos Inc.INTERNATIONAL ECONOMIC ANNOUNCEMENTSBloomberg Consumer Confidence (US) (14:45)Continuing Claims (US) (13:30)Durable Goods Orders (US) (13:30)Initial Jobless Claims (US) (13:30)Leading Indicators (US) (15:00)New Homes Sales (US) (15:00)FINALSGem Diamonds Ltd. (DI), Safestore HoldingsIMSSeasyJet, Invensys, London Stock Exchange GroupEGMSNB Distressed Debt Investment Fund Ltd.AGMSEuromoney Institutional Investor, Impax Asset Management Group, ITE Group, Lonmin, Mitchells & Butlers, UltrasisTRADING ANNOUNCEMENTSPetropavlovskUK ECONOMIC ANNOUNCEMENTSCBI Distributive Trades Surveys (11:00)FINAL DIVIDEND PAYMENT DATEAberdeen Asset Management, Alternative NetworksFriday January 27INTERIM DIVIDEND PAYMENT DATEAtkins (WS), Betfair Group, Burberry Group, Dart Group, Ensor Holdings, Falkland Islands Holdings, Greene King, Halfords Group, Hornby, Micro Focus International, RPC Group, Solid State, Speedy Hire, Vertu MotorsQUARTERLY PAYMENT DATEF&C Commercial Property Trust Ltd.INTERNATIONAL ECONOMIC ANNOUNCEMENTSGDP (Advance) (US) (13:30)M3 Money Supply (EU) (09:00)U. of Michigan Confidence (Final) (US) (15:00)Q4Samsung Electronics Co Ltd (ATT) GDR (Reg S)IMSSAveva GroupSPECIAL DIVIDEND PAYMENT DATEF&C Private Equity trust Restricted Shares, Income & Growth VCT AGMSBrainspark, Henderson European Focus Trust, Hot Tuna International, JPMorgan Russian Securities, Marston's, Petra Diamonds Ltd., Scottish Inv Trust, Smiths NewsTRADING ANNOUNCEMENTSHornbyFINAL DIVIDEND PAYMENT DATECharacter Group, Proactis Holdings