Monday 24 May
-Belgian Courbe Synthetique business confidence indicator
Tuesday 25 May
-Full-year results from AVEVA, Shaftesbury, Speedy Hire and Electrocomponents
-First-half results from Avon Rubber
-UK monthly government borrowing figures
-German Ifo business confidence survey
-US Case-Shiller house price index
-US new homes starts data
-Conference Board US consumer confidence reading
-In the US, quarterly results from Intuit, Agilent and Autozone
Wednesday 26 May
-SSE full-year results
According to AJ Bell investment director Russ Mould, shares in the power utility company are up by a quarter over the past year driven by the company’s decision to withdraw from the retail energy market and focus on power generation and transmission, as well as its drive to position itself as a leading provider of renewable energy. Its decision to increase its dividend by the rate of the retail price index to 2023 will have also boosted its share price.
SSE will provide an update on its proposed £7.5bn investment programme designed to help the firm treble its renewable energy output by 2030.
SSE estimated a full-year impact upon profits from coronavirus of between £150m and £250m, a reduction in net debt to around £9.5bn and adjusted earning per share of 85p to 90p.
-British Land full-year results
In its first-half results British Land’s void ratio stood at 4.9%, up from 3.4% last March. Net rental income fell 21% year-on-year to £191m, while April’s trading update revealed 82% of total rent had been collected for the year to March with offices at 99% and retail at 70%, according to AJ Bell financial analyst Danni Hewson. But rent collection for the January-to-March period only was 76% at that stage, with offices at 96% and retail at 70%.
British Land’s shares have closed up the gap on net tangible value (NTV), leaving the discount at ‘just’ 25%, as investor consider what lockdown easing means for a return of commuters and shoppers.
It resumed interim payments at the first-half stage in the autumn with a distribution of 8.4p a share. Analysts are pencilling in a full-year dividend of 17p a share ahead of further increases in fiscal 2022 and 2023.
-The Pension Regulator’s consultation on its new Code of Practice closes
-Full-year results from Marks & Spencer, De La Rue and Biffa
-Interest rate decision from the Reserve Bank of New Zealand
-US weekly oil inventory figures
-In Asia, quarterly results from Xiaomi
-In the US, quarterly results from Nvidia, Pinduoduo and Snowflake
Thursday 27 May
-Johnson Matthey full-year results
In April’s trading update, CEO Robert MacLeod suggested that results would come toward the top end of analysts’ forecast, where the range for underlying operating profit was £405m to £502m, down from £539m in the year to March 2020.
Investors will look for an update on new materials, where Johnson Matthey is working to commercialise its battery technology eLNO, as well as develop fule cells and a green hydrogen business for auto and non-automotive applications according to Mould.
Analysts are expecting sales of £13.9bn against £14.6bn a year ago, with underlying operating profit of £494m and a statutory operating profit of £388m.
-Full-year results from United Utilities, Pets at Home and Ted Baker
-First-half results from DMGT
-Trading update from Aviva
-US weekly unemployment claims
-In Asia, quarterly results from Meituan Dianping
-In the US, quarterly results from GameStop, Salesforce.com, Medtronic, Dell, VMWare, BestBuy, Dollar Tree, Dollar General and HP Inc
Friday 28 May
-Full-year results from FirstGroup
