Week ahead in business and finance
Monday
No FTSE 350 companies reporting.
Economics
Composite PMI survey (US & EU), existing home sales (US)
Tuesday
Shopping centre giant Hammerson will have questions to face from relieved shareholders at its AGM after pulling out of its £3.4bn swoop for rival Intu Properties last week.
Hammerson blamed a deterioration in the UK retail market for walking away from the tie-up, but shareholders were reportedly ramping up the pressure on management over the deal which City analysts believed would dilute the company’s higher-quality portfolio.
Trading statement
Anglo American, London Stock Exchange, St James’s Place
AGM
Hammerson, London Stock Exchange, Metro Bank
Economics
Public sector net borrowing (UK), CBI industrial trends survey (UK), new home sales (US)
Wednesday
Whitbread’s management will be feeling the heat at its full-year figures after a second activist investor revealed a stake in the Costa Coffee owner.
With rival activist Sachem Head unveiling a stake earlier in the year, feared hedge fund Elliott Advisors said it had built a 6pc interest in the FTSE 100 company, urging it to split up its Costa and Premier Inn businesses.
Boss Alison Brittain has said that the company is open to change and she will likely be forced to address the issue following the Elliott stake, according to Hargreaves Lansdown’s George Salmon.
He said: “At an operating level, times have been tough for Whitbread recently. Like-for-like sales have slowed and even reversed recently.”
Full-year results
Whitbread
Interim results
Fenner, Redefine International
Trading update
Antofagasta, Croda International, Fresnillo, GlaxoSmithKline, Intu Properties, Lloyds Banking Group, Metro Bank, Persimmon, Tullow Oil
AGM
British American Tobacco, Countrywide, Intu, Persimmon, Tullow Oil
Thursday
All eyes will be on Barclays’ investment banking figures amid fears that activist investor Sherborne will target the struggling division in its campaign.
The Sunday Telegraph revealed that Sherborne – which has taken a 5.2pc stake in the banking giant – is attempting to woo shareholders to support its cause and is thought to be pushing for a major shake-up in Barclays’ investment banking division.
But Sherborne is likely to face major opposition from the group’s management over any large changes to the division, with plans thought to be in place to resist any attempt to break up the bank.
After a recent sector-wide lull in investment banking, see-sawing markets in the first quarter of the year could help Barclays’ troubled arm.
Full-year results
Capita
Trading update
Barclays, Cobham, Elementis, Hastings, KAZ Minerals, Meggitt, Royal Dutch Shell, Shire, Synthomer, Taylor Wimpey, Weir
AGM
Aggreko, Cobham, Just Eat, Meggitt, Taylor Wimpey, Weir
Economics
Finance loans for housing (UK), CBI distributive trades survey (UK), durable goods orders (US), wholesale inventories (US), ECB monetary policy meeting (EU)
Friday
The “Beast from the East” is expected to knock theme park owner Merlin Entertainments’ recent trading. Barclays analysts warned of a “subdued performance” at the company’s Legoland park during the cold snap, adding that this year’s figures are unlikely to be a catalyst for Merlin’s struggling share price.
Full-year results
Virgin Money
Trading update
Computacenter, Merlin Entertainments, Rotork, Royal Bank of Scotland, Travis Perkins
AGM
Merlin Entertainments, Ultra Electronics, Travis Perkins
Economics
GDP first-quarter first estimate (UK & US), GfK consumer confidence (UK), consumer confidence (EU)