Week Ahead:BoE rate decision, Centrica, BT, Sainsbury

7th May 2010 11:44

The Bank of England delayed the meeting of its Monetary Policy Committee (MPC) last week as it clashed with the date of the general election. The date was rescheduled to avoid any accusation of the MPC's decisions on interest rates and fiscal stimulus influencing the election result.The MPC is scheduled to announce its verdict on Monday by which time it is hoped that there will be some clarity over the composition of the UK government. Even without the concern over influencing political events the MPC is widely expected to maintain the status quo and leave its rates and quantitative easing policy unchanged.On the corporate front Centrica, Aviva, Serco, Inmarsat, InterContinental, Compass, Wood Group, Tullow Oil, Thomas Cook, BT, Sainsbury. Amec, Old Mutual and ENRC are among the FTSE 100 constituents scheduled to make announcements.Citigroup is expecting British Gas owner Centrica to issue a positive statement on Monday. "We expect British Gas Residential to have performed well, benefiting from strong gas demand in Q1 [first quarter] with the company making customer gains within this business. We expect the company to continue to show good momentum within Home Services and make improvement in the US where performance has been weaker," the US banking group said.Turning to telecoms group BT, Citi is forecasting a 5.9% decline in revenue year on year for the first quarter. "Full year cash flow, post pension, reaches £1.2bn, while we expect the estimated IAS 19 net pension deficit to rise to £7.3bn. March 2011 cost savings may prove strong, but fibre costs and pension payments represent significant threats to BT's subs sector cash flow and dividend," Citi said.Following a disappointing trading update from supermarket group Morrisons this week the full year results from sector peer J. Sainsbury will be keenly anticipated by industry observers looking for further signs of slowing growth in the sector as inflation trends lower.Dutch investment house ING is forecasting underlying clean pre-tax profit of £590m, versus market consensus of £600m. The market is anticipating revenue will fall just short of £20bn at £19.96bn."A key focus of the market will likely rest with any current trading comment that is disclosed," ING opines. "In our view, management's 3-4% LFL YoY [like for like year on year] medium-term growth assumption is looking a little optimistic at this juncture," the broker added.The company may provide a formal revaluation of its property portfolio, last valued at £8.5bn in November 2009. Monday May 10INTERIMSAdvanced Power Components, DiplomaINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (GER) (07:00)Current Account (GER) (07:00)GMSMWB Group Holdings UtsFINALSGLOBOIMSSCentrica, Dignity, Hiscox, InterserveAGMSBlackstar Group, Centrica, Dealogic, Delcam, Downing Protected VCT IV, Downing Protected VCT V, HGCapital Trust, Imagelinx, Interserve, Steppe Cement, Zest, Zhejiang Exp'H'UK ECONOMIC ANNOUNCEMENTSBoE Interest Rate Decision (12:00)FINAL DIVIDEND PAYMENT DATEArriva, CRHQ1First Quantum Minerals, ReneSolaTuesday May 11INTERIMSAvon Rubber, easyJet, Enterprise Inns, Southern Cross Healthcare GroupINTERIM DIVIDEND PAYMENT DATETelefonica SAINTERNATIONAL ECONOMIC ANNOUNCEMENTSABC Consumer Confidence (US) (22:00)Consumer Price Index(GER) (07:00)Wholesales Inventories (US) (15:00)FINALSBabcock International Group, Toyota MotorIMSSAviva, Henderson Group, Serco GroupAGMSBlackRock Latin American Inv Trust, Burst Media, Capita Group, Henderson Group, Henderson High Income Trust, Highcroft Investment, Impax Environmental Markets, Kingdom Hotel Investments GDS, Macfarlane Group, MCB Finance Group, Merchants Trust, Salamander Energy, Serco Group, Spirax-Sarco Engineering, Unilever, William Hill, ZotefoamsTRADING ANNOUNCEMENTSSupergroupUK ECONOMIC ANNOUNCEMENTSBRC Sales Monitor (00:01)Industrial Production (09:30)Manufacturing Production (09:30)RICS Housing Market Survey (09:30)FINAL DIVIDEND PAYMENT DATEThe Hotel Corporation, WSP GroupQ1Inmarsat, InterContinental Hotels GroupWednesday May 12INTERIMSCompass Group, Dimension Data Holdings, OMGINTERIM EX-DIVIDEND DATEAberdeen Asset Management, Narborough Plant, Puma VCT III, Puma VCT IV, Sage Group, Smart (J) & Co., Smiths NewsQUARTERLY EX-DIVIDEND DATEBarclaysINTERNATIONAL ECONOMIC ANNOUNCEMENTSBalance of Trade (US) (13:30)Crude Oil Inventories (US) (15:30)GDP (Flash Estimate) (EU) (10:00)Gross Domestic Product (GER) (07:00)Industrial Production (EU) (10:00)MBA Mortgage Applications (US) (12:00)New Home Sales (AUS) (00:00)Treasury Budget Statement (US) (19:00)GMSEuropean Goldfields Limited, Hertford International, Victoria Oil & GasFINALSFirstGroup, Strategic Thought Group, Vertu MotorsIMSSBarratt Developments, Beazley Group, Chime Communications, Greggs, John Wood Group, Premier Foods, Prodesse Investment Ltd., Tullow OilSPECIAL EX-DIVIDEND PAYMENT DATEBlackRock Smaller Companies Trust, Narborough PlantEGMSMcInerney Holdings, STV GroupAGMSArbuthnot Banking Group, Aurelian Oil & Gas, Balfour Beatty, BG Group, British Smaller Technology Companies VCT 2, Chime Communications, Cineworld Group, Clarkson, Dialight, European Goldfields Limited, Flying Brands, Frenkel Topping, Futura Medical, Goldenport, Goldenport, Greggs, Hellenic Carriers, Indochina Capital Vietnam Holding (DI), International Personal Finance, John Wood Group, KBC Advanced Technologies, Marshalls, Matrix Income & Growth 3 VCT, Matrix Income & Growth VCT, McInerney Holdings, Mithras Inv Trust, Pittards, Skyepharma, TT Electronics, Tullow Oil, Ukraine Opportunity Trust, Weir Group, Wellstream HoldingsTRADING ANNOUNCEMENTSMicro Focus International PlcUK ECONOMIC ANNOUNCEMENTSBoE Inflation Report (09:30)Claimant Count Rate (09:30)Unemployment Rate (09:30)FINAL DIVIDEND PAYMENT DATEDairy Farm International (Singapore), Hongkong Land Holding Ltd. (Singapore), Jardine Matheson (Singapore), Jardine Strategic (Singapore), Smith & NephewFINAL EX-DIVIDEND DATE888 Holdings, BlackRock Smaller Companies Trust, Downing Protected VCT IX, Downing Protected VCT VIII, Fresnillo, Irish Continental Group Units, Lamprell, Macfarlane Group, Matrix Income & Growth 4 VCT, Mount Engineering, Nestor Healthcare, Old Mutual, ProVen Health VCT, Provident Financial, Puma VCT V, PV Crystalox Solar, Rightmove, S & U, SPARK VCT, STM Group, Ted Baker, WhitbreadQ1Aegon , Bank BPH GDR (Reg S), Bank Pekao GDS (Reg S), Grupo Clarin S.A. GDR (Reg S), Ote ADSThursday May 13INTERIMSEuromoney Institutional Investor, Holidaybreak, Thomas Cook GroupINTERNATIONAL ECONOMIC ANNOUNCEMENTSContinuing Claims (US) (13:30)ECB Report (EU) (09:00)Import and Export Price Indexes (US) (13:30)Initial Jobless Claims (US) (13:30)Unemployment Rate (AUS) (00:00)Wholesale Price Index (GER) (07:00)Q4BT GroupGMSManganese BronzeFINALS3i Group, BT Group, Datatec Ltd. (DI), Luminar Group, Sainsbury (J), Sony Corp.ANNUAL REPORTPinnacle Staffing GroupIMSSAmec, Amlin, Axis-Shield, Clinton Cards, Cookson Group, Eurasian Natural Resources, Melrose, Morgan Crucible, Old Mutual, Premier Oil, Trinity Mirror, Tullett PrebonAGMSAberdeen Asian Income Fund Ltd., Amec, Amlin, British Polythene, Chesnara, Cookson Group, Dow Chem., Fidelity Japanese Values, Fyffes, Hardy Oil & Gas, Henderson TR Pacific Inv Trust, Hikma Pharmaceuticals, Huntsworth, Inchcape, Ingenious Entertainment VCT 1, Ingenious Entertainment VCT 1 'C' Shares, Ingenious Entertainment VCT 2, Ingenious Entertainment VCT 2 'C' Shares, Ingenious Live VCT 1, Ingenious Live VCT 2, Islamic Bank of Britain, Kingspan Group, LMS Capital, Manganese Bronze, Mecom Group, Melrose, MTI Wireless Edge, Northern 2 VCT, Old Mutual, Petrofac Ltd., Robinson, SIG, Sportech, St James's Place, Trinity Mirror, Tullett Prebon, United Business MediaUK ECONOMIC ANNOUNCEMENTSBalance of Trade (09:30)FINAL DIVIDEND PAYMENT DATEStandard CharteredQ1Axis-Shield, European Goldfields Limited, Telecom Egypt S.A.E GDS (Regs), Telefonica SAFriday May 14INTERIM DIVIDEND PAYMENT DATECarr's Milling Industries, London & St lawrence Inv Co.QUARTERLY PAYMENT DATEBritish Land Co, Merchants TrustINTERNATIONAL ECONOMIC ANNOUNCEMENTSBusiness Inventories (US) (13:30)Capacity Utilisation (US) (16:15)Industrial Production (US) (16:15)Retail Sales (US) (13:45)Retail Sales Inventories (US) (15:15)GMSLadbrokesFINALSReliance Infrastructure GDR (Reg S)ANNUAL REPORTLondon Security, M. P. Evans GroupIMSSGartmore Group , Ladbrokes, Renishaw, Unite GroupAGMSARM Holdings, Computacenter, Edinburgh UK Tracker Trust, Global Energy Development, Intertek Group, Irish Life & Permanent Group Holding, Kazakhmys, Ladbrokes, Rentokil Initial, SPARK VCT 2, Standard Life, Sunkar ResourcesFINAL DIVIDEND PAYMENT DATEArbuthnot Banking Group, China Medical System Holdings, Delcam, Drax Group, Fisher (James) & Sons, Goldenport, Invista Real Estate Investment Management Holdings, Kerry Group 'A', Molins, Raven Russia, ROK, Signet Global Fixed Income Strategies GBP Shares, Sperati (Ca), T Clarke, Xstrata