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Have a break, have a Brexit

Last updated: 05:48 29 Mar 2017 BST, First published: 18:48 28 Mar 2017 BST

Brexit

Britain is set to trigger Article 50 today, but the 'phoney war' over Britain's departure is set to last a while longer.

That's the view of Samuel Tombs, chief UK economist at Pantheon Macroeconomics.

Donald Tusk, the president of the European Council will publish a short statement on Wednesday acknowledging that Article 50 has been triggered, Tombs noted, but the move likely will not move markets.

Brexit negotiations will not begin until June at the earliest, Tombs declared.

Which means it is all okie-dokie to focus on corporate matters, such as the trading statement from bus and trains group Stagecoach Group PLC (LON:SGC), which has been given added piquancy by the group losing the South Western rail franchise this week.

The firm said it was “disappointed” that it wasn’t able to extend its tenure as operator, with the Department for Transport instead awarding the contract to fellow British transport company FirstGroup PLC (LON:FGP) and Hong Kong-based MTR Corporation.

“We see the failure to retain the South Western franchise as disappointing and negative for Stagecoach. The group has run the franchise since it was first privatised in 1996 [and] it remains to be seen how management reacts,” said Liberum analyst Gerald Khoo.

Khoo reckons there is the possibility that Stagecoach may be discouraged from bidding for further rail franchises in the future, although he also highlights that two of its existing contracts are up for renewal next year.

“It is possible that [management] may reach a similar conclusion to National Express and determine that it is not possible to win new rail franchises on acceptable terms.

“It is also possible that Stagecoach reserves judgement, with two more franchises where it is incumbent due for replacement in 2018 (East Midlands and Virgin West Coast).”

Significant announcements expected

Interims: Transense Technologies PLC (LON:TRT); James Halstead PLC (LON:JHD); Allergy Therapeutics plc (LON:AGY)

Finals: Alliance Pharma (LON:APHA); Johnston Press plc (LON:JPR); Jackpotjoy PLC (LON:JPJ); Faron Pharmaceuticals (LON:FARN); Centaur Media PLC (LON:CAU); Gresham House plc (LON:GHE); Saga PLC (LON:SAGA); Cambridge Cognition Holdings (LON:COG)

Trading Statement: Stagecoach Group PLC (LON:SGC)

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