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Week Ahead: Market waits on project updates from Antofagasta

Published: 06:30 25 Aug 2013 BST

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It's a shortened week, thanks to the Monday bank holiday, but there is no shortage of big announcements lined up, including updates from Antofagasta, 888 and Serco.

Chilean copper giant is tipped by the market to announce underlying earnings (EBITDA) of US$1,50mln and a net profit of US$559mln, which translates to earnings per share (EPS) of 51 cents. Having paid out a special dividend earlier this year, Antofagasta is seen proposing an interim dividend of 8.4 cents.

"Apart from announcing that the Antucoya project was 30% complete, there has been no further information on this project development or on the potential expansion of Los Pelambres and further developments in the Centinela mining district. We will look for further updates on these potential projects," says broker Westhouse Securities.

Results from 888 are unlikely to hold too many surprises, Panmure Gordon reckons. The broker expects earnings before interest, tax and depreciation of US$36mln and a dividend of 2.8¢, representing a 10% year-on-year rise.

Of the impending interims, Panmure said: “We expect the group to elaborate on its planned US market re-entry in the third to fourth quarter in Nevada and New Jersey and the market to begin to recognise this valuable income stream.”

It added the company’s current valuation doesn’t “accurately capture the group’s growth potential, particularly in the US, and we believe the risk reward balance is once again favourable to investors”.

Serco, an international service provider, announces half-year results on Thursday. "Next week, an update on UK government outsourcing contracts would be welcome, but the share price suggests little new information will be forthcoming," says Charles Stanley.

Significant announcements expected

Monday

Companies: None (UK bank holiday)

Macroeconomic: UK: Nationwide HPI, CBI Realized Sales. EU: Italian Monthly Unemployment Rate, Italian Quarterly Unemployment Rate. US: Core Durable Goods Orders, Durable Goods Orders.

Tuesday

Companies: Interims: Antofagasta (LON:ANTO), Bunzl (LON:BNZL), British Polythene Industries (LON:BPI), FBD Holdings (LON:FBH), Jelf Group (LON:JLF), John Laing Infrastructure Fund (LON:JLIF), Petrofac (LON:PFC), Regus (LON:RGU), UTV Media (LON:UTV).

Macroeconomic: US: CB Consumer Confidence, Richmond Manufacturing Index.

Wednesday

Companies: Interims: 888 Holdings (LON:888), APR Energy (LON:APR), Candover Investments (LON:CDI), Chime Communications (LON:CHW), DRS Data & Research Services (LON:DRS), G4S (LON:GFS), Johnston Press (LON:JPR), Kenmare Resources (LON:KMR), Paddy Power (LON:PAP), Polymetal International (LON:POLY), Phaunos Timber Fund (LON:PTF), Randall & Quilter Investment Holdings (LON:RQIH). Trading Statement: Chemring Group (LON:CHG), Mattioli Woods (LON:MTW).

The following widely-held stocks will be trading in ex-dividend form: Legal & General, Tullow Oil, St James’s Place, Stagecoach, Alliance Trust, Berkeley Group, African Barrick Gold

Macroeconomic: EU: GfK German Consumer Climate, M3 Money Supply, Private Loans. US: Pending Home Sales.

Thursday

Companies: Finals: Hays (LON:HAS). Interims: Admiral Group (LON:ADM), Aseana Properties (LON:ASPL), Camellia (LON:CAM), Churchill China (LON:CHH), Cape (LON:CIU), Co-operative Bank (LON:CPBB), Eurasia Drilling Company (LON:EDCL), Evraz (LON:EVR), Hardy Oil & Gas (LON:HDY), H R Owen (LON:HRO), Hansteen Holdings (LON:HSTN), Hunting (LON:HTG), HellermannTyton Group (LON:HTY), IFG Group (LON:IFP), International Public Partnership (LON:INPP), Lombard Medical Technologies (LON:LMT), Macfarlane Group (LON:MACF), Molins (LON:MLIN), Melrose (LON:MRO), office2office (LON:OFF), Oxford Biomedica (LON:OXB), Petropavlovsk (LON:POG), Playtech (LON:PTEC), SOCO International (LON:SIA), Salamander Energy (LON:SMDR), Serco Group (LON:SRP), UNITE Group (LON:UTG), Vislink (LON:VLK), WPP group (LON:WPP), Xaar (LON:XAR).

Macroeconomic: EU: German Unemployment Change. US: Prelim GDP, Unemployment Claims, Prelim GDP Price Index.

Friday 

Companies: Finals: Haynes Publishing Group (LON:HYNS). Interims: Bilfinger Berger Global Infrastructure (LON:BBGI), bwin.party digital entertainment (LON:BPTY), Computacenter (LON:CCC), Chesnara (LON:CSN), Cathay International Holdings (LON:CTI), Charles Taylor Consulting (LON:CTR), Frontline (LON:FRO), Headlam Group (LON:HEAD), Independent News & Media (LON:INM), Lavendon Group (LON:LVD), Marshalls (LON:MSLH), Perform Group (LON:PER), Polyus Gold International (LON:PGIL), Restaurant Group (The) (LON:RTN), Shaft Sinkers Holdings (LON:SHFT), Tyman (LON:TYMN).

Macroeconomic: UK: GfK Consumer Confidence, Net Lending to Individuals, M4 Money Supply, Mortgage Approvals. EU: German Retail Sales, Retail PMI, CPI Flash Estimate, Unemployment Rate. US: Personal Spending, Core PCE Price Index, Personal Income, S&P/CS Composite-20 HPI, Chicago PMI, Revised UoM Consumer Sentiment, Revised UoM Inflation Expectations.

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