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Week ahead: Brave new world for FTSE 100; Wolseley, TUI, easyJet update

Last updated: 07:00 22 Mar 2015 GMT, First published: 08:00 22 Mar 2015 GMT

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London’s top share index breached the 7,000 mark for the first time in its history on Friday – how much higher can it go?

Until now, the 7,000 level has been seen as something of a psychological barrier, as it has been 17 years since the index moved past 6000.

However, the FTSE 100 has been buoyed by signs of US interests rates staying low and Greece nearing a deal with its European creditors.

Momentum created by George Osborne's budget has helped, but, to be fair, equity indices in the US and Europe have also been breaking records.

Bulls will make the case for a move to 7,100 and beyond for the UK share gauge while the bears look for cover.

As we head into next week, hopefully plumbing supplies group Wolseley doesn’t put a dampener on Footsie’s feel-good mood.

Shares in the firm are trading close to a seven year high; so the market looks to be expecting positive results when it sends out interims on Tuesday.

Last year, the UK based company said it benefitted from strong growth in the USA, which accounts for 55% of its revenue, while Europe and Canada remained subdued.

Investors will be hoping that its all-important US business has continued with its recent improvement and that margins have improved helped by cost cutting and bigger market share.

Dividend growth has also been boosted by its improving cash position.

On Wednesday, travel group TUI sends out an update.

There will be a particular focus on the level of growth in selling prices and the performance of the higher margin “unique” holiday offerings, reckons broker The Share Centre, given the group’s target of 10%-15% growth in operating profit for the full year.

The market will also be interested in how the integration of TUI travel and TUI AG is progressing and the latest assessment of the potential synergies and opportunities resulting from the combination.

Meanwhile, Bellway is moving from strength to strength after registering a ‘record’ annual profit last year.

The strong property market in the UK has helped Bellway increase the number of its homes under construction, and the average selling price is on the rise too.

“The Help to Buy scheme has assisted Bellway and the rest of the homebuilders, and as George Osborne did not mention it in the recent budget announcement, this suggests it will stay in place until 2020, likely providing further assistance to the company for several more years,” said David Madden of IG Group.

The homebuilder will reveal its first-half numbers on Wednesday and the consensus is for revenue of £847mln and adjusted net income of £120mln.

Heading into the latter stages of next week, easyJet updates on Thursday.

Investors will also be interested to hear if the airline is still predicting a first half loss in the range of £10mln-£30mlm.

Also, the budget carrier should say whether it has been able to pass on the fall in fuel costs, due to the fall in the oil price, to its customers.

On the same day, SuperGroup chief executive Euan Sutherland is due to outline his future growth strategy for the business.

Investec does not expect a radical change of direction from clothing brand, though it expects the focus to be on better retail execution and maximising UK profitability, where it sees a major medium-term opportunity.

“We believe SuperGroup’s long-term investment case is very much intact. BUY,” said the broker.

 

Monday

Interims: SCS Group (LON:SCS), Nanoco Group (LON:NANO), YouGov PLC (LON:YOU), Finsbury Food Group (LON:FIF)

Finals: SVM Global Fund (LON:SVG), CityFibre Infrastructure Holdings (LON:CFHL), GVC Holdings (LON:GVC), Akers Biosciences (LON:AKR)

Trading statement: Pennon Group (LON:PNN)

Economic announcements: CBI Industrial Trends Surveys

Tuesday

Interims: Wolseley (LON:WOS)

Finals: Faroe Petroleum (LON:FPM), Gulf Marine (LON:GMS), John Laing Infrastructure Fund (LON:JLIF), Spire Heathcare Group (LON:SPI), Quixan (LON:QXT), Panmure Gordon (LON:PMR)

Economic announcements: UK Consumer, Producer and Retail price indices

Wednesday

Interims: Bellway (LON:BWY), BowLeven (LON:BLVN), Futura Medial (LON:FUM)

Finals: Alliance Pharma (LON:APH), Anglo Pacific Group (LON:APF), Johnston Press LON:JPR), Hilton Food Group (LON:HFG), Card Factory (LON:CARD), Balfour Beatty (LON:BBY), EG Solutions (LON:EGS)

Trading statement: United Utilities (LON:UU.), TUI (LON:TUI)

Economic announcements: UK BBA mortgage lending figures

Thursday

Interims: Daily Mail and General Trust (LON:DMGT), Epistem Holdings (LON:EHP)

Finals: SciSys LON:SSY), Science in Sport (LON:SIS), IFG Group (LON:IFP), Churchill China (LON:CHH)

Trading statement: easyJet (LON:EZY), SuperGroup (LON:SGP)

Economic announcements: UK Internet retail sales, CBI Distributive traders surveys

Friday

Interims: Imperial Innovations (LON:IVO)

Finals: Judges Scientific (LON:JDG), Cathay International Holdings (LON:CTI), Homeserve (LON:HSV)

Economic announcements: US GDP.

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