The coming week ahead sees London's results season still rumbling on, with results from several income investor favourites, including Aviva and water companies Severn Trent and United Utilities.
There will also be a maiden update from Dowlais Group after its spin-out from Melrose, a debut for Avon Protection's new boss, a statement from another defence supplier QinetiQ, hope for a bottom-of-the-property-market call from Great Portland Estates (LSE:GPOR), and maybe the same for Kingfisher and Johnson Matthey, the latter one of the biggest fallers in the FTSE 100 so far this year.
In macroeconomic news, UK inflation is the big number, coming on Wednesday, with other key data points being public sector borrowing and retail sales, while the new UK energy price cap will be announced on Thursday.
MONDAY 22 MAY
Ryanair Holdings PLC (LSE:RYA) will get things going on Monday as annual results from Michael O'Leary's company are expected to underline its status as the number one short-haul carrier in Europe.
Rivals have been uniformly upbeat in their recent updates and Ryanair will be no different, brokers predict.
With news that the cost-of-living and housing crises are driving record demand for self storage, results from Big Yellow Group PLC (LSE:BYG) will also be in focus.
A January trading statement reported a "return to growth in net reservations and occupancy" as it moves into the seasonally stronger periods, with analysts at Peel Hunt saying the outlook from management will be the key to the prospects for the shares "and how the demand-supply dynamic for self-storage changes as the economy continues to battle high inflation".
Significant announcements on Monday
Finals: Big Yellow Group, Kainos Group PLC (LSE:KNOS), Ryanair
US earnings: Zoom Video Communications Inc (NASDAQ:ZM)
AGMs: Crossword Cybersecurity PLC (AIM:CCS), Judges Scientific PLC (AIM:JDG), Stelrad Group PLC (LSE:SRAD), Touchstar PLC (LSE:TST), Venture Life Group (AIM:VLG) PLC
TUESDAY 23 MAY
Tuesday is a day for new starts.
Dowlais Group PLC (LSE:DWL) will be presenting its maiden set of results as a separate company again after being spun out by Melrose earlier this year, five years after its hostile takeover of GKN.
Expect lots of talk about electric vehicles from chief executive Liam Butterworth, an experienced automotive operator.
Over at Avon Protection PLC (LSE:AVON), new boss Jos Sclater took over in January, his first CEO job after being finance chief at Ultra Electronics.
He was also at GKN, coincidentally, being CFO for almost seven years, ended when the defence again Melrose ended in defeat.
Joining Avon after the helmet maker’s dramatic rise and fall in recent years, Sclater is expected to set out more details on his strategy for the helmet maker.
Guidance for the full year is likely to be crucial, suggested broker Peel Hunt.
Significant announcements on Tuesday
Trading updates: Seraphim Space Investment Trust PLC (LSE:SSIT), ENGAGE XR Holdings PLC, Dowlais Group PLC (LSE:DWL)
Interims: Avon Protection PLC (LSE:AVON), Benchmark Holdings PLC (AIM:BMK), Ixico PLC, Tritax Eurobox PLC (LSE:EBOX), Victorian Plumbing Group PLC (AIM:VIC), SSP Group
Finals: Assura PLC, Bytes Technology Group PLC (LSE:BYIT, JSE:BYI), Calnex Solutions PLC (AIM:CLX), Cranswick PLC (LSE:CWK), Eneraqua Technologies PLC (AIM:ETP), ENGAGE XR Holdings PLC, FD Technologies PLC (AIM:FDP), Helical (LSE:HLCL) PLC, RS Group PLC (LSE:RS1)
US earnings: Intuit Inc, Palo Alto Networks Inc (NYSE:PANW)
AGMs: 888 Holdings PLC (LSE:888), Access Intelligence PLC, Arix Bioscience PLC (LSE:ARIX), Bank Of Ireland Group PLC, Big Technologies PLC (AIM:BIG), Centamin PLC (LSE:CEY, TSX:CEE, OTC:CELTF), CT Private Equity Trust PLC, Empresaria Group plc (AIM:EMR), Epwin Group PLC (LSE:EPW), Forterra PLC (LSE:FORT), Fresnillo PLC (LSE:FRES), Gresham Technologies plc (LSE:GHT), Harworth Group PLC, Hilton Food Group PLC (LSE:HFG), Hvivo PLC, HydrogenOne Capital Growth PLC (LSE:HGEN), IQ-AI Ltd (LSE:IQAI, OTCQB:IQAIF), JTC PLC (LSE:JTC), K3 Business Technology Group (AIM:KBT) PLC, Pebble Group PLC, Portmeirion (AIM:PMP) Group PLC, PPHE Hotel Group Ltd, Restaurant Group PLC (LSE:RTN), Riverstone Energy Ltd (LSE:RSE), Shell PLC (LSE:SHEL, NYSE:SHEL), Sherborne Investors C Ltd, Triple Point Social Housing Reit PLC (LSE:SOHO), Union Jack Oil PLC (AIM:UJO), Wickes Group PLC (LSE:WIX), Xeros Technology Group PLC (AIM:XSG)
Economic announcements: Public Sector Net Borrowing (UK), New Homes Sales (US)
WEDNESDAY 24 MAY
UK inflation numbers will be the top-line news of the day, with some easing in the consumer price index expected but drops in some prices offset by soaraway groceries which may mean the overall number retreats more slowly than had been hoped.
First quarter numbers from life insurer Aviva PLC (LSE:AV.) will be closely followed by its many loyal income investors. While they might be a fairly quiet affair there could be hints at further improvements later in the year, according to one analyst.
Forward guidance will also be scrutinised closely at Great Portland Estates (LSE:GPOR) as analysts at Barclays expect net asset value to have tracked lower but wondered if the bottom of the market might be called.
Representing the retail sector, B&Q and Screwfix owner Kingfisher PLC (LSE:KGF) is also expected to have endured a weak period.
Later, in the US, NVIDIA is also expected to report a drop in both earnings and revenue when it posts its results for the first quarter.
Significant announcements on Wednesday
Trading updates: Aviva PLC (LSE:AV.), Close Brothers Group PLC (LSE:CBG), Intertek Group PLC (LSE:ITRK), Kingfisher PLC (LSE:KGF), Pershing Square Holdings (LSE:PSH), Petershill Partners PLC (LSE:PHLL)
Finals: C&C Group PLC (LSE:CCR), Great Portland Estates PLC, Marks & Spencer Group PLC, Severn Trent PLC (LSE:SVT), SSE PLC (LSE:SSE), HICL Infrastructure PLC, Londonmetric Property PLC
US earnings: XPeng Inc, NVIDIA Corporation (NASDAQ:NVDA), Snowflake Inc
AGMs: 4imprint Group Plc (AQSE:FOUR), Arbuthnot Banking Group (AIM:ARBB) PLC, Artisanal Spirits Company PLC, BAE Systems PLC (LSE:BA.), Bango PLC (AIM:BGO, OTCQX:BGOPF), Deltic Energy PLC (AIM:DELT), Distribution Finance Capital Holdings PLC, Ebiquity PLC (AIM:EBQ), Empiric Student Property PLC, Horizonte Minerals PLC (AIM:HZM, TSX:HZM, OTC:HZMMF), Intertek Group PLC (LSE:ITRK), Ithaca Energy PLC (LSE:ITH), Kelso Group Holdings PLC (LSE:KLSO), Lookers PLC (LSE:LOOK), M&G PLC (LSE:MNG), Mercantile Investment Trust PLC (LSE:MRC), Microlise Group PLC (AIM:SAAS), Mortgage Advice Bureau (Holdings) Ltd, National World PLC (LSE:NWOR), Ondine Biomedical Inc (AIM:OBI), Petershill Partners PLC (LSE:PHLL), Playtech PLC (LSE:PTEC), RHI Magnesita NV, Tullow Oil PLC (LSE:TLW), Zotefoams PLC (LSE:ZTF)
Economic announcements: Consumer Price Index (UK), Producer Price Index (UK), Price Index (UK), MBA Mortgage Applications (US), Crude Oil Inventories (US)
THURSDAY 25 MAY
Investors and households will be interested in what Ofgem has to say, as the regulator announces the new energy price cap for the July-September quarter, with a sizeable drop expected that will mean a big difference to many.
Ahead of results from Johnson Matthey PLC (LSE:JMAT), forecasts were slashed by analysts due to falling platinum group metal (PGM) prices, though the group’s clean air division is touted to see improvements in profit margins.
Also on Thursday there will be more riffing on the week’s themes of water companies and defence suppliers.
QinetiQ Group PLC (LSE:QQ.) will follow Avon, though it was more bullish when it delivered its closing update on its financial year, upping its guidance, and leading analysts to expect “positive commentary on longer-term growth ambitions” when these preliminary results are reported.
Water company United Utilities Group PLC (LSE:UU.) may also be glowing proudly and hoping for pats on the back after the water industry’s recent apology and promise to up spending investment in sewage processing and cutting leaks.
UU was one of the worst offenders, according to recent data, but most of its investors have not cared as the dividends it has paid out have been so lucrative in recent years.
Analysts at JPMorgan recently said investing in water companies could be viewed as "cheap" but returns are "unattractive" compared to electricity companies.
Significant announcements on Thursday
Trading updates: Hill & Smith PLC
Interims: AJ Bell PLC (LSE:AJB)
Finals: Griffin Mining Ltd, Intermediate Capital Group (LSE:ICP) PLC, Pets at Home Group PLC (LSE:PETS), QinetiQ Group PLC (LSE:QQ.), Renewi PLC (LSE:RWI), United Utilities Group PLC (LSE:UU.), Workspace Group PLC (LSE:WKP), Tate & Lyle PLC (LSE:TATE), Johnson Matthey PLC (LSE:JMAT)
US earnings: Medtronic PLC (NYSE:MDT), Costco Wholesale Corporation (NASDAQ:COST)
AGMs: Alliance Pharma PLC (AIM:APH), Biome Technologies PLC (AIM:BIOM), Boot (Henry) PLC, Capital & Regional PLC, Destiny Pharma Holdings PLC, Ferrexpo PLC (LSE:FXPO), Fevertree Drinks (AIM:FEVR) PLC, Headlam Group (LSE:HEAD) PLC, Hill & Smith PLC, Life Science REIT PLC (AIM:LABS), NAHL Group PLC (LSE:NAH), Prudential PLC (LSE:PRU), Regional REIT (LSE:RGL) Ltd, Resolute Mining Ltd (ASX:RSG, LSE:RSG), RM Plc (LSE:RM.), S & U PLC, Sabre Insurance Group PLC (LSE:SBRE), TBC Bank (LSE:TBCG) Group PLC, Vanquis Banking Group PLC
Economic announcements: Continuing Claims (US), GDP (Preliminary) (US), Initial Jobless Claims (US), Pending Homes Sales (US)
Ex-dividend to reduce FTSE 100: 3.35 points (Intertek, Kingfisher, Whitbread, Imperial Brands, DCC, Coca-Cola HBC )
FRIDAY 26 MAY
It looks to be a quiet end to the week in terms of the City diary, with retail sales data from the Office for National Statistics helping bulk things up.
There will be an update from an investment trust whose shares are trading at one of the largest discounts to its net asset value, though its far from the largest.
Shares in HarbourVest (LSE:HVPE) Global Private Equity, managed by Boston-based HarbourVest (LSE:HVPE) Partners, closed the past week at 2,185p, which is a discount of over 43% to the last published NAV of £38.52 per share.
On a dollar basis, the latest NAV of US$48.38 is actually up from the US$48.04 at the end of December and the US$47.76 at the end of July last year.
Significant announcements on Friday
Trading updates: Harbourvest Global Private Equity
Interims: Integrafin Holdings PLC
Finals: Volvere (AIM:VLE) PLC
AGMs: Bank Of Cyprus Holdings PLC, A G Barr PLC, Glencore PLC (LSE:GLEN), Keywords Studios PLC (AIM:KWS, OTC:KYYWF), Old Mutual Ltd, Spectris PLC (LSE:SXS), XLMedia PLC (AIM:XLM, OTC:XLMDF)
Economic announcements: Retail Sales (UK), Durable Goods Orders (US), Personal Consumption Expenditures (US), Personal Income (US), Personal Spending (US), Wholesales Inventories (US), University of Michigan Confidence (US)