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Preview: High street in focus as Dixons Carphone updates market

Electrical retailer set to report higher sales despite EU referendum uncertainty

A Currys/PC World shop
Dixons Carphone is tipped to have endured more subdued trading in the first quarter of 2016/17

The City is set to get another chance to gauge the mood of the high street after the EU referendum on Thursday as Dixons Carphone (LON:DC.) updates the market.

The electrical retailer, which owns Currys and PC World, is tipped to have faced more subdued trading in the first quarter of 2016/17 than in the final quarter of the previous year.

Numis Securities predicted that the chain would report a like-for-like sales rise in the UK, Ireland and the Nordics of between 2%-4%.

Southern Europe is thought likely to be broadly flat, although the broker noted that the region's performance can prove volatile.

Analyst Matthew Taylor said: “The quarter is relatively light in seasonal terms, so any deviation from these estimates may not fully play into full-year forecasts. We view the shares as good value.”

Meanwhile, investors are likely to focus on Enquest PLC’s (LON:ENQ) plan to farm out 20% of its 70.5% stake in the Kraken field in the North Sea when the oil & gas group reports half-year numbers.

Numis said in a note: “Such a deal would, in principle, be positive for EnQuest, improving the balance sheet and reducing forward capex commitments.

“The final terms had, however, not been agreed as of the last update and the proposed deal would appear to put limited up-front value on Kraken today.”

Elsewhere, animal genetics company Genus plc (LON:GNS) reports annual results and analysts expect interest in the market backdrop to the business.

Investors are likely to focus on the outlook for pig and dairy markets against a background of relatively tough producer markets, with prices under pressure, although the outlook for 2017 is said to look more favourable.

Other companies reporting include:

Interims: Home Retail.

AGMs: BCA Marketplace, Dart Group

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