A Brief Look At The Week Ahead

A quieter week than of late, according to the corporate diary. I expect M&A banter will keep the market buzzing with a new bid for Corus and BSkyB's acquisition of a big holding in ITV causing the biggest furore. On Tuesday, attention will be focused on the impact of the latest property boom. British Land, which has about half of its portfolio in London, is expected to have benefited from a rise in commercial rents. Morgan Stanley predicts rents in the West End, already approaching 120 per square foot, will rise by 74% over four years, while the City of London will experience a 58% rise. Analysts have pencilled in a half-yearly net asset value of 1,609p a share, which compares with 1,256p at the same point last year. Also on Tuesday, Enterprise Inns, the group of 7,800 leased and tenanted pubs owned by Solihull entrepreneur Ted Tuppen, publishes annual results. The company said in a trading statement last month that profits would be in line with analysts' forecasts of 315m against 305.6m last time, and earnings per share of 68.2p compared with 63.2p previously. Consolidation from a recent share buyback will boost earnings per share. However, there is expected to be considerable interest in the make-up of the group ahead of the imminent ban on smoking in public places. Tuppen has said the tenants and leaseholders will bear the brunt of any impact from the ban. The company has partly addressed the issue by offloading to Admiral Taverns those of its pubs that were more at the beer and fags end of the spectrum. The market has bought the arguments and Enterprise's share price has risen by 75p in the past month following 20% upgrades by analysts. Johnson Matthey, the specialist chemicals company which concentrates on catalysts, precious metals and fine chemicals, is predicted to announce half-yearly pre-tax profits of 113m-116.4m and earnings per share of 36.9p-38.4p when it reports on Wednesday. Daily Mail & General Trust reports on Thursday. Life for newspapers has become increasingly tough over the past few years as the growth of internet-based news has caused advertising revenues to tumble. Numis Securities predicts full-year turnover up just 1% cent at 2.16bn. Headline profits are set to fall from 223m to 205m after a 40m restructuring charge, but the dividend should be increased from 12p to 12.8p, the broker says. Amongst others in the headlines this week are :- Thus on Monday; GUS and ICAP on Tuesday; Paragon on Wednesday and WS Atkins and Big Yellow on Thursday. Plenty there to keep us all busy. Good hunting! Greystone (Greystone is Alan English, City Editor at MoneyAM.)

Thanks Greystone, Supermum

Good morning traders!

In Asia today, the Nikkei closed down 365.79 points at 15,725.94, while the Hang Seng was recently down 133.89 points at 19,048.82.

New York's main oil contract, light sweet crude for January delivery lost 58 cents at $58.39 a barrel.

Happy trading!

G.

John - You are very welcome

End-of-day Market Roundup