Tuesday preview: Wolseley reports full-year results, German inflation data released

In the company’s third quarter interims in June, Wolseley said it expected full-year trading profit for the ongoing businesses to be in line with the consensus forecast and anticipated 6% growth in like-for-like revenue in the next six months.

“We expect the usual guidance on LFL growth for the next six months; we forecast 4%, a slowing from fourth quarter on first quarter guidance of 6%, given that the first half comparatives are slightly tougher, and we forecast double-digit declines in Canada for full-year 2016,” said JP Morgan Cazenove analyst Emily Biddulph.

“Wolseley remains on our analyst focus list; we still believe 14.8x calendar year 2016 estimate price to earnings and a 5% free-cash-flow yield undervalues our forecast 13% three-year earnings per share Compound Annual Growth Rate which could become 18% were we to factor in future bolt-ons and buybacks.”

On the macro-economic calendar, reports on German inflation and US consumer confidence will be centre stage. Analysts estimate the German consumer price index rose 0.1% in September compared to a year ago, slowing from the previous month’s 0.2% growth.

The European Central Bank has said it would consider extending its quantitative easing programme if inflation fails to move back towards its target of just under 2%.

The US consumer confidence index is forecast to fall to 96 in September from 101.5 in August, amid concerns about the potential impact the slowdown in China’s economy will have on the US.

Tuesday 29 September

INTERIMS
Boohoo.com, Crawshaw Group, e-Therapeutics, Ergomed , GLOBO, Instem, Learning Technologies Group , Outsourcery, People's Operator (The) , Personal Group Holdings, Premier Technical Services Group , Silence Therapeutics, Toumaz Limited, Venture Life Group, Vernalis

INTERIM DIVIDEND PAYMENT DATE
Croda International, Glencore , Puma High Income VCT

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (GER) (07:00)
Business Climate Indicator (EU) (10:00)
Consumer Confidence (US) (15:00)
Economic Sentiment Indicator (EU) (10:00)

FINALS
Earthport, James Halstead, Mysale Group, Netcall, Revolution Bars Group, SCS Group , Wolseley

ANNUAL REPORT
Haynes Publishing Group, Ibex Global Solutions

AGMS
Arcontech Group, Downing Four VCT DSO, Downing Four VCT DSO 'A' Shs, Downing Four VCT DSO 'B' Shs, Jubilant Energy, Kodal Minerals , Meikles Ltd., Mwana Africa, United Carpets Group, Wizz Air Holdings

UK ECONOMIC ANNOUNCEMENTS
CBI Distributive Trades Surveys (11:00)
Consumer Credit (09:30)
M4 Money Supply (09:30)
M4 Sterling Lending (09:30)
Mortgage Approvals (09:30)

FINAL DIVIDEND PAYMENT DATE
Avarae Global Coins, BHP Billiton, Solid State