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Next week on the stock market

What to expect from a selection of FTSE 100, FTSE 250 and selected overseas shares reporting next week.

Important notes

This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

Among FTSE 100, FTSE 250 and selected other companies scheduled to report next week:

  • RSA will update us on profitability over lockdown
  • Sales numbers and liquidity are the order of the day at Next
  • The banks give us an update on what the coronavirus outbreak means for corporate and consumer lending

FTSE 100, FTSE 250 and selected other stocks scheduled to report next week

LVMH* Half Year Results
Ryanair* Q1 Results
Aberforth Smaller Companies Trust Half Year Results
AG Barr* Half Year Trading Update
Fresnillo Half Year Results
Greencore Q3 Trading Statement
Greggs Half Year Results
McDonald's* Q2 Results
Moneysupermarket.Com Half Year Results
Reckitt Benckiser* Half Year Results
Sabre Insurance Half Year Results
Sanne Group Half Year Results
St. James's Place Half Year Results
Virgin Money Q3 Trading Statement
Visa* Q3 Results
Vivo Energy Half Year Results
Aston Martin Lagonda Half Year Results
AVEVA Q1 Trading Statement
BAE Systems* Half Year Results
Barclays* Half Year Results
Drax Half Year Results
Facebook* Half Year Results
FDM Half Year Results
GlaxoSmithKline* Half Year Results
Jupiter Fund Management Half Year Results
Lancashire Holdings Half Year Results
Next* Q2 Trading Statement
Primary Health Properties* Half Year Results
Rathbone Half Year Results
Rio Tinto* Half Year Results
Smith & Nephew Q2 Trading Statement
Smurfit Kappa Half Year Results
Spotify* Half Year Results
Taylor Wimpey* Half Year Results
Unite Group Half Year Results
Weir Half Year Results
Wizz Air Half Year Results
3i Group Q1 Performance Update
AB InBev* Half Year Results
Alphabet* Half Year Results
Amazon* Half Year Results
Anglo American* Half Year Results
Apple* Q3 Results
AstraZeneca* Half Year Results
Capita Half Year Results
Compass* Q3 Trading Statement
Equiniti Half Year Results
EVRAZ Q2 Trading Update
GoCo Group* Half Year Results
Greencoat UK Wind Half Year Results
Inchcape Half Year Results
KAZ Minerals Q2 Production Report
Lloyds Banking Group* Half Year Results
London Stock Exchange Half Year Results
Morgan Advanced Materials Half Year Results
Nestle* Half Year Results
Rentokil Initial Half Year Results
Royal Dutch Shell* Half Year Results
RSA Insurance* Half Year Results
Schroders Half Year Results
Standard Chartered* Half Year Results
UK Commercial Property REIT Half Year Results
Ultra Electronics Half Year Results
Vesuvius Half Year Results
British American Tobacco* Half Year Results
BT* Q1 Trading Statement
Essentra Half Year Results
Glencore Q2 Production Report
International Consolidated Airlines* Half Year Results
Intertek* Half Year Results
NatWest Group* Half Year Results
Paragon Banking Group Q3 Trading Statement
Pets at Home Q1 Trading Statement

*Companies on which we will be writing research.

RSA – Nicholas Hyett, Equity Analyst

The insurance industry is currently watching the progress of legal challenges the Financial Conduct Authority has brought to test the wording of business interruption insurance contracts. RSA is involved in a few of the cases, but not because it’s on the hook for an outsized share of these contracts. At the end of April RSA had only received around £25m worth of valid claims for travel, wedding cancellation and business interruption related policies, net of reinsurance. We’re not overly concerned by the potential impact these cases could have on RSA, and would expect reinsurance policies to absorb a lot of the cost if rulings are unfavourable.

When it comes to the detail we’ll be looking at the balance sheet, premiums and profitability.

Financial markets have been quite volatile over the past few months, although conditions have calmed recently and interest rates have stayed low. Exactly what effect that will have on capital reserves is unclear, but the dividend has been cut nonetheless following pressure from the regulator. We will be interested to see the net effect on Solvency ratios, though we expect the impact to have been broadly positive.

Premiums were down slightly in the first quarter, but profitability is harder to predict. Motor claims should be lower as fewer of us drove over lockdown, but other claims and social distancing costs may offset this.

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Next - Sophie Lund-Yates, Equity Analyst

Coronavirus hit Next hard, with sales falling even faster than initial stress testing predicted. Total full price sales fell 38% in the period 26 January - 25 April.

Next week’s trading statement will give us an idea of where Next is headed for the full year. At the moment it thinks that the worst case scenario will see sales fall 40%, and the median outcome will see these down 35%. In that event, full year profit will be £0. While the situation is still developing, the Q2 numbers should shed some light on which trajectory is looking more likely.

Beyond this we’ll be looking for news about the balance sheet. This isn’t traditional in trading statements, but we suspect Next might let us behind the curtain because of current circumstances. Last time we heard, Next thought it was “unlikely” it would need to borrow through the government's Covid Corporate Financing Facility. Nonetheless it will be good to see what shape the group’s liquidity position is in, and whether or not it’s had to draft in extra help.

See the latest Next share price, charts and how to trade

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NatWest Group – Nicholas Hyett, Equity Analyst

This will be the first time NatWest Group reports since adopting its new name, the group was formerly Royal Bank of Scotland, and will also give us an insight into how the coronavirus outbreak is affecting lending.

We expect a significant increase in corporate lending, driven by government initiatives to help smaller businesses. Meanwhile consumer lending looks set to fall – with the Bank of England reporting significantly lower credit card and unsecured debt across the industry. What this change in lending composition, together with the decline in interest rates on client savings accounts, means for net interest margins remains to be seen.

The other big question is around defaults. NatWest has a relatively large number of small business customers – so we might expect a reasonably high level of defaults. It’s early days though, and with significant provisions for bad loans already in place more would be a bad sign.

See the latest Natwest Group share price, charts and how to trade

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Unless otherwise stated estimates, including prospective yields, are a consensus of analyst forecasts provided by Thomson Reuters. These estimates are not a reliable indicator of future performance. Yields are variable and not guaranteed. Past performance is not a guide to the future. Investments rise and fall in value so investors could make a loss.

This article is not advice or a recommendation to buy, sell or hold any investment. No view is given on the present or future value or price of any investment, and investors should form their own view on any proposed investment. This article has not been prepared in accordance with legal requirements designed to promote the independence of investment research and is considered a marketing communication. Non-independent research is not subject to FCA rules prohibiting dealing ahead of research, however HL has put controls in place (including dealing restrictions, physical and information barriers) to manage potential conflicts of interest presented by such dealing. Please see our full non-independent research disclosure for more information.

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    Important notes

    This article isn’t personal advice. If you’re not sure whether an investment is right for you please seek advice. If you choose to invest the value of your investment will rise and fall, so you could get back less than you put in.

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