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.
24 July 2020
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
27-Jul | |
---|---|
LVMH* | Half Year Results |
Ryanair* | Q1 Results |
28-Jul | |
---|---|
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 |
29-Jul | |
---|---|
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 |
30-Jul | |
---|---|
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 |
31-Jul | |
---|---|
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.
See the latest RSA share price, charts and how to trade
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
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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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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