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MARKET COMMENT
By
The week ahead sees updates on three of the nation's favourite topics: football, shopping and house prices. Manchester United (LSE: MNU) reports full-year figures on Tuesday. The Premier League football club appears to have spent the proceeds from its recent player disposals prudently. David Beckham and Juan Sebastian Veron have been shown the door but Man U has reinvested in new players that include the new Portuguese sensation, Christiano Ronaldo, who seems to be wowing the crowds. Man U could also wow the market if it manages to post the forecast 10% hike in turnover and profits of £26m. Laura Ashley (LSE: ALY) reports interims on Tuesday. Since its annual results in May, Laura Ashley has been moving quickly to sell off its unwanted European stores. The company said in June that its shops in Switzerland, Austria and Italy have now been sold while its outlets in Belgium, Luxembourg and Netherlands were disposed of in September.
Other retailers that have results include Alexon (LSE: AXN), Ted Baker (LSE: TBK) and Clinton Cards (LSE: CC.). Alexon, which owns the Bay Trading and Dolcis brands, said in June that trading was in line with expectations. The company even reckons that it has been pinching market share from its competitors. Ted Baker also said trading has been in line with expectations while Clinton Cards said in May that its sales for the first 16 weeks of the year were already up 10%. Compass Group (LSE: CPG), one the world's biggest contract caterers, has a trading update on Monday. Since its interim results in May, when Compass reported a strong rise in profits and turnover, the company has announced a couple of good contract wins. These include a 10-year deal with Schlumberger (NYSE: SLB) and a contract with Zurich's Unique Airport. Trading updates are also expected from HMV (LSE: HMV), SAB Miller (LSE: SAB), Scottish Radio Holdings (LSE: SRH) and mmO2 (LSE: OOM)(NYSE: OOM), all on Monday, and De Vere Group (LSE: DVR) on Wednesday. Finally, for followers of economic indicators, the results of the GfK Consumer Confidence Survey will be published on Tuesday. And fans of property will get up early on Wednesday for the Nationwide's September House Price Index update.
Monday: Alexon, Compass Group, Madison Coffee.
Tuesday: Clinton Cards, Cyprotex, Forbidden Technology, Laura Ashley and Manchester Utd.
Wednesday: Paramount.
Thursday: Durlacher and Ted Baker
Friday: Northacre.