The Week Ahead: Markets will be jittery until the effects of the Greek vote become clear


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The Independent Online

Events on the continent look likely to overshadow the City this week, as the result of the Greek election filters through. The leftist Syriza party won the vote, but Credit Suisse says: “Full political clarity will likely emerge much later – possibly taking months and not just weeks.” Investors fear that Syriza could push for a Greek exit from the eurozone, throwing the union into turmoil. Until the implications of the vote are clear, markets are likely to remain jittery.

The City’s calendar begins with full-year figures from Porvair and SThree today, as well as trading updates from Green Dragon Gas and Petra Diamonds.

The house-builder Crest Nicholson has finals tomorrow, while Imperial Leather and Original Source maker PZ Cussons has half-year numbers. British Land, Britvic, Carpetright, Cranswick, easyJet, Foxtons, Greencore, Gem Diamonds and Marston’s have updates.

William Hill will discuss full-year trading, with Citi predicting an 11 per cent rise in revenues to £1.6bn, driven by online betting. But the bank is not optimistic about the bookie’s prospects for the year ahead, forecasting a 14 per cent fall in pre-tax profit due to the new point of consumption tax.

First estimates for the UK’s fourth-quarter GDP figure come out on Tuesday. Investec expects the rate of growth to have slowed from 0.7 per cent to 0.6 per cent.

Ebiquity has half-year numbers on Wednesday. There will also be management statements from Brewin Dolphin, Intermediate Capital and Sage. Johnson Matthey has a trading update and Antofagasta has a production report.

The oil giant Shell’s full-year figures come out on Thursday. Diageo, Rank Group and Renishaw have half-year figures, while 3i Group, Euromoney and Great Portland Estates have trading updates. KAZ Minerals and Polymetal International have production reports.

Shareholders will be keen for updates on BT’s purchase of EE when the telecom major puts out third-quarter figures on Friday. River and Mercantile and Fuller, Smith & Turner have trading reports and Vedanta Resources has a production report.