Gold price slide sees Polymetal rein in investors’ expectations
Looming threat of US sanctions sees metals miner’s shares buffeted
Today
The slide in gold prices and the looming threat of US sanctions could prompt precious metals miner Polymetal to rein in investors’ expectations at the interim stage.
Gold prices have slipped 14pc in eight months and the miner’s shares were knocked in April by US sanctions targeting Russian tycoons. Polymetal was not directly caught up in measures but its shares have since struggled to recover.
Boss Vitaly Nesis said that the focus for the company is now on ramping up production at its Kyzyl mine in Kazakhstan. Interim results
Polymetal Interim results NMC Health Economics Construction output (EZ)
Tomorrow
Persimmon boss Jeff Fairburn is under pressure to deliver after his controversial £47m pay package was revealed as the FTSE 100’s largest last week.
Persimmon shares have pulled back 15pc since June amid fears that the new build sector has reached the top of the market. Its shares failed to regain their momentum despite a reassuring update from the firm last month. With costs climbing at rivals and house price growth slowing, profit margins will be in focus.
Another month of growth in mortgage approval rates in July is “an indicator that the first-time buyers Persimmon relies heavily on are continuing to find their way on to the property ladder”, said George Salmon at Hargreaves Lansdown.
BHP Billiton shares are cruising close to a four-year high despite the recent metals price sell-off.
The FTSE 100 firm typically outperforms in a “difficult sector backdrop” and is expected to deliver stronger results than its rivals, Barclays argued. Full-year results
BHP Billiton Interim results
Hostelworld, Persimmon, Wood Group Economics
Public sector net borrowing (UK), CBI industrial trends survey (UK)
Wednesday
Interim results Hansteen Economics
Existing home sales (US), Federal Reserve meeting minutes (US)
Thursday
Gambling software provider Playtech will be hoping to steady the ship after fierce competition in China caused it to issue its second profit warning in a year.
Its shares plunged 36pc in a day last month after admitting that it was being squeezed in the key market by rivals using an “aggressive pricing” strategy.
If trading in China has not improved, the company expects full-year revenue from Asia to be €70m (£63m) lower than its original expectations Interim results
CRH, John Laing, Onesavings Bank, Phoenix, Playtech, Premier Oil Economics
CBI distributive trades survey (UK), Composite PMI survey (US & EZ), New home sales (US), Consumer confidence (EZ)
Friday
Interim results Computacenter Economics
Finance loans for housing (UK), Durable goods orders (US)