Friday preview: Landsec, Melrose, Eurozone GDP

(Sharecast News) - The corporate calendar will be quiet on Friday, as is often the case, with half-year results due from Landsec, while Melrose Industries will release a third-quarter trading update. As far as Landsec is concerned, UBS said attention will be made to the progress of disposals of non-core and low yield assets - a number of sales were made in 1H26 but pricing was generally not disclosed.

"We are below consensus on NTA per share, and would flag a downside risks to our own number if the discounts are wider than we have factored in," the bank said.

"The pivot to residential will be in focus - with an update expected on development costs and the anticipated start of construction, or acquisitions of stabilized assets. They will likely be pushed on the financial metrics of this pivot, which is intended to be earnings neutral, but the market is sceptical this can be achieved."

UBS also said it's below consensus for 1H26 earnings per share but believes this is driven by sampling size and HY calculations.

"Consensus EPS for 2H26 is 1.6p below the 1H26 estimate, more than the 0.9p impact from the QAM sale," it noted.

"So we are not making a downside call - comparing the key moving parts of NRI, admin costs and net finance costs we are actually slightly ahead for 1H26. For FY26 we are at 51.6p - slightly ahead of consensus (51.3p) and the adjusted mid-range of company guidance (50.9p), largely as our numbers include a major retail acquisition in 2H26. Without this we would be in line with the mid-range of guidance."

In Europe, Q3 results are due from Allianz and Vallourec, while Swiss Re will publish nine-month results and Sonova will release its half-year numbers.

On the macro front, there are no UK releases of note due, but Chinese fixed asset investment, industrial production and retail sales figures for October will be released.

Preliminary third-quarter GDP data for the eurozone will also be in focus.

Friday November 14

INTERIMS

Land Securities Group

INTERIM DIVIDEND PAYMENT DATE

Animalcare Group, FDM Group (Holdings), Kingfisher, Likewise Group, Maven Renovar Vct , Senior, Spirax Group, Taylor Wimpey

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Balance of Trade (EU) (10:00)

Business Inventories (US) (15:00)

GDP (Preliminary) (EU) (10:00)

Import and Export Price Indices (US) (13:30)

Retail Sales (US) (13:30)

Wholesale Price Index (GER) (07:00)

Q3

Amaroq Ltd. Npv (DI)

SPECIAL DIVIDEND PAYMENT DATE

JPMorgan Emerging Markets Inv Trust, Maven Renovar Vct

AGMS

DFS Furniture, Ferro-Alloy Resources Limited NPV, MJ Gleeson

FINAL DIVIDEND PAYMENT DATE

Barratt Redrow, Fiske, Gateley (Holdings) , JPMorgan Emerging Markets Inv Trust