The week ahead: Tesco and EU referendum

Monday 20 June

Trading Statements

Majestic Wine

AGMs/EGMs

Tarsus, Electrical Geodesics

Tuesday 21 June

Trading Statements

Photo-Me International, Petrofac, Whitbread

AGMs/EGMs

Global Resources Investment Trust, Saga, Futura Medical, Coca-Cola

Wednesday 22 June

Trading Statements

Debenhams

AGMs/EGMs

Randall & Quilter Investment Holdings, Ubisense Group, Hon Hai Precision Industry, DW Catalyst Fund, Third Point Offshore Investors, Carador Income Fund, Sovereign Mines of Africa, Defenx

Thursday 23 June

It's time to vote in the EU referendum Thursday. After all the debate, in-fighting, cat-calling and very little sensible debate, Britons will finally get their chance to either stay or leave the European Union.

Sorry-looking supermarket Tesco will release a trading statement on Thursday, likely including details of the sale of its Dobbies garden centre chain, announced on Friday.

The business was sold to a consortium of investors for £217 million, as part of a programme of disposals that also saw the grocer jettison its Giraffe restaurant chain and bail out of Turkey.

"It was a difficult decision to sell the business but we believe this agreement will give Dobbies a bright future while allowing our UK retail business to focus on its core strengths," CEO Dave Lewis said of the deal.

Tesco shares, arguably in decline since before the Credit Crunch, suffered their latest dive after Lewis warned growth would be hard to come by near-term. They have shed 25% since peaking late-March.

Barclays analyst James Anstead thinks the selling is overdone, though, and in a note on Wednesday reinforced his team's 'overweight' rating and 215p price target on Tesco. That means a possible 43% of upside. He reckons Thursday's statement will be "likely reassuring".

Rival broker, Nick Coulter at Citi, expects Tesco to post a small first-quarter like-for-like decline of between flat and down 0.5%. "This forecast reflects weaker Kantar survey data across March/April, a better exit rate in May's data set, survey inaccuracy of 50-100 basis points and the annualization of store closures," he says.

Fingers crossed for Thursday, then.

Trading Statements

James Latham, DS Smith

AGMs/EGMs

Serica Energy, Good Energy Group, Cambridge Cognition, Exillon Energy, Cyprotex, Hellenic Carriers

Friday 24 June

We'll know Friday whether the UK is 'in' or 'out' of the EU. Equity markets are widely tipped to plunge on a 'Leave' vote or rally hard if 'Remain' wins the day. Polls are often wrong, and this is still impossible to call. Whichever side wins, this will be a hectic day for global stockmarkets.

Trading Statements

Polar Capital

AGMs/EGMs

Brack Capital Real Estate Investments, Metals Exploration, Borders & Southern Petroleum

This article is for information and discussion purposes only and does not form a recommendation to invest or otherwise. The value of an investment may fall. The investments referred to in this article may not be suitable for all investors, and if in doubt, an investor should seek advice from a qualified investment adviser.