Friday preview: Tullow Oil, US budget statement

Project delays in Uganda and Ghana have weighed heavy on FTSE 100 company Tullow Oil in the week leading up to its trading statement Friday.

Project delays in Uganda and Ghana have weighed heavy on FTSE 100 company Tullow Oil in the week leading up to its trading statement Friday.

Shares continued to fall by 0.72% to 1,234p Thursday after Investec Bank recommended investors sell their holdings due to the setbacks in production.

Tullow's Jubilee field in Ghana has been delayed for more than a year and plans for developing a refinery and pipeline in Uganda are awaiting government approvals.

"We highlight a production profile that has slipped materially to the right, a looming capex bill and an exploration portfolio, that, while strong, may not have enough depth to offset fresh production disappointments," Investec said Monday.

The analyst downgraded net asset value by -400p based on assumptions of projects and rising net debt.

On the political front, the US government is set to release a statement about the budget as the country tries to rebound from its deficit.

President Barack Obama's choice of Jacob Lew to be his next Treasury secretary may lead to a showdown over the president's tax and spending plans. He was due to announce Lew as his pick to replace Timothy Geithner on Thursday.

FINALS

Avesco, Aukett Fitzroy Robinson Group

TRADING ANNOUNCEMENTS

Tullow Oil, Centaur Media

INTERIM DIVIDEND PAYMENT DATE

Atkins (WS), Babcock International Group, Cable & Wireless Communications, Caffyns, Cropper (James), Electrocomponents, First Property Group, Marks & Spencer Group, Montanaro European Smaller Companies Trust, Northern 2 VCT, Northern 3 VCT, Northgate, Severn Trent, Shanks Group, Telford Homes, Worldwide Healthcare Trust

QUARTERLY PAYMENT DATE

Schlumberger Ltd.

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

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

International Trade Statistics (US) (13:30)

Budget Statement (US) (19:00)

Q3

JSC Acron GDR (Reg S)

GMS

Supercart

IMSS

Clarke (T.)

EGMS

Alternative Energy Ltd. (DI)

AGMS

Bellway, Fenner Group

FINAL DIVIDEND PAYMENT DATE

Associated British Foods, Debenhams, Netcall, Waterman Group

UK ECONOMIC ANNOUNCEMENTS

Industrial Production (09:30)

Manufacturing Production (09:30)

NIESR GDP estimate (15:00)

Construction output (09:30)

Recommended

Broker safety – your questions answered
Investment strategy

Broker safety – your questions answered

Cris Sholto Heaton answers more of your questions about the safety of stockbroker accounts
25 Mar 2020
How demographics affects stock valuations
Investment strategy

How demographics affects stock valuations

New research suggests that stock and bond valuations are driven by the age of the population – at least in the US.
24 Feb 2020
Do you own shares in Sirius Minerals? Here’s what you need to do now
Stocks and shares

Do you own shares in Sirius Minerals? Here’s what you need to do now

Mining giant Anglo American has proposed a cash takeover of Yorkshire-based minnow Sirius Minerals. Unhappy shareholders must decide whether to accept…
20 Feb 2020
Why investors should be “cautiously bullish” for 2020
Stockmarkets

Why investors should be “cautiously bullish” for 2020

Analysts have been out in force making rosy predictions for stockmarkets in 2020, but while there is certainly a case for optimism, investors should r…
17 Jan 2020

Most Popular

The electric-car bubble could get an awful lot bigger from here
Renewables

The electric-car bubble could get an awful lot bigger from here

The switch to electric cars is driving a huge investment bubble. But that’s not necessarily a bad thing, says John Stepek. Fortunes will be made and l…
24 Sep 2020
How the stamp duty holiday is pushing up house prices
Stamp duty

How the stamp duty holiday is pushing up house prices

Stamp duty is an awful tax and should be replaced by something better. But its temporary removal is driving up house prices, says Merryn Somerset Webb…
25 Sep 2020
Can Rishi Sunak’s winter plan save the UK economy?
UK Economy

Can Rishi Sunak’s winter plan save the UK economy?

With his Winter Economic Plan, chancellor Rishi Sunak is hoping to support the economy through the dark months ahead as restrictions tighten again. Jo…
25 Sep 2020