Big players may be hit

With the unleashing of the Russian bear on world markets, the continuing Asia crisis and faltering South American economies, three of Ireland's largest companies will have little to celebrate when they announce anticipated buoyant results this week. Kerry Group's interim results are out today, CRH's tomorrow and Smurfit's Wednesday. All three have exposure in foreign markets, and investors will be looking forward nervously to the coming months, wondering if share prices have peaked for the moment.

Expectations for Kerry are for an increase in pre-tax profits of 16 per cent or more at the halfway stage on the back of growth in both its food and ingredients divisions. That would produce pre-tax profits upwards of £37 million. The Dalgety acquisition is not expected to figure strongly as yet.

CRH is also expected to produce heartening figures with favourable market conditions in the key domestic, British and US markets. Seasonal losses from acquisitions made at the tail end of 1997 may offset the favourable trading figures somewhat.

At Smurfit, better figures from its US associate should help the group to reverse last year's decline as the paper and packaging sector begins to climb out of its cyclical trough.

Central Bank figures: Credit growth figures, due out on Thursday, will once again kick-start the debate on interest rates and the requirement to bring them into line with our euro partners-to-be by the end of the year despite domestic economic conditions which indicate that they should be rising rather than falling as they soon must. Time is running out for the Central bank mandarins in Dame Street to decide when to cut rates; within a couple of months, any semblance of control which they may wish to be seen to have will disappear.

Monday

Results: Kerry (H1), Peterhead.

Indicators: EU and EMU-area inflation data (Jul), Japanese Housing Starts (Y/YJul), Canadian Real GDP (Q2), US New Home Sales (Jul).

Others: IBEC publish report on the Irish music industry.

Tuesday

Results: CRH (H1). BCH Group (H1), Bunzl (H1), Calderburn (H1), James Finlay (H1), IBC Group (H1), London Bridge (H1), Marshalls (H1), Perkins Foods (H1), Singer & Friedlander (H1), Macro 4.

A.G.M.: Firth Holdings, Laporte (e.g.m.), Transport Dev Group (e.g.m.)

Meetings: European Central Bank council meetings.

Indicators: Japanese Household Spend (Y/ YJul), Japanese Foreign Reserves (Aug), UK M4 Money Supply (Y/YJul), UK Consumer Credit (Jul), US NAPM (Aug).

Others: News briefing by Japanese ministers after cabinet meeting.

Wednesday

Results: Smurfit (H1), Waterford Wedgewood (H1), Jefferson Smurfit (H1), Hampden (H1), Ascot (H1), Beauford (H1), Darby Group (H1), Enterprise Oil (H1), Flying Flowers (H1), Graham Group (H1), Guardian It (H1), Hickson International (H1), Ilion Group (H1), MacFarlane Group (H1), Matalan (H1), Mithras It (H1), Partco Group (H1), Regal Hotel Group (H1), Serco Group (H1), Skyepharma (H1), Whatman (H1), Wilson Bowden (H1), Britt Allcroft Co, Linx Printing Tech, Monsoon, Photo-Me International, Roxspur.

A.G.M.: Adam & Harvey Group, Faupel Trading, Syltone, Alexander Holdings (e.g.m.), Benson Crisps (e.g.m.), Huntingdon Life (e.g.m).

Meetings: European Union industry ministers.

Indicators: France GDP, UK Official Reserves (Aug), US Factory Orders (Jul).

Thursday

Results: Norish (H1), Grafton (H1), Abbot Group (H1), Amec (H1), Avonside Group (H1), Churchill China (H1), Clubhaus (H1), Clydeport (H1), DCS Group (H1), Delphi Group, Eidos (Q3), Estates & General (H1), Evans Halshaw Holdings (H1), Friendly Hotels (H1), Frafton Group (H1), Guinness Flight Extra Inc (H1), Marchpole Holdings (H1), Meggitt (H1), Senior Engineering Group (H1), Slough >Estates (H1), Wembley (H1), Wickes (H1), Connolly Wilson (H1), IAF Group, Isotron.

A.G.M.: Edinburgh Japan Trust, Lawrence, E D & F Man, Mentmore Abbey, Philippine Gold, Gander (e.g.m.), Scottish National (e.g.m.).

Meetings: European Commission meeting, Bundesbank council meeting.

Indicators: Canadian International Reserves (Aug), US Unit Labour Costs (Q2), US M1, M2 and M3 (Aug).

Friday

Results: Itnet (H1), Hammerson (H1), Pacific Horizon.

A.G.M.: Daejan Holdings, General Electric Co, John Menzies, Prism Leisure, Sira Business Services.

Indicators: Central Statistics Office's May industrial turnover index, August live register statement, and Q2 tourism and travel figures. Canadian Employment Growth (Aug), US Payroll Employment (Aug), German Manufacturing New Orders (Jul).

Others: Small Firms Association holds it annual lunch with Taoiseach, Mr Ahern as guest of honour (Burlington Hotel, Dublin), Irish Institute of Bankers holds a 25th anniversary dinner.