First steps for Telecom

At home there is no doubt that the dominant issue of the week will be the flotation of Telecom Eireann shares on Thursday and, more particularly, the announcement of the flotation price on Wednesday. Thousands of calculators in thousands of homes will be working overtime as investors calculate their holdings and then their (almost certain) initial gains after the stock makes its debut.

However, it will be a while before they can cash in as many are not likely to receive their share certificates until the following week.

Analysts will be no less hectic in trying to forecast the performance of the issue, the largest ever on the Irish market.

Markets: Further afield, the absence of trading in New York today with the Independence day holiday is likely to see stagnant sessions on the major markets as they consolidate after last week's major gains. While US corporate earnings, due from next week, look like being healthy, there is still a residual concern about the effects of economic data on interest rates.

This week, however, only the bank of England debates the subject and it is not expected to make any move this time around.

Bank of Ireland: Following the comedy of errors in the handling of the proposed link-up with Alliance & Leicester, directors of Bank of Ireland will expect little quarter at this week's annual general meeting or general court.

Shareholders, disquieted by the apparent lack of belief by the company management in its own abilities and by the bank's continuing failure to use its cash pile to expand, will be looking for reassurance on Wednesday. It's possible that they will hear details of a share buy-back but that, in itself, will not inspire confidence in its executives' capabilities going forward.

Monday

Results: Alphameric (H1), British Bloodstock Agency, Dobbies Garden Centres (H1), Druck Holdings, Kalamazoo Computer Group, Pace Micro Technology, Scotswood Industries (H1), Stockbourne, Teather & Greenwood.

A.G.M.: GT Income Growth, Helphire.

Indicators: British provisional M0 money supply figures (Jun).

Others: US markets closed for Independence Day holiday; Taoiseach, Mr Ahern, Tanaiste, Ms Harney and Minister for Public Enterprise, Ms O'Rourke announce details of new project to enhance Republic's position in information age businesses (CityWest, Dublin).

Tuesday

Results: Harveys Furnishing, Heiton Holdings, Low and Bonar (H1), Menzies (John), Renishaw, Savills, Scottish & Newcastle.

A.G.M.: Energis, Fleming Euro Fledging, Penna Holdings, Seton Scholl Healthcare.

Meetings: Oireachtas Joint Committee on Small Business discusses e-commerce.

Indicators: EU industrial confidence (Jun) and consumer confidence (Jun); British industrial production (May); US National Association of Purchasing Managers' index (Jun); German unemployment (Jun).

Wednesday

Results: Budgens, BWD (H1), Dixons, First Technology.

A.G.M.: Bank of Ireland, Brown (N) Group, IFG, Stoddard International.

Meetings: Bank of England's monetary policy committee meeting starts; Irish Internet Association seminar on social implications of Internet development in Ireland (Institute of Engineers, Dublin).

Indicators: German manufacturing orders (May) and auction of bunds.

Others: Telecom Eireann share price at flotation to be announced; Taoiseach, Mr Ahern officially releases latest report by the Information Society Commission.

Thursday

Results: Bensons Crisps (H1), Goode Durrant, M L Laboratories (H1), Ranson (Wm) & Sons, Reliance Security Group.

A.G.M.: Framlington Dual (e.g.m.), Raglan Properties, RIT Capital, Storehouse, Tarmac (e.g.m.), Technoplast; West Bromwich Albion (e.g.m.).

Meetings: Bank of England monetary policy committee meets; Tax consultants HLB VF Nathan & Co conference on taxation (Alexander Hotel, Dublin to Fri).

Indicators: Irish external trade (Mar), British housing starts/completions (May), construction new orders (May).

Others: Telecom Eireann to make debut on Irish Stock Exchange; Cothu - Business Council for the Arts holds annual meeting and announces details of 1999 arts sponsor of the year.

Friday

Results: MFI Furniture.

A.G.M.: Comino, Ultima Networks (e.g.m.).