South African stocks week ahead: Results to rule

Investors in South African equities will focus on a host of results next week, with banking group FirstRand expected to post a solid performance while insurers Sanlam and Liberty also release numbers.
Diversified industrial group Imperial Holdings kicks off the week with its first-half figures on Monday and analysts expect a increase of up to 15 percent in headline earnings per share to 351-371 cents from 324 cents a year earlier.
Tuesday will be a particularly heavy day for results, with FirstRand Limited, investment holding firm VenFin and mattress maker Steinhoff International all giving first-half data.
FirstRand is expected to show earnings growth around 13 percent, with analysts predicting core operational headline earnings - which exclude foreign currency translation swings - of 53.85 cents a share.
FirstRand is the country's second-largest bank by market capital and its solid if staid performance is seen contrasting sharply with rival Nedcor, once the darling of the sector and which last week reported a massive slide in earnings.
"They will have a very solid performance. They have a good revenue stream," said one analyst who forecast the group's core operational headline earnings will rise to 54.6 cents per share from 47.5 cents last time.
Shareholders in VenFin will be looking for updates on the performance of free-to-air channel e-tv and mobile group Vodacom and on VenFin's investment in troubled electronic security business Intervid. Analysts expect VenFin to report its net asset value at 25-28 rand a share, compared with 24.17 rand at end-June 2003.
Also on Tuesday, the country's number-two insurer Sanlam and will give details on the financial effects of its deal to sign up black-led group Ubuntu-Botho as a shareholder.
Two days later, Sanlam releases its annual results.
Another assurer, Liberty Group, gives its yearly figures on Wednesday. It is expected to report a 13 percent drop in headline earnings to 341 cents a share despite a turnaround in equities markets.
The group warned earlier this year that headline earnings - which strip out capital, extraordinary and non-trading items - would fall between 10 and 15 percent, mainly because, unlike in 2002, no profits from reduced expenses were included.
"It seems their earnings in 2002 were boosted by a certain exceptional and that performance is unlikely to be repeated this time," said one analyst.
On Thursday, food and cosmetics firm Anglovaal Industries will release its interim results.