A packed corporate agenda will divert attention from the lagging UK stock market this week as investors focus on results from drug giant AstraZeneca and two major flotations, Virgin Mobile and Premier Foods.
Virgin, Britain's fifth-ranked mobile group, will make its market debut on Wednesday. Premier Foods, the maker of Branston Pickle and Typhoo Tea, starts trading on Tuesday. The companies are expected to be valued at around 600 million pounds ($1.1 billion) each.
Mortgage bank Northern Rock steps up to the plate with its first-half results. The telecoms sector will have quarterly figures from mobile phone group mmO2 and a trading update from Cable & Wireless to look over.
But while most companies are billed to at least meet expectations, market watchers said there was little respite in store for the FTSE-100 index, which is heading for its fourth straight weekly loss.
Recent disappointments from bellwether companies such as Nokia and Intel have left investors on edge, analysts said, adding to long-running worries about global economies and political tensions.
"So many of the big issues out there still need to be resolved," said Martin Cobb, portfolio manager at Franklin Templeton, referring to persistent concerns about the pace of interest rate increases, a buoyant oil price, violence in Iraq and slowing growth in China.
"The market has been drifting down, there does appear to be selling pressure and the marginal buyer does not appear to be willing to part with his cash yet," Cobb added.
The FTSE-100 was down 12.2 points at 4,328.5 by 0935 GMT on Friday, leaving it 4.6 percent below the 7-week high of 4,535.1 it hit in late June.
On the corporate front, many investors will wait with bated breath until Thursday when Anglo-Swedish drug-maker Astrazeneca releases its second-quarter results. The firm expects an increase in full-year earnings per share to $2.00-2.15 from $1.78 in 2003."It's one of the few stocks in the pharmaceutical sector that has seen earnings continued to be revised up," said Khuram Chaudhry, a UK strategist with Merrill Lynch.
"One of the reasons is that it still has a lot of new drugs in the pipeline, which is such a big contrast to the other big players in the sector."
AstraZeneca came under pressure this week, when an Indian rival moved a step closer to producing a generic alternative to its top-selling ulcer treatment Nexium.
Cadbury Schweppes, the world's largest confectioner, will also be in the spotlight when it releases interim results, while in the retail sector GUS is set to update the market on first-quarter trading.
Thursday brings another busy schedule, with first-half figures from outsourcing specialist Capita and Internet bank Egg and trading statements from electricals retailer Kesa and LogicaCMG.
Several companies have annual shareholders meetings scheduled during the week, including engineering firm Invensys, health and beauty retailer Boots and utility Scottish Power.