Smaller stock to watch
INCHCAPE, which recently bought a clutch of BMW and Mini dealerships in the UK, will reveal the full impact of the Sars virus on its Hong Kong trade today. The epidemic hit sales, which were already suffering from car tax increases. In the UK, trading has been in line with expectations although analysts will be keen to hear more news on franchise agreements and how it plans to tackle new EU rules on car franchises. Half-year pre-tax profits of £60 million are expected.
Deal of the day
VODAFONE is poised to launch a £145 million takeover bid for Project Telecom. Project, a reseller of Vodafone’s services, said last month that it had received “preliminary approaches” that could lead to a takeover. An offer from Vodafone could emerge as soon as this week. Tim Radford, founder and chief executive of Project, holds a 24 per cent stake in it, worth £35 million.
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Bet of the day
HSBC will be reporting this week after four months of strong trading in the banking sector. Cantor Index expects further progress, with the spread betting firm offering 11 to 4 against HSBC’s share price (764½p) reaching 800p by the end of August, and 13 to 2 that it will reach 825p on the same day.