Week Ahead: 23 December- 3 January

Monday 23 December

AGMs: Berkeley Mineral Resources, Premier African Minerals

EGMs: Raven Russia, SThree

Companies paying dividends: C&C Group (3.67p), Establishment Investment (1.9p), JPM Japanese Inv. Tst. (2.8p), Royal Dutch Shell (28.12p), Smart (J) Contractors (2.01p)

Tuesday 24 December

Economics: British Bankers' Association - loans for house purchases data

Wednesday 25 December

UK Bank holiday - nothing scheduled

Thursday 26 December

UK Bank holiday - nothing scheduled

Friday 27 December

Companies paying dividends: Acorn Income Fund (3p), F&C UK Real Estate Investments (1.25p), Helical Bar (2p), Investec (8p), Perpetual Income & Growth Inv. Tst. (2.7p)

Monday 30 December

AGMs: Regency Mines, Promethean, Seadrill Partners

EGM: Emblaze

Economics: Hometrack housing survey, Nationwide house prices data

Companies paying dividends: GCP Infrastructure (3.8p), Plastics Capital (1p), Rensburg AIM VCT (1.5p)

Tuesday 31 December

Interim: West African Minerals

Companies paying dividends: Alliance Trust (2.387p), Asian Citrus Holdings (0.5p), Direct Line Insurance - special (4p), F&C Capital & Income (3p), Henderson Diversified Income (1.3p), Henderson European Focus (21.3p), HICL Infrastructure (3.5p) Invesco Income Growth Trust (2.05p), Medicx Fund (1.425p), Premier Energy & Water (1.9p), Premier Energy & Water - special (0.75p),

Fledgling iron ore explorer West African Minerals (WAFM) reports half-year figures on Tuesday 31 December. But, with no production to speak of, investors can largely ignore the earnings statement - instead, it's worth focusing on the company's diminishing cash pile and a potential strategic update. West African Minerals was left with £9.4m in cash at end-March after spending close to £7m on exploration across its early stage Cameroonian iron ore licences last year - that's in addition to nearly £2m spent on general and administrative expenses. Financing for junior exploration companies has all but dried up and management previously guided that they will cut costs and conserve cash in 2014 by conducting cheaper surveying work and using less expensive, hand-portable drill rigs. Meanwhile, a maiden resource estimate in October for its Djadom licence proved underwhelming, with direct shipping ore (DSO) grades there significantly lower than at nearby projects held by peers. Going forward, we expect West African Minerals focus on its Binga licence instead - that's closer to the coast and available infrastructure. We exited our very high-risk sell tip (58p, 13 December 2012) in July when the shares slumped to just 10.5p. They now trade at 11p and, while further downside doesn't look so likely, it would take material newsflow to drive a rerating. Hold.

Wednesday January 1

UK Bank holiday - nothing scheduled

Thursday January 2

EGMs: Kentz Corporation

Economics: Purchasing managers' index - manufacturing

Companies paying dividends: Bunzl (10p), Fuller Smith & Turner 'A' (5.8p), Great Portland Estates (3.4p), Headlam Group (4.65p), Henderson Global Trust (2.5p), Mucklow A&J (10.86p), Next (36p), Rights & Issues Inv Tst (81.8293p),

Friday January 3

Trading statements: Next

Economics: Purchasing managers' index - construction, net consumer credit data, net lending figures secured on dwellings, mortgage approvals data, M4 money supply figures

Companies paying dividends: Amec (13.5p), Brown N (5.67p), Castings (3.13p), Dee Valley Group (20.5p), Hogg Robinson (0.63p), Homeserve (3.63p), Majestic Wines (4.2p), MS International (1.5p), Sainsbury J (5p), Slingsby H.C. (2p), Tate & Lyle (7.8p), Value & Income Trust (4.1p), Vp (3.6p)

High street fashion chain Next (NXT) is due to release its Christmas trading statement on Friday 3 January and - despite the challenges facing the retail sector - progress is expected to be good. Indeed, Next has a history of down-playing its own forecasts, only to then outperform them. Take its third quarter trading update in October, for instance - that reported total brand sales growth of 4.3 per cent; beating both management’s guidance of 1-4 per cent growth and consensus estimates of 3 per cent growth. In response to the strong performance, management lifted its full-year guidance and now expects sales growth of 2-3.75 per cent (up from 1.5-3.5 per cent) and pre-tax profit of £650m- £680m (up from £635m-£675m). Meanwhile, the share buy-back programme is expected to reach £300m-£350m. Broker Peel Hunt, has pencilled in pre-tax profit of £674m for the year to end-January, giving EPS of 331p (from £622m and 281p at end-January 2013). But the broker also believes that Next's confidence ahead of the peak Christmas trading period, and its strong performance in the year-to-date, suggests there may also be some upside to the guided range. Next is delivering revenue and profit growth despite a difficult economic backdrop; it's well-established online business is also propping up weaker in-store sales. But at 5,445p, the shares have jumped almost a quarter since late June and - rated on over 16 times forecast earnings - look up with events. Hold.

Shares going ex-dividend on 23 December

Shares going ex-dividend on 31 December

The ex-dividend date is the first day on which it is no longer possible to buy the shares and qualify for the dividend. Ex-days are almost always a Wednesday. The record date is usually two days after the ex-date. The payment day is the day on which the funds are transferred to shareholders.