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Friday Email: 29 March 2013

Every Friday morning our lead analyst Mark Riding sends out his weekly run-down and upcoming events in the investor calendar, like this one:

The week began with a boost from Cyprus as a deal was worked out and on Thursday their banks re-opened for business having been closed for 2 weeks. Afren produced some really good numbers and with those cash flows at some point we should see a dividend. I would not hold your breath though, as it could be a good few years away. Also on Monday, Kentz Corporation increased its dividend by 18% in dollar terms. On Tuesday, Kazakhmys reduced its dividend by more than 50%, and in contrast Bellway increased their interim by 50%. Wolseley increased their interim by 10%. What a turnaround we have seen in the housebuilding sector. Resolution increased their full year dividend by 6.3% and Kingfisher by 7%. Two more increases in the FTSE 100. Wednesday saw very little with plenty of companies going ex-dividend, but no declarations for us.

Thursday saw Petropavlovsk manage to maintain its dividend albeit only 2p in cash and 5p by way of a scrip dividend. James Halstead added to the growing list of specials with 7p special. They also increased the normal interim dividend by 10%. (Both of these followed the 1 for 1 stock split so we have backdated this in DividendMax to ensure that the CADI remains accurate) That means that James Halstead have now increased their dividend every year for over three decades. Old favourite Chesnara produced yet another dividend increase and generated more than enough cash to pay for it. Alent, having demerged from Cookson produced its maiden dividend in line with expectations.

It is a bank holiday on Friday so when this goes out, most of you will be hopefully having a good easter. The U.K weather is going to be awful unfortunately. I have just been on the BBC website where it says it will be the coldest March since 1962. Looking into April, the shortened week is the quietest since Xmas on the results front, but is very busy on the ex-dividend front and includes the final and special dividend from Standard life.

This email was originally sent on Friday 29 March 2013

The Friday email is delivered to over 20,000 subscriber’s every week, and remains a widely read run-down of recent events and what investors can expect in the week ahead written by our chief analyst Mark Riding.

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