The recent flotation of loss-making grocery delivery firm Ocado has been described as one of the least successful in recent memory, but shares have perked up in the last week ahead of next Tuesday's interim results.

The revival was sparked by some broker comment at the end of August. Goldman Sachs reckons the shares are worth 200p and HSBC would be a buyer all the way up to 190p. Cazenove plumped for a price target of 180p while USB thinks fair value is achieved at 167p, 13p below the price at which the shares floated.

The question posed back in July by analyst Amisha Chohan at HB Markets, in a note entitled 'Is this valuation off its trolley?' still seems pertinent, however: 'How can a business delivering pre-tax losses of £25 million on revenues of £427 million be valued between £800 million to £1.2 billion?'

Elsewhere in the grocery sector Wm. Morrison releases interim figures on Thursday, the first results to be released since Dalton Philips first sat down in the chief executive's chair back in late March.

"Philips is expected to present his initial thoughts on the business, rather than a full-blown strategic review. Specific targets and timeframes are more likely to set with full year results in March," predicted Charles Stanley analyst Sam Hart.

"We expect his approach to be evolutionary, given that Morrison already appears to be on the right strategic path and that he was specifically recruited to apply his operational expertise. Key decisions, however, will have to be made on whether to expand more aggressively into non-food, launch an on-line offer and develop a convenience format. The group is conspicuous by its absence from these three areas, which are generally perceived as the industry's main growth channels," the broker added.

Charles Stanley is forecasting an interim pre-tax profit of £415m, up from £359m last year, and earnings before interest, tax and amortisation of £435m, up from £382m. Revenue is tipped to improve to £8,150m from £7,458m.

"Like-for-like sales (ex-fuel and VAT) are forecast to be up by 0.9% during the first half, with growth in the second quarter likely to have been similar to the 0.8% reported for the first quarter. The subdued like-for-like performance will reflect a sharp fall in food price inflation (close to zero) and a tough consumer environment. Operating margin is likely to be broadly flat at 5.1%, held back by an increased mix contribution from low margin petrol," Hart said.

On the economic front Thursday's interest rate decision by the Bank of England's Monetary Policy Committee (MPC) is expected to be the usual non-event. The key interest rate has been stuck at 0.50% for 17 months in a row and it would be a major surprise were that streak not to be extended to 18 months.

Notwithstanding the current hike in wheat prices there is evidence that inflationary pressures are receding while recent surveys covering construction, manufacturing and services activity in August have not painted a picture of an economy enjoying a robust recovery. Consequently, most economists think the interest rate will remain unchanged for the rest of the year.

The US market will be closed on Monday for the Labour Day holiday.

Monday September 06

INTERIMS
Brady, Goals Soccer Centres, Hellenic Carriers, Hydrogen Group, OAO Severstal GDR (Reg S), Staffline Group, Straight, Symphony Environmental Technologies, Titan Europe, Verona Pharma, Zhaikmunai GDR (Reg S)

INTERIM DIVIDEND PAYMENT DATE
Fenner, St. Modwen Properties

GMS
Investec Structured Products Calculus VCT, Kopane Diamond Developments, Pinnacle Staffing Group, Salamander Energy

FINALS
Craneware, Kofax, Murgitroyd Group, WFCA

ANNUAL REPORT
Triple Plate Junction

EGMS
Ark Therapeutics, Soco International

AGMS
Ecofin Water & Power Opportunities, Marwyn Value Investors Ltd., Marwyn Value Investors Ltd. 'B' Shares, The Clapham House Group

UK ECONOMIC ANNOUNCEMENTS
New Car Registrations (09:30)

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Sentix Investor Confidence Survey (EU) (09:30)
MPC meeting (JPN)

FINAL DIVIDEND PAYMENT DATE
BT Group, Solid State

Tuesday September 07

INTERIMS
Charlemagne Capital, Globaltrans Investment GDR (Reg S), Hydro International, Metalrax Group, Ocado

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
ABC Consumer Confidence (US) (22:00)
Factory Orders (GER) (11:00)
Target Interest Rate (JPN)

GMS
Framlington Innovative Growth Trust

FINALS
Abcam, Dechra Pharmaceuticals

AGMS
Ashtead Group, Daisy Group, DS Smith, Greene King, Hampson Industries, Midas Income & Growth Trust, Quintain Estates & Development, Sports Direct International

UK ECONOMIC ANNOUNCEMENTS
BRC Sales Monitor (00:01)

Q1
Ashtead Group

Wednesday September 08

INTERIMS
Advanced Medical Solutions, Alkane Energy, Alliance Pharma, Cape, Futura Medical, Lupus Capital, Prezzo, SQS Software Quality Systems, Ukrproduct Group, Valiant Petroleum, Zenergy Power

INTERIM DIVIDEND PAYMENT DATE
Law Debenture Corp., Nichols

INTERIM EX-DIVIDEND DATE
Abbey Protection, Aegis Group, Amlin, Carillion, Chaucer Holdings, Chesnara, Churchill China, Cineworld Group, Elementis, Evolution Group, G4S, Glanbia, Goldenport, Grafton Group (Units), Hikma Pharmaceuticals, Holders Technology, IMI, International Personal Finance, JKX Oil & Gas, Kazakhmys, Lavendon Group, Melrose, Michael Page International, Nestor Healthcare, North Midland Construction, Novae Group, Omega Insurance Holdings, REA Holdings, Regus, Resolution, Rexam, Robert Walters, Rotala, SEGRO, Shire Plc, SR Europe Inv Trust, Stadium Group, T Clarke, Thomas Cook Group, Treatt, Wellstream Holdings, WSP Group

QUARTERLY PAYMENT DATE
Royal Dutch Shell 'A', Royal Dutch Shell 'B'

QUARTERLY EX-DIVIDEND DATE
British Assets Trust, Canadian General Investments, Frontline, XP Power

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (GER) (07:00)
Business Sentiment (FRA) (07:30)
Beige Book Fed Survey (US) (19:00)
Consumer Credit (US) (20:00)
Crude Oil Inventories (US) (15:30)
Current Account (GER) (07:00)
Industrial Production (GER) (11:00)
MBA Mortgage Applications (US) (12:00)
M3 Money Supply (JPN)
Machine Orders (JPN)
Current Account (JPN)
Trade Balance (JPN)

GMS
CLS Holdings, Evolve Capital, Minerva, Redstone

FINALS
A&J Mucklow, Avingtrans, Barratt Developments, CPL Resources, Interior Services, Thorntons

SPECIAL EX-DIVIDEND PAYMENT DATE
Hargreaves Lansdown

EGMS
Banque Marocaine Du Comm Exterieur GDR (Reg S), Berkeley Mineral Resources

AGMS
Artemis Alpha Trust, Avisen, Berkeley Group Holdings , DSG International, Eredene Capital, Probability, ReNeuron, Warner Estate Holdings

UK ECONOMIC ANNOUNCEMENTS
BRC Shop Price Index (00:01)
Industrial Production (09:30)
Manufacturing Production (09:30)
NIESR GDP estimate

FINAL DIVIDEND PAYMENT DATE
Cohort, Creston

FINAL EX-DIVIDEND DATE
ACM Shipping, Aquarius Platinum Ltd., BHP Billiton, Carpetright, Dart Group, Diageo, Hampson Industries, Hargreaves Lansdown, IG Group Holdings, Mattioli Woods, Maxima Holdings, Mid Wynd International Inv Trust, Umeco

Thursday September 09

INTERIMS
DataCash Group, Globus Maritime, Morrison Wm., Premier Farnell, Tikit

INTERIM DIVIDEND PAYMENT DATE
Development Securities, F&C Inv Trust, New Europe Property Investments, Rio Tinto

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Trade (US) (13:30)
Consumer Price Index (GER) (07:00)
Continuing Claims (US) (13:30)
ECB Report (EU) (09:00)
Initial Jobless Claims (US) (13:30)
Consumer Confidence (JPN)

Q2
Premier Farnell

GMS
Character Group, Western Coal Corp.

FINALS
Alumasc Group

IMSS
HMV Group, IG Group Holdings

EGMS
Naya Bharat Property Company

AGMS
Assura Group, Atkins (WS), Carpetright, Falkland Islands Holdings, Hartest Holdings, HMV Group, Invista Foundation Property Trust, Matrix Income & Growth 2 VCT, Matrix Income & Growth 2 VCT 'C' Shares, Naya Bharat Property Company, Northgate, PHSC, Polar Capital Holdings, Provexis, Southern Bear, Thames River Multi Hedge PCC Ltd. Realisation Shares, Western Coal Corp., Zoo Digital

TRADING ANNOUNCEMENTS
Home Retail Group

UK ECONOMIC ANNOUNCEMENTS
Balance of Trade (09:30)
BoE Interest Rate Decision (12:00)

FINAL DIVIDEND PAYMENT DATE
Carclo

Q1
Ocean Power Technologies

Friday September 10

INTERIM DIVIDEND PAYMENT DATE
Anglogold Ashanti, BG Group, Charter International, Elementis, Morant Wright Japan Income Trust, Porvair, Rank Group

QUARTERLY PAYMENT DATE
Barclays, Canaccord Financial Inc., Carnival

INTERNATIONAL ECONOMIC ANNOUNCEMENTS
Balance of Payments (EU) (09:00)
Industrial Production (FRA) (07:45)
Wholesales Inventories (US) (15:00)
Gross Domestic Product (JPN)


GMS
Forest Support Services

FINALS
JD Wetherspoon

ANNUAL REPORT
Thorntons

IMSS
SThree

EGMS
Telef O2 GDR (Reg S/144a)

AGMS
Cyril Sweett, Ebiquity, Invesco English & International Trust, IPSO Ventures, Latchways, Yangtze China Investment Ltd.

UK ECONOMIC ANNOUNCEMENTS
Producer Price Index (09:30)

FINAL DIVIDEND PAYMENT DATE
Ashtead Group, Newmark Security PLC, Northumbrian Water Group

Related share prices
Morrison (Wm) Supermarkets (MRW) share price
Ocado Group (OCDO) share price