The sharemarket big guns report annual results this week and while most are expected to deliver earnings growth, analysts are focusing on outlook comments as the economy cools.

Mercury Energy, Fletcher Building, Spark, A2 Milk, Auckland International Airport and Air NZ are all due to report their June year results, mid-way through what has so far been a "no surprises" reporting season.

"There is growth, but it's low growth," Richard Stubbs, co-founder of Castle Point Funds Management, said.

For a recapitalised Fletcher Building, it will be a welcome return to the black after a couple of tough years plagued by

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