Bunzl expecting improved revenue, Dixons Carphone claims strong profit performance

London open

The FTSE 100 is expected to open down 19 points on Wednesday, after closing 0.17% lower at 7,434.36 on Wednesday.

Stocks to watch

International distribution and outsourcing group Bunzl said revenue for the half year was expected to have increased by 7% at constant exchange rates due to the improved underlying growth of between 3% and 4% and a similar impact from acquisitions. The company also today announced that it has purchased three further businesses in Spain and Canada for an undisclosed sum. It added that it expected to make further acquisitions this year.

Electronics retail group Dixons Carphone released its preliminary results for the 12 months to 29 April on Wednesday, reporting group like-for-like revenue as growing 4%, with statutory revenue up 9%. The FTSE 250 firm claimed “strong” profit performance, with headline profit before tax of £501m, up 10%, and headline basic earnings per share rising to 33.8p from 30.2p. Its board proposed a final dividend of 7.75p, compared to 6.50p last year, taking the total dividends for the year to 11.25p - up 15% year-on-year.

Newspaper round-up

Sir Philip Green was pushed to pay into BHS’s pension after the industry regulator found the “main purpose” in selling the department store was to prevent taking on liability for the scheme. The Pension Regulator on Tuesday published its report into a deal under which Green agreed to hand over £363m in cash to rescue the BHS pension scheme, and settle one of the biggest City rows of recent years. - Guardian

Co-operative Bank is poised to unveil a £700m rescue deal with its US hedge fund owners that will avert a collapse of the loss-making lender. It is understood that the bank could announce as early as tomorrow that it has secured financing through a debt-for-equity swap and an injection of new equity by the hedge funds. - Telegraph

The government will ask companies for their advice on the process of leaving the European Union under a new forum that brings business back in from the cold since Theresa May took over as prime minister last year. Speaking at The Times CEO Summit, David Davis, the Brexit secretary, promised to give Britain’s bosses a greater say in leaving the EU as he pledged to prioritise jobs and prosperity over migration. - The Times

US close

Weaker-than-expected readings on consumer confidence weighed on Wall Street throughout Tuesday’s session.

The Dow Jones Industrial Average lost 0.46% to close at 21,310.66, the S&P 500 was off 0.81% at 2,419.38, and the Nasdaq 100 fell 1.83% to settle at 5,671.60.

US house prices rose by 0.2% month-on-month in April according to S&P/Case-Shiller - the smallest gain since May 2014.

Analysts at Capital Economics said the apparent easing in momentum was most likely the result of "residual seasonality".

"We suspect residual seasonality is the prime cause of the apparent easing in momentum, and price growth is therefore likely to pick-up soon," they added.

Consumer confidence strengthened in June, with the Conference Board's index for consumer sentiment increasing to 118.9 for June from 117.6 in May.

The key subdindex linked to consumer expectations fell, however, to 100.6 from 102.3, although it was offset by improved sentiment around the 'current situation'.