Wednesday preview: Nationwide house prices, Stagecoach, Tullow, Dixons Carphone

HSBC pointed out that the Nationwide index fell 0.2% in May, marking its third monthly decline in a row. That took the year-over-year rate down from 2.6% to 2.2%, a low not experienced since mid-2013.

"Weaker demand is weighing materially on price growth. But population growth is still outstripping supply, which should help avert a sharp and protracted period of house price deflation. Bearing that in mind, we are forecasting a slightly better print in June, with zero growth on the month. That would deliver another decline in the year-over-year rate, to 1.8%."

In corporate news, merged electricals and mobile phones company Dixons Carphone will provide more insight into the state of the retail market after updates from Debenhams and Carpetright on Tuesday. UBS expects the company to report full-year pre-tax profit of £485m versus a guidance range given at the fourth quarter stage of £485m-490m. The bank estimated fully-diluted earnings per share of 31.9p and a full year dividend of 10.8p.

As far as transport operator Stagecoach is concerned, UBS does not expect any material changes in the revenue trends highlighted with the March trading update.

"As a reminder, to 4th March (44 weeks) the company reported like-for-like revenue growth of -1.7% for Regional Bus, -0.9% for London Bus, +1.6% for Rail, -2.2% in North America and +5.3% for Virgin Rail.

"Management had previously reported some challenges during the year, such as with volume growth in UK Regional Bus and in Rail. We think the main interest for investors will likely centre on the outlook for Regional Bus revenues in the coming fiscal year, as well as a confirmation (or not) on the dividend policy which at this moment in time we consider a key support for the stock."

The bank has pencilled in FY17 revenue of £4.13bn, operating profit of £205m, pre-tax profit of £170m, EPS of 24.5p and DPS of 12.0p.

Barclays expects Tullow Oil to provide a comprehensive preview of first-half financials alongside an operating update that is likely to be a reminder of recent activity rather than a source of new information.

"However, management may use the statement to emphasise the improved financial footing that the company has following the recent $750m rights issue and ongoing progress reducing costs and enhancing efficiency."

Wednesday June 28

INTERNATIONAL ECONOMIC ANNOUNCEMENTS

Crude Oil Inventories (US) (15:30)

M3 Money Supply (EU) (09:00)

MBA Mortgage Applications (US) (12:00)

Pending Homes Sales (US) (15:00)

GMS

SVG Capital

FINALS

Creightons, Dixons Carphone , Hansa Trust, Hayward Tyler Group, IMImobile , NextEnergy Solar Fund Limited Red, Stagecoach Group, Xafinity

AGMS

7Digital Group , Aberdeen New Thai Inv Trust, Air Partner, Amati VCT , Amati Vct 2, BNN Technology, EJF Investments Ltd NPV, Gulfsands Petroleum, Horizon Discovery Group, Impellam Group, Katoro Gold, Medica Group , Norman Broadbent , Paragon Entertainment Ltd (DI), President Energy, Slingsby H.C, Synairgen, TOC Property Backed Lending Trust, TyraTech Inc. (DI / REGS), Victoria Oil & Gas

TRADING ANNOUNCEMENTS

Bunzl, Kier Group, Metro Bank, Tullow Oil

FINAL DIVIDEND PAYMENT DATE

BBGI SICAV S.A. (DI), BlackRock Emerging Europe, STM Group