LONDON MARKET PRE-OPEN: Bunzl Buys In Norway As Earnings Increase

LONDON (Alliance News) - Stocks in London were seen opening higher on Tuesday amid optimism resulting from a trade deal reached by the US and Mexico, while in early UK company news, Bunzl made its first foray into Norway as it reported a rise in half-year earnings. IG futures indicate the FTSE 100 index to open up 50.61 points at 7,628.10. The blue chip index closed up 0.2% at 7,577.49 on Friday. UK markets were closed for holiday on Monday.In Europe on Monday, the CAC 40 in Paris closed up 0.9% while the DAX 30 in Frankfurt ended up 1.2%.In the US, Wall Street ended higher, with the Dow Jones Industrial Average up 1.1%, S&P 500 up 0.8% and Nasdaq Composite up 0.9%.US stocks rose after President Donald Trump confirmed earlier reports that the US and Mexico have reached an agreement on trade.Trump indicated the US-Mexico trade agreement would replace NAFTA, which he claimed hurt the US "very badly". The president suggested he would seek to negotiate a separate trade agreement with Canada and would raise tariffs on imports of Canadian cars if a deal could not be reached.The Japanese Nikkei 225 index ended up 0.1% Tuesday. In China, the Shanghai Composite is down 0.3%, while the Hang Seng index in Hong Kong is flat. Bunzl said early Tuesday it delivered "another good set of results" with revenue growth driven by strong organic growth and acquisitions.For the half year ended June 30, revenue rose 5% to GBP4.34 billion from GBP4.12 billion last year and was up 12% at constant currency rates. Pretax profit rose 8% to GBP197.3 million from GBP181.9 million last year.The distribution and services company raised its interim dividend 9% to 15.2 pence from 14.0p the year before."Looking forward to the rest of the year, the board is confident that the prospects for the group are positive and that the company will continue to develop the business and build shareholder value through a combination of organic growth and further acquisitions as the year progresses," said Chief Executive Frank van Zanten.Bunzl also said it acquired Oslo-based catering equipment supplier Enor, which is its first purchase in Norway. It didn't disclose what it paid for Enor, which had about GBP27 million in revenue in 2017.UK lender Lloyds Banking Group said it completed its GBP1 billion buyback of 1.58 billion shares. In February, Lloyds had confirmed it would buyback up to GBP1 billion in shares as it reported strong annual results and lifted its final dividend. Lloyds shares closed at 60.84 pence each on Friday.UAE-focused private healthcare company NMC Health, noting recent press speculation, denied it was making a potential acquisition of assets in India."NMC denies such news and reaffirms its current focus on the Gulf Cooperation Council market for capital deployment. The Fertility business and operations & management vertical remain the only exceptions to the above and maintain a wider geographic focus," NMC said. Plastic products company RPC Group said it has reached an agreement with Graphic Packaging International over the sale of its Letica Foodservice business for USD95 million. The company also said it acquired plastics recycling company PLASgran on a cash and debt free basis for GBP34.5 million.The pound was firm against the dollar quoted at USD1.2870 compared to USD1.2852 late Friday.In political news, Theresa May dismissed fears of a no-deal Brexit apocalypse as she played down the UK chancellor of the exchequer's warnings of major economic consequences.The UK prime minister repeated claims that no agreement with the EU "would not be a walk in the park" but "wouldn't be the end of the world", initially made by the World Trade Organisation's Roberto Azevedo.She added the government is putting in place measures to ensure it can "make a success of no deal" and remains confident it can do similar with a "good deal" - which she maintained it was possible to agree.May also said Philip Hammond was highlighting "work in progress" figures released in January when he published a letter just hours after the government started revealing its no-deal Brexit preparations.Still to come in the economic events calendar is Italy business confidence at 0900 BST, eurozone M3 money supply figures at 0900 BST and the UK inflation report hearings at 1100 BST.