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Market Update

Allied Irish Banks IPO to Raise 3.8 B; Ashtead, Halma Profit Jump

Author: Sarla Buch
Last Update: 12:04 PM ET June 13 2017

4:00 PM Frankfurt Ashtead group profit jumped after strong growth in the U.S. and in the U.K. Allied Irish Banks plans to raise up to 3.8 billion in public offering. Capita surged after improved business. Halma revenue surged on the pound weakness.

In London trading, FTSE 100 index edged up 7.37 to 7,518.54 and in Frankfurt the DAX index gained 86.22 or 0.7% to 12,776.80.

In Paris, CAC 40 index increased 28.61 or 0.5% to 5,269.32.

Ashtead Group Plc slipped 1.5% to 1,617 pence after the U.K.-based construction and industrial equipment provider reported group revenues in the year ending in April jumped 10% from a year ago to 3.2 billion.

Net profit in the year soared 22.9% from a year ago to 501 million from 407.6 million and diluted earnings per share jumped to 100 pence from 81 pence.

Ashtead profit and revenues were boosted by strong demand in the U.S. and in the U.K.

Allied Irish Banks, Plc was in focus after the Ireland government said it plans to sell 25% stake in the banking and financial services provider in an initial public offering on the main market of the Irish and London Stock Exchanges to raise as much as 3.8 billion or $4.3 billion.

Stock is expected to be priced between 3.90 and 4.90 and the listing would be the largest listing in London in the year so far may start for trading on the London and the stock is expected to trade on the Irish Stock Exchanges from June 27.

Capita Plc surged 15.9% to 638 pence after the U.K.-based outsource services provider reaffirmed its sales expectations for the current year and confirmed for profitability in the second-half.

Separately, Capita entered in exclusive agreement with the British Airways to support its global customer contact operations for about 9.5 million calls per year.

Halma Plc gained 1.3% to 1,155 pence after the U.K.-based healthcare devices maker said revenues in the year ending on April 1 soared 19% from a year ago to 961.7 million.

Net profit in the year surged 19.2% from a year ago to 129.7 million from 108.8 million and diluted earnings per share advanced to 34.25 pence from 28.76 pence.

The healthcare devices maker said revenue and profit growth in the year from acquisitions contributed 9.2% and 6.4% respectively.

The board proposed dividend increase of 7%, the 38th year in a row of 5% or more dividend growth.

Heineken N.V slid 0.2% to 86.39 after the Netherlands flavors based malt and beer maker said it is confident that the Competition and Markets Authority without a Phase 2 referral will approve its purchase of Punch Tavern.

CMA said the proposed acquisition may reduce competition in 33 areas across the U.K or has to face investigation into $400 million merger agreement but the brewer needs to submit its plans before June 20.

""This decision of CMA acknowledges that there are only small numbers of local areas where competition may diminish due to our acquisition of the pubs,"" said managing director of Heineken UK David Forde.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc