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Market Update

Alstom, Burberry Sales Jump; Accor to Separates HotelInvest

Author: Sarla Buch
Last Update: 9:25 PM ET July 13 2016

4:00 PM Frankfurt Alstom said sales in the first-quarter soared 9% but orders booked declined. Accor plans to separate HotelInvest. Burberry said retail revenue jumped 4%. Poundland agreed to be acquired by South Africa-based Steinhoff International for 597 million.

European markets traded sideways as traders focused on international markets in the absence of domestic economic news.

In London trading, FTSE 100 index slid 5.81 to 6,676.15 and in Frankfurt the DAX index increased 127.92 or 1.3% to 9,961.71.

In Paris, CAC 40 index jumped 68.64 or 1.6% to 4,333.17.

Alstom SA gained 1.2% to 21.64 after the France-based transportation services provider reported sales in the first-quarter ending in June soared 9% from a year ago to 1.75 billion but order booked declined to 889 million compared to 1.96 billion in the same period a year ago.

Accor SA jumped 4.4% to 39.23 after the France-based hotel operator plans to turn HotelInvest into a subsidiary to accelerate its transformation and growth and then sell a majority stake in the unit to free up the investments.

Burberry Group Plc soared 7.7% to 1,297 pence after the U.K.-based luxury goods retailer said retail revenue in the first-quarter ending in June jumped 4% from a year ago to 423 million while comparable store sales declined 3% but net new space contributed 3%.

The retailer forecasted net new space is still expected to contribute low single-digit percentage growth to total retail revenue and if exchange rates remain at current levels, operating profit to benefit about 90 million compared to fiscal 2016 rates.

Poundland Group Plc surged 12.6% to 220.75 pence after the U.K.-based general merchandise retailer agreed to be acquired by South Africa-based furniture and household goods retailer Steinhoff International Holdings Ltd for about 597 million.

Steinhoff said acquisition would be ""complementary fit"" and plans to expand in the U.K. and in Europe. Poundland operates more than 900 stores across the U.K., Ireland and Spain with 18,000 staff but retailer has faced a declining profits in recent periods.

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