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Market Update

Ashtead, Barratt Net Surge; Sports Direct Plunges on Weak Forecast

Author: Sarla Buch
Last Update: 10:03 PM ET September 07 2016

4:00 PM Frankfurt Ashtead Group net surged 15%. Barratt Develop profit jumped 23% after average selling price soared 10%. Petroleo Brasileiro agreed to sell 90% of its natural gas pipeline unit to Brookfield Asset Management for $5.2 billion. Sports Direct plunged after weak forecast.

European markets advanced after commodities continued to extend yearly gains in the region.

In London trading, FTSE 100 index rose 11.95 or 0.2% to 6,837.60 and in Frankfurt the DAX index increased 75.77 or 0.7% to 10,762.74.

In Paris, CAC 40 index gained 26.97 or 0.6% to 4,557.30.

Ashtead Group Plc jumped 4.3% to 1,312 pence after the U.K.-based industrial equipment provider reported revenues in the first-quarter ending in July advanced 4% from a year ago to 707.1 million.

Net profit in the quarter surged 15.1% from a year ago to 117.2 million compared to the 101.8 million and diluted earnings per share increased to 23.3 pence from 20.2 pence.

Barratt Developments Plc slipped 1.1% to 501.50 pence after the U.K.-based home builder reported revenues in the year ending in June soared 12.7% from a year ago to 4.2 billion.

Net profit in the quarter jumped 22.5% from a year ago to 550.3 million compared to the 449.4 million and diluted earnings per share gained to 54.3 pence from 44.6 pence.

Barratt reported a record pre-tax profit surged 20.7% to 682.3 million after the average selling price increased 10.4% to 289,800 from a year ago period.

Petroleo Brasileiro SA Petrobras, after Reuters said Brazil-based energy explorer agreed to sell 90% of its natural gas pipeline subsidiary to a consortium led by Canada-based Brookfield Asset Management Inc for about $5.2 billion.

Sodexo SA gained 0.4% to 106.10 after the France-based on-site services provider agreed to acquire the U.S.-based privately held Inspirus for undisclosed financial terms.

Sports Direct International Plc tumbled 9.6% to 316 pence after the U.K.-based sporting goods retailer lowered fiscal 2017 profit forecast to about 300 million compared to 381.4 million in fiscal 2016.

Separately, Chairman Keith Hellawell offered to step down.

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