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Market Update

Carrefour Falls on Margin Worries, Online Retailer Dunelm Sales Soar


Author: Sarla Buch
ticker.com
Last Update: 10:55 AM ET July 07 2017

4:00 PM Frankfurt – Altrad Investment agreed to acquire the U.K.-based Cape Plc. Carrefour fell on profit margin worries. Dunelm sales surged on Worldstores acquisition. Comet Holding jumped on strong revenues. Fenner expects improved fiscal year profit. Meyer Burger won contract from REC.

In London trading, FTSE 100 index rose 11.61 or 0.2% to 7,348.89 and in Frankfurt the DAX index decreased 30.23 or 0.2% to 12,352.45.

In Paris, CAC 40 index fell 9.92 or 0.2% to 5,142.48.

For the week, FTSE 100 index gained 0.5%, the DAX index rose 0.2% and the CAC 40 index increased 0.3%.

Altrad Investment Authority SAS, France-based construction equipment maker, today agreed to acquire the U.K.-based oil services provider Cape Plc for 265 pence per share or about £332.2 million or $430.3 million in cash.

Under the terms, shareholders will receive 265 pence per share in cash, valuing the Cape Plc at £332.3 million, representing a premium of 46% to the closing price of July 6.

Cape Plc stock surged 46.1% to 264.75 pence.

Carrefour SA declined 4.7% to €21.26 after France-based supermarket chain operator reported total sales in the first-half jumped 6.2% from a year ago to €43.1 billion and €52.1 billion including petrol, on the back of 8.6% sales surge in Europe.

Dunelm Group Plc jumped 5.4% to 629 pence after the U.K.-based home furnishing retailer said total revenue in the fourth-quarter ending on July 1 soared 17.7% to £240 million and total comparable sales increased 3.8%.

The home-wares retailer said total revenue, excluding Worldstores jumped 6.7% to £217.4 million.

In the year, total revenue advanced 8.5% to £955.6 million and said about 20% of sales now generated online.

Comet Holding AG surged 10.5% to 127.10 Swiss francs after Switzerland-based non-destructive testing components said revenues in the first-half of about 214 million francs on strong semiconductor business.

Fenner Plc soared 7.5% to 313 pence after the U.K.-based conveyor and elevators provider said in a trading update ending in the three-month to July 7 that it had made “strong progress, mainly in new product development, augmented by further increase in the U.S. rig count.”

Fenner also forecasted “group operating profit in the fiscal year ending in August, comfortably ahead of its previous expectations.""

Gurit Holding AG gained 1.2% to 1,149 Swiss francs after Switzerland-based fiber reinforced glass maker today announced it had signed a licensing agreement with the Armacell Group, a provider of engineered foams until the expiry of the patent rights.

The deal announced without disclosed of license fee.

Meyer Burger Technology AG advanced 5% to 1.25 Swiss francs after Switzerland-based photovoltaic wafers maker today said that it won a contract from the Norway-based Renewable Energy Corporation for the supply of DW 288 Series 3 diamond wire cutting technology.

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