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Market Update

DCC to Buy Hammer; Man Group, Provident Financial, Rank Group in Focus

Author: Sarla Buch
Last Update: 4:02 AM ET October 14 2016

4:00 PM Frankfurt DCC unit agreed to acquire Hammer for 38.3 million. Man Group said assets under management jumped 6% to $80.7 billion at the end of September. Provident Financial said third-quarter profit is in line with management expectations. Rank Group said revenues in the latest 15-week period fell 1%.

In London trading, FTSE 100 index advanced 59.68 or 0.9% to 7,037.57 and in Frankfurt the DAX index soared 182.79 or 1.8% to 10,596.87.

In Paris, CAC 40 index jumped 89.85 or 1.9% to 4,489.08.

For the week, FTSE 100 index slid 0.1%, the DAX index increased 1% and the CAC 40 index gained 0.9%.

DCC Plc fell 8% to 6,960 pence after the U.K.-based business support services provider announced that it agreed to acquire the server and storage solutions provider Hammer Consolidated Holdings Limited for about 38.3 million in cash.

The transaction is expected to close by the end of December 2016.

In financial year ending in January 2016, Hammer reported operating profit of 6.3 million and revenue of 155 million.

Man Group Plc surged 14.8% to 124.80 pence after the U.K.-based investment manager said as of September 30, funds under management jumped 6% to $80.7 billion from $76.4 billion at the end of June.

Net inflows in the quarter was $1.3 billion, including sale of $6 billion and redemptions of $4.7 billion.

Provident Financial Plc slipped 1.1% to 3,046 pence after the U.K.-based consumer lender estimated third-quarter profit is in -ine with its internal plan and Moneybarn business volume by total customer count and receivables soared 36% to 39,000 and to 286 million respectively from a year ago period.

Rank Group Plc rose 0.1% to 205.20 pence after the U.K.-based gaming services provider reported revenue in fifteen-week to October 9 fell 1% but digital revenue advanced 7% and comparable store sales increased 1%.

However, revenues in the Grosvenor Casinos'' digital channel segment surged 30% while Mecca''s digital revenue declined by 4% and comparable store sales were flat.

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