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Market Update

ECB Lifts Growth and Inflation Outlook, Carrefour Steps Up Investment Plan


Author: Nigel Thomas
ticker.com
Last Update: 10:37 AM ET March 05 2015

4:00 PM Frankfurt European Central Bank estimated higher and accelerating growths well into 2017 and said inflation target is within reach. adidas yearly net tumbled 38% to 490 million. Carrefour profit was nearly flat at to 1.4 billion and the retailer plans to invest as much as 2.6 billion in fiscal 2015.

European market indexes traded higher after ECB President Mario Draghi lifted growth estimate for the next three years and said achieving inflation target is within reach.

European Central Bank now estimated consumer prices in the current year to remain unchanged and rise to 1.5% in 2016 and 1.8% in 2017.

The central bank also estimated gross domestic product to expand 1.5% this year and accelerate to 1.9% in 2016 and 2.1% in 2017.

In London trading, FTSE 100 index gained 0.5% or 37.78 to 6,957.02 and in Frankfurt the DAX index jumped 0.9% or 101.52 to 11,491.90.

In Paris, CAC 40 index climbed 1% or 51.15 to 4,968.50.

Market indexes in Turkey declined 2.5% after the lira fell for the seventh day in a row and touched record low after the government pressured central bank to lower interest rate. The lira declined 1.5% to 2.5996 against one dollar.

adidas AG climbed 3.6% to 71.47 after the Germany-based sports footwear, apparel and accessory maker reported sales in the year ending in December jumped 2.3% to 14.53 billion from 14.20 billion a year ago period.

Net profit in the year tumbled 37.6% from a year ago to 490 million compared to 787 million and diluted earnings per share declined 27.3% to 2.35 from 3.76.

At the end of the year, the group net debt was 185 million, representing a decrease of 479 million.

Carrefour SA jumped 2.7% to 30.46 after the France-based supermarket operator said total revenues in the year ending in December slid 0.5% to 76.32 billion from 76.68 billion a year ago period.

Net profit in the year rose 0.2% from a year ago to 1.37 billion compared to 1.36 billion and diluted earnings per share slumped to 2.35 from 3.76.

The retailer plans investments, including DIA France of between 2.5 billion and 2.6 billion in fiscal 2015.

Evonik Industries AG declined 3% to 29.94 after the Germany-based specialty chemical maker reported sales in the year ending in December increased 1.6% to 12.92 billion from 12.71 billion a year ago period.

Net profit in the year plunged 72.3% from a year ago to 568 million compared to 2.05 billion and diluted earnings per share dropped to 1.22 from 4.41.

CVC Capital Partners Limited divested its 3.9% stake or sold 18 million shares for more than 29 per share.

Fortum Oyj increased 0.9% to 20.47 and the Finland-based electricity producer and distributor likely to receive final offer of about 6 billion or $6.7 billion, ahead of a March 11 deadline, according to a local media report.

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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