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Market Update

Europe Earnings: Bovis Homes, Hikma Pharma, Lloyds, TGS-NOPEC

Author: Nigel Thomas
Last Update: 11:18 AM ET July 08 2013

3:20 PM Frankfurt Bovis Homes lifted first-half guidance. Hikma Pharmaceuticals estimated revenue for the year to grow nearly 17%. TGS-NOPEC lowered its revenue guidance for the fiscal year.

In London trading, FTSE 100 index jumped 1.4% or 88.97 to 6,464 and in Frankfurt the DAX index climbed 2.5% or 193.82 to 8,000.

In Paris, CAC 40 index advanced 2.1% or 78.98 to 3,833.

Bovis Homes Group Plc climbed 5.9% to 820.50 pence after the UK based home builder said private reservations in the first-half soared 40% compared to last year and added 2,767 new plots to the land bank.

For the half-year, the group expects to report a housing gross margin of app. 23% from 20.9% a year earlier. Average sales price on legal completions increased by 15% to 188,500 compared to 164,400 a year ago.

Hikma Pharmaceuticals Plc soared 6.3% to 1,057 pence after the generic drugs maker lifted its revenue outlook for the year and estimated revenue to grow nearly 17% from earlier guidance of 13%. Revenue from doxycycline for the year estimated to business of around $200 million.

Lloyds Banking Group plc jumped 3.1% to 66.62 pence after the speculation overseas investors stepped up interest in acquiring half the stake of British government in the bank.

TGS-NOPEC Geophysical Company declined 7.5% to 176.10 kroner oil and gas surveyor lowered revenue guidance for the fiscal year between $920 million to $1 billion on weak demand and expects sales in the range of $970 million to $1.05 billion.

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