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Market Update

Europe Movers: Antofagasta, Inchcape, Pirelli, SDL, St. James’s Place


Author: Nigel Thomas
ticker.com
Last Update: 9:58 AM ET March 12 2013

2:00 PM Frankfurt – Antofagasta said profit for the year declined 19%. Inchcape profit plunged 29% to £190.4 million. Pirelli net jumped 27%. SDL annual net dropped 19%. British Land Company plans to raise nearly £500 million.

In London trading, FTSE 100 index edged up 0.1% or 8.3 to 6,512 and in Frankfurt, the DAX index inched up to 2.6 to 7,987. In Paris, CAC 40 index rose 0.2% or 2.6 to 3,839.

Antofagasta plc jumped 5% to 1,149.50 pence after the UK based copper mining producer reported revenue for the year ending December climbed 10.9% to $6.74 billion from $6.08 billion a year ago. Profit for the year declined 18.8% to $1.73 billion compared to $2.13 billion. Earnings per share decreased to 104.7 cents from 125.4 cents a year ago.

Inchcape plc slipped 1.9% to 519.50 pence after the UK based automotive retailer total revenue for the year ending in December climbed 18% to £6.09 billion from £5.83 billion a year ago.

Profit for the year plunged 28.8% to £190.4 million compared to £147.8 million from a year ago. Diluted earnings per share dropped 18% to 39.4 pence from 30.5 pence a year ago.

Pirelli & C SpA slumped 3.2% to €8.64 after the Italy based tire manufacturer expects earnings before interest and taxes between €810 million and €850 million.

Consolidated revenues at the end of December increased 7.4% to €6.07 billion from €5.65 billion euro in 2011. Net Profit jumped 27.4% to €398.2 million from €312.6 million in last year.

SDL plc plunged 11.8% to 440 pence after the UK based business service provider said total revenue for the year ending in December climbed 18% to £269.3 million from £229 million a year ago.

Profit for the year dropped 19% to £20.86 million compared to £25.74 million from a year ago. Diluted earnings per share dropped 18% to 25.98 pence from 31.73 pence a year ago earlier.

The British Land Company Plc declined 3.7% to 559 pence on the media speculation that the UK based real estate investment trust plans to issue up to 89,674,604 new ordinary shares to raise nearly £500 million.

IG Group Holdings plc climbed 6.5% to 556 pence after the UK based investment company sales in the quarter to February jumped 18% to £88.6 million from £75.1 million a year ago.

UK revenue was ahead by 15% and revenue from Europe rose 22% and revenue in rest of world climbed 51% compared to prior year.

St. James’s Place plc dropped 3.3% to 518.50 pence on the media reports that Lloyds Banking Group reduced the stake in the company.

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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