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Market Update

European Markets Await Brexit Vote, DS Smith, James Latham Net Jump


Author: Sarla Buch
ticker.com
Last Update: 12:57 PM ET June 23 2016

4:00 PM Frankfurt – DS Smith profit soared 7% to £167 million. James Latham profit surged 35% on 6% increase of revenues. Tesco said group comparable sales in the first-quarter rose 0.9%. Weir divested its two renewable-focused units under £100 million asset-disposal program.

European markets remained optimistic ahead of the Brexit vote in the U.K. and politicians and policymakers of all stripes urged voters to stay in the European Union.

In London trading, FTSE 100 index gained 38.57 or 0.6% to 6,300.81 and in Frankfurt the DAX index advanced 120.09 or 1.2% to 10,190.58.

In Paris, CAC 40 index jumped 51.94 or 1.2% to 4,431.79.

DS Smith Plc soared 6.1% to 410.30 pence after the U.K.-based paper and plastic packaging company reported revenues in the year ending in April jumped 6% from a year ago to £4.1 billion.

Net profit in the year soared 7.1% from a year ago to £167 million compared to £156 million and diluted earnings per share increased to 17.5 pence from 16.4 pence.

Separately, today the company agreed to acquire privately held display products and services provider Creo for an undisclosed amount.

James Latham Plc surged 8.8% to 710 pence after the U.K.-based wood-based panels maker said group revenues in the year ending in March advanced 6.3% from a year ago to£185.9 million.

Net profit in the year surged 34.6% from a year ago to £10.5 million compared to £7.8 million but diluted earnings per share slumped to 53.5 pence from 40 pence.

Tesco Plc increased 0.4% to 167.10 pence after the U.K.-based food and retail banking services provider said group comparable sales in the first-quarter ending on May 28 rose 0.9% from a year ago period.

The retailer said comparable sales in international segment jumped 3% and in Europe sales increased to 2.8% and in Asia region comparable sales soared 3.3%.

The Weir Group Plc gained 0.6% to 1,361 pence after the U.K.-based engineering equipment provider confirmed that it had divested its two renewable-focused units American Hydro Corp and Spain-based Ynfiniti Engineering Services for about £34.4 million or $50.5 million.

The company said divestments are under the group''s asset-disposal program worth about £100 million. However, the company estimated net debt at the end of June to be lower than the previous estimate.

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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