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Market Update

European Markets Take Greek Election in Strides, Delhaize Jumps 6%

Author: Nigel Thomas
Last Update: 10:36 AM ET January 26 2015

4:00 PM Frankfurt Balfour Beatty selected as preferred bidder for residential project for about 120 million. Delhaize revenues soared 6.3% to 5.8 billion and expected underlying operating profit of about 764 million. SSE reduced household gas tariff prices of 4.1% or 28 per year.

Financial markets across Europe opened lower but by late afternoon managed to recover after investors digested latest Greek election results.

Greek parliamentary elections delivered results in line with expectations and opposition Syriza party won 149 of 300 seats.

The anti-austerity party leader Alexis Tsipras formed a coalition government with the right-wing party Independent Greeks.

The coalition government is expected to take tough stance against international lenders and demand revisions to debt and unwind several austerity measures imposed by the International Monetary Fund, European Union and European Central Bank.

In London trading, FTSE 100 index fell 0.5% or 32.46 to 6,800.37 and in Frankfurt the DAX index increased 0.6% or 60.15 to 10,709.73.

In Paris, CAC 40 index edged up 0.06% or 3 to 4,643.69.

Balfour Beatty Plc increased 0.8% to 228.81 pence after the U.K.-based infrastructure developer was selected as preferred bidder for the 120 million residential project of the University of Sussex.

Delhaize Group SA climbed 5.9% to 72.98 after the Belgium-based food retailer reported group revenues in the fourth-quarter ending in December soared 6.3% to 5.8 billion in the U.S. and comparable store sales jumped to 3.6% while domestic comparable store sales declined 6.9% and 2.2% in Southeastern Europe.

The company said revenues in the quarter from the U.S. increased 12.1% to 3.7 billion or $4.7 billion and revenues in Belgium plunged 6% to 1.3 billion and revenues from Southeastern Europe jumped 2.8% to 832 million.

The retailer added group underlying operating profit to be about 764 million.

Petra Diamonds Limited plunged 8.1% to 165.89 pence after the U.K.-based diamond mine operator said sales in the first-half ending in December surged 16% to $214.8 million from $184.6 million but lowered its fill-year profit outlook.

The company said production dropped 2% to 1,601,069 carats compared to 1,634,576 carats a year ago period.

SSE Plc gained 0.9% to 1,506 pence after the U.K.-based electricity and gas supplier announced a reduction in household gas prices by 4.1% or 28 per year from April 30 till July 2016.

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