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Market Update

Ferguson Announces 500 M Stock Buy Back, Ryanair September Traffic Jumps

Author: Sarla Buch
Last Update: 12:22 PM EDT October 03 2017

4:00 PM Frankfurt Electrocomponents lifted annual profit estimate. Greggs, the bakery chain said third-quarter sales jumped 9%. Ferguson declared share buyback of 500 million. Ryanair passenger traffic in September soared 10%. St Ives said net loss in the year widened.

In London trading, FTSE 100 index increased 23.18 or 0.3% to 7,461.87 and in Frankfurt the DAX index gained 73.79 or 0.6% to 12,902.65.

In Paris, CAC 40 index gained 19.87 or 0.4% to 5,369.17.

Electrocomponents Plc jumped 3.1% to 658.50 pence after the U.K.-based electric equipment distributor said revenues in the first-half ending in September soared 13% with strong growth in all five regions.

The electric equipment distributor estimated pretax profit in the period to surge 41.6% to 78 million from the same period a year ago.

Electrocomponents forecasted fiscal 2018 pretax profit of about 78 million from 55.1 million in the fiscal 2017.

Greggs Plc gained 1.1% to 1,264 pence after the U.K.-based bakery chain said sales in the third-quarter ending in September jumped 8.6% and comparable sales in the period advanced 5% driven by sales growth in ''all day breakfast.''

Ferguson Plc advanced 3.6% to 5,040 pence after the Switzerland-based plumbing and heating products distributor reported revenues in the year ending in July surged 21.6% from a year ago to 15.2 billion.

Net profit in the year soared 20.5% to 783 million from 650 million in a year ago period and diluted earnings per share increased to 309.4 pence from 254.8 pence.

The plumbing materials supplier announced share buyback of as much as of 500 million and reduced net debt to 534 million from 936 million in the same period a year ago.

Ryanair Holdings Plc increased 1.8% to 17.19 after Ireland-based airline operator said passenger traffic in September jumped 10% to 11.8 million from 10.8 million in the same month in a year ago.

In the nine-month period ending in September total passenger traffic soared 12% to 127.3 million customers.

Load factor in September increased to 97% from 95% in the same month a year ago.

St Ives Plc slumped 2.2% to 77.75 pence after the U.K.-based commercial printing services maker said revenues in the year ending on July 28 rose 7% from a year ago to 393.2 million.

Net loss in the year widened to 43.4 million from 8.1 million in a year ago six-month period and diluted loss per share increased to 30.40 pence from 5.89 pence.

Separately today, the international marketing services provider agreed to acquire the U.S.-based digital consultancy services provider Solstice Consulting LLC, under the three year earn-out arrangements to a maximum payable of 53.4 million.

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