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Market Update

Greek Lawmakers Approve Conditions; Nordea Bank, Sports Direct Net Soar

Author: Nigel Thomas
Last Update: 11:52 AM ET July 16 2015

4:00 PM Frankfurt Greek lawmakers approve tougher conditions demanded by international lenders. Carrefour sales jumped 4%. Elisa profit soared 12%. Investor net swung to a loss to 8.5 billion kronor. Nordea Bank profit climbed 39%. Rio Tinto lowered iron ore shipments forecast. Sports Direct net surged 33%.

European markets traded higher after Greek lawmakers approved tougher conditions laid out by international lenders.

However, German finance minister voiced scepticism and said temporary suspension of Greece from the euro zone may be a better solution.

In London trading, FTSE 100 index gained 0.6% or 39.91 to 6,793.66 and in Frankfurt the DAX index increased 1.8% or 208.01 to 11,748.75.

In Paris, CAC 40 index jumped 1.6% or 81.59 to 5,128.83.

Carrefour SA increased 2.5% to 30.89 after the France-based convenience stores operator reported sales in the second-quarter ending in June jumped 4.2% to 21.37 billion and total sales under banners climbed 5.7% to 26 billion from a year ago period.

Sales in France, increased 3.3% to 10.17 billion and international sales advanced 5% to 11.20 billion from a year ago period.

Elisa Oyj slipped 1.2% to 29.78 after the Finland-based communications services provider said revenues in the first-half ending in June increased 1.6% to 390 million from 384 million in a year ago period.

Net profit in the period soared 11.6% from a year ago to 60.5 million compared to 54.2 million and diluted earnings per share decreased to 0.38 from 0.35.

Investor AB jumped 2.6% to 334.90 kronor after the Sweden-based investment company reported net sales in the first-quarter ending in June soared 18.6% to 6.18 billion kronor from 5.21 billion kronor in a year ago period.

Net in the quarter swung to a loss from a year ago to 8.47 billion kronor compared to profit of 11.55 billion kronor and diluted loss per share swung to 11.13 kronor from diluted earnings per share of 15.14 kronor.

Nordea Bank AB fell 0.6% to 110.50 kronor after the Sweden-based bank reported net interest income in the second-quarter ending in June slipped 4% to 1.31 billion from 1.37 billion in a year ago period.

Net profit in the quarter climbed 39% from a year ago to 952 million compared to 686 million and diluted earnings per share jumped to 0.24 from 0.17.

Rio Tinto Plc gained 1.1% to 2,628 pence after the U.K.-based miner lowered its full-year iron ore shipments forecast after bad weather at its Pilbara operations.

The company said output in copper segment declined 19% to 134,000 tons while worldwide iron ore shipments in the quarter rose 8% to 81.4 million tons and production jumped 9% to 79.7 million tons.

The miner estimated global shipments for the year of about 340 million tons from its Australia and Canada operations.

Sports Direct International Plc rose 0.1% to 735.50 pence after the U.K.-based sports, leisure clothing, footwear and equipment retailer said group revenue in the year ending onApril 26 climbed 4.7% to 2.83 billion from 2.71 billion in a year ago period.

Net profit in the year surged 33.4% from a year ago to 240.4 million compared to 180.2 million and diluted earnings per share increased to 39 pence from 29.2 pence.

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