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Market Update

Greek Talks at Impasse as Crisis Unfolds, Airbus Wins China Contract


Author: Nigel Thomas
ticker.com
Last Update: 10:36 AM ET July 01 2015

4:00 PM Frankfurt – Airbus secured contract from China Aviation Supplies Holding Company to supply 75 A330 wide-body jets. Anite net surged more than three-fold to £45 million. Greene King profit declined 7%. Northgate profit soared 67%.

Market indexes in Europe traded soared more than 1% after Greece offered a last minute proposal to avert the deepening crisis.

Greece is technically in default of the payment due to the International Monetary Fund and met resistance to its last minute proposal.

Market indexes soared in the euro zone on a local media report that Greece is ready to accept “the revised proposal” meet almost all key conditions laid out by international creditors.

However, German officials later voiced scepticism about the revised proposal.

Greece is already in “arrears” with its failure to meet the payment date yesterday and investors are hoping that an accord with the lenders may prevent Greece from defaulting its debt repayment obligation on July 10.

In London trading, FTSE 100 index gained 1.5% or 94.15 to 6,616.04 and in Frankfurt the DAX index increased 2.4% or 267.08 to 11,211.33.

In Paris, CAC 40 index jumped 2.3% or 109.61 to 4,899.81.

Airbus Group SE jumped 4.6% to €60.89 after the France-based aerospace and defense products maker secured a contract from China-based China Aviation Supplies Holding Company to supply 75 A330 wide-body jets.

Anite Plc slid 0.2% to 126.775 pence after the U.K.-based testing and measurement services provider said group revenues in the year ending in April climbed 8.4% to £118.4 million from £109.2 million in a year ago period.

Net profit in the year surged more than three-fold from a year ago to £44.7 million compared to £12.3 million and diluted earnings per share jumped to 15 pence from 4.1 pence.

Greene King Plc gained 0.7% to 850.67 pence after the U.K.-based pub and bar operator reported revenues in the year ending on May 3 increased 3% to £1.31 billion from £1.30 billion in a year ago period.

Net profit in the year declined 7.1% from a year ago to £89.3 million compared to £96.1 million and diluted earnings per share slipped to 40.6 pence from 44 pence.

LondonMetric Property Plc increased 1% to 163 pence after the real estate developer agreed to acquire Next Distribution warehouse for £29 million.

Separately, today the company had exchanged conditional contracts to acquire and forward fund the development of a new 524,000 square feet retail distribution centre in Wakefield for £39.4 million.

Northgate Plc rose 1.2% to 582 pence after the U.K.-based freight and logistic company said total revenues in the year ending in April climbed 7.5% to £614.3 million from £571.5 million in a year ago period.

Net profit in the year soared 67.4% from a year ago to £66.8 million compared to £39.9 million and diluted earnings per share advanced to 49.2 pence from 29.3 pence.

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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