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Market Update

LVMH Plunges on Trade War Worries, PageGroup Says Brexit Non-Event

Author: Sarla Buch
Last Update: 8:05 AM EDT October 10 2018

4:00 PM Frankfurt – Ahlers net tumbled on weak revenues. Luxury goods conglomerate LVMH sales jumped after strong business in fashion and leather goods. PageGroup gross profit soared 20%.

In London trading, FTSE 100 index fell 74.60 or 1% to 7,163.34 and in Frankfurt the DAX index slumped 172.53 or 1.4% to 11,804.69.

In Paris, CAC 40 index declined 75.51 or 1.4% to 5,243.04.

Ahlers AG slipped 1.9% to €3.05 after Germany-based men''s fashion products maker said revenues in the nine-month period ending in September declined 6.5% from a year ago to €168 million.

Net income in the period tumbled 95.1% to €0.2 million from €4.1 million in the same period a year ago.

Men''s fashion products maker said profit decline was driven by weak sales in the suits and jackets business and gross profit declined by 7.1%.

Ahlers forecasted fiscal 2018 revenues of about €235.9 million and operating profit of about €3.5 million.

Consus Real Estate AG fell 0.1% to €3.05 after Germany-based real estate developer said revenues in the first-half ending in September surged from a year ago to €242.4 million.

Net loss in the period widened to €8.1 million from €4.2 million in the same period a year ago and diluted loss per share increased to €0.10 from of €0.19.

LVMH Moet Hennessy Louis Vuitton SE plunged 7.9% to €263 after France-based luxury goods maker reported total revenues in the nine-month period ending in September soared 11% from a year ago to €33.1 billion.

The luxury goods conglomerate added revenues in the fashion and leather goods business surged 14% to €13.1 billion and revenues in the perfumes and cosmetics segment jumped 14% to €4.4 billion.

Revenues in the watches and jewelry segment soared €3 billion and in the wines and spirits segment advanced 7% to €3.6 billion.

PageGroup Plc dropped 2.2% to 533 pence after the U.K.-based recruitment services provider said gross profit in the third-quarter ending in September soared 19.7% from a year ago to £207.7 million.

PageGroup said profit in the U.K. rose 1%

“We’re not seeing a large number of jobs moving to Europe and not really seeing, beyond the talk, any significant move yet,” said chief executive officer Steve Ingham.

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