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Market Update

Ocado Surges on Casino Deal; Cranswick and Shaftesbury Gain on Results

Author: Sarla Buch
Last Update: 9:51 AM EST November 28 2017

4:00 PM Frankfurt Cranswick reported strong sales growth in the first-half. Casino agreed to use e-commerce platform of the U.K.-based Ocado. Ericsson estimated 5G Subscriptions to reach 1 billion by 2023. Shaftesbury profit surged on revaluation of investment properties.

In London trading, FTSE 100 index jumped 63.70 or 0.9% to 7,409.98 and in Frankfurt the DAX index increased 53.57 or 0.4% to 13,053.50.

In Paris, CAC 40 index advanced 26.73 or 0.5% to 5,386.81.

Cranswick Plc soared 9.3% to 3,298 pence after the U.K.-based food products supplier reported revenues in the first-half ending in September surged 23% from a year ago to 714.6 million.

Net income in the period fell 1.4% to 35.6 million from 36.1 million in a year ago period and diluted earnings per share decreased to 69.6 pence from 58.5 pence.

Cranswick said comparable sales in the period jumped 18% and pretax profit soared 17.2% to 44.4 million from 37.9 million in the same period a year ago.

Casino Guichard Perrachon SA jumped 2.2% to 49.32 after France-based supermarkets operator said that it had signed an agreement with the U.K.-based online grocery retailer Ocado Group Plc and Groupe Casino to develop Ocado Smart Platform in France.

Under the deal, Ocado will build an automated warehouse to serve the Greater Paris area and the Normandie and Hauts de France regions.

Ocado Group Plc surged 20.1% to 307.70 pence.

Telefonaktiebolaget LM Ericsson increased 0.4% to 53.55 Swedish kronor after Sweden-based telecom infrastructure, services and software provides said that the number of 5G subscriptions are estimated to reach about 1 billion by the end of 2023.

Ericsson forecasted by the end of 2023 mobile subscriptions of about 9.1 billion, mobile broadband subscriptions to reach 8.5 billion and the number of unique mobile subscribers is estimated to reach 6.2 billion.

GB Group Plc advanced 0.8% to 438.50 pence after the U.K.-based identity data intelligence specialist stated revenues in the first-half ending in September soared 40% from a year ago to 52.6 million.

Net income in the year doubled to 2.4 million from 1.2 million in a year ago period and diluted earnings per share increased to 1.6 pence from 0.9 pence.

Shaftesbury Plc gained 1% to 999.50 pence after the U.K.-based real estate developer said revenues in the year ending in September jumped 5% from a year ago to 111.5 million.

Net income in the year surged to 301.6 million from 99.1 million in a year ago and diluted earnings per share increased to 107.9 pence from 35.5 pence.

The real estate developer said higher net income was mainly driven by net surplus on revaluation of investment properties, more than doubled to 230.6 million from a year ago period.

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