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Market Update

Publicis Acquires Czech-based Kindred, Ted Baker Plunges on Fraser Woes

Author: Sarla Buch
Last Update: 11:20 AM EDT October 04 2018

4:00 PM Frankfurt – BTG soared on the upbeat fiscal forecast. Electrocomponents jumped on improved pretax profit estimates. EasyJet passenger traffic in September surged. Ted Baker plunged on weaker-than-expected results and weak forecast.

In London trading, FTSE 100 index dropped 64.21 or 0.9% to 7,446.07 and in Frankfurt the DAX index advanced 44.03 or 0.4% to 12,330.65.

In Paris, CAC 40 index slumped 55.47 or 1% to 5,435.93.

BTG Plc soared 5.3% to 589 pence after the U.K.-based healthcare products maker lifted fiscal 2018 sales growth in the vascular and oncology products between 15% and 17% from the earlier estimate of 13% to 15% increase.

The healthcare products maker forecasted full-year sales in pharmaceuticals division “around the upper end” from the earlier estimate of “flat-to-single digit decline.”

Electrocomponents Plc jumped 3.4% to 743 pence after the U.K.-based industrial and electronics products distributor forecasted pre-tax profit to soar 27% to £100 million from a year ago period.

The industrial products distributor estimated fiscal 2018 digital revenue growth of about 10%, led by strong growth of 12% in its own-brand business RS Pro.

EasyJet Plc slipped 0.7% to 1,208.50 pence after the U.K.-based low-cost airline operator said passenger traffic in September surged 14.2% to 8.82 million and load factor increased 0.8 percentage point to 92.8% from the same month a year ago.

Publicis Groupe SA rose 0.2% to €52.28 after France-based advertising, marketing and communications services provider today announced that it had acquired Czech Republic-based independent digital communications group of Kindred Group without disclosing financial terms.

Ted Baker Plc plunged 8.7% to 2,108 pence after the U.K.-based luxury fashion retailer said group revenues in the first-half ending on August 11 rose 3.5% from a year ago to £306 million.

Net income in the period fell 1.2% to £19 million from £19.3 million in the same period a year ago and diluted earnings per share decreased to 42.7 pence from 43.1 pence.

The fashion retailer said weak profit was driven by £0.6 million, one-time charge associated with the administration of department-store chain House of Fraser.

The 544-store retail chain sales increase in the first-half period declined to 11% from 13.9% in the same period a year ago and the retailer said retail environment in the U.K. is expected to “challenging.”

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