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Market Update

U.K. Says Fox Not Fit to Takeover Sky, easyJet Revenue Soars

Author: Sarla Buch
Last Update: 10:40 AM EST January 23 2018

4:00 PM Frankfurt easyJet offered upbeat revenue and passenger growth estimate. Logitech lifted fiscal outlook on strong sales. SSP Group first quarter revenue jumped 13.5%. UK regulator said Fox takeover of Sky is not in public interest.

In London trading, FTSE 100 index increased 23.51 or 0.3% to 7,738.95 and in Frankfurt the DAX index gained 98.10 or 0.7% to 13,562.14.

In Paris, CAC 40 index edged up 0.71 to 5,542.70.

easyJet Plc soared 5.2% to 1,645 pence after the U.K.-based low-cost airline operator said total revenues in the first-quarter ending in December soared 14.4% to 1.1 billion and ancillary revenue surged 20% to 226.3 million and as of December 31, net cash of about 357 million.

The number of passengers carried in the quarter jumped 8% to 18.8 million driven by capacity growth of 5.5% to 20.4 million seats and load factor rose 2.1 percentage points to 92.1%.

The budget airline forecasted first-half seat capacity to increase 5% and seat capacity in the year to increase between 5% and 6%.

Logitech International S.A, the Switzerland-based computer peripheral and mobile accessories provider said sales in the third-quarter ending in December jumped 22% from a year ago to $812 million.

Net income in the quarter declined 17.1% to $80.8 million from $97.5 million and diluted earnings per share decreased to 48 cents from 59 cents.

Logitech lifted fiscal 2018 sales forecast between 12% and 14% from the earlier estimate of 10% to 12% and operating income in the range of $270 million to $280 million from the earlier forecast of $260 million to $270 million.

SSP Group Plc jumped 3.9% to 662 pence after the U.K.-based food and beverage services provider said total group revenue in the first-quarter ending in December surged 13.5% and comparable sales rose 2.7%, after increasing in passenger numbers.

Sky Plc jumped 2.3% to 1,026 pence after the U.K. competition regulator objected the deal and blocked Rupert Murdoch''s 11.7 billion bid to take full control of the company.

In a preliminary ruling competition regulator said 21st Century Fox''s planned 11.7 billion or $16.3 billion takeover is not in the public interest and the government may block the deal.

The government now may take final judgment on May 1.

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