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Market Update

Weak Euro Drives Stocks Higher, Alstria to Buy Rival DO Deutsche

Author: Nigel Thomas
Last Update: 11:52 AM ET June 16 2015

4:00 PM Frankfurt Kier secured contracts worth 247 million. Alstria Office REIT offered to acquire the rival DO Deutsche Office for 800 million. Ashtead Group profit surged 30.6% on 40% jump in revenues. Crest Nicholson, the home builder said profit soared 51%. Fashion retailer Gerry Weber net tumbled 33%.

European market indexes recovered in the afternoon trading after the weaker euro brought bargain hunters to the table.

The euro declined 0.6% against the U.S. dollar and the Greece-led market sell-off also led value buyers to step up and increase risk exposure to stocks.

However, Greek market index dropped 4.8% and the Prime Minister Alexis Tsipras blamed international lenders to the impasse in negotiations as the country lurches to a loan default.

In London trading, FTSE 100 index slipped 0.2% or 13.54 to 6,707.76 and in Frankfurt the DAX index edged up 12 to 10,996.20.

In Paris, CAC 40 index gained 0.2% or 11.91 to 4,827.27.

Alstria Office REIT AG slipped 0.7% to 11.49 after the Germany-based property developer offered the rival DO Deutsche Office AG 800 million or $901.5 million.

Alstria offered 0.381 new shares for each Deutsche Office share, a premium of 12% to the closing price on Monday.

Ashtead Group Plc dropped 2.7% to 1,097 pence after the U.K.-based construction and industrial equipment provider reported revenues in the fourth-quarter ending in April soared 39.9% to 538.7 million from 384.9 million in a year ago period.

Net profit in the quarter surged 30.6% from a year ago to 67.5 million compared to 51.7 million and diluted earnings per share jumped to 13.4 pence form 10.2 pence.

Crest Nicholson Holdings Plc gained 0.5% to 547 pence after the U.K.-based homebuilder reported revenues in the first-half ending in April climbed 38% to 333.2 million from 241.1million in a year ago period.

Net profit in the quarter soared 51% from a year ago to 46.7 million compared to 30.9 million and diluted earnings per share increased to 18.2 pence form 12.1 pence.

The homebuilder said it is on track with a three-year plan and revenue growth of about 1 billion by October 2016.

Gerry Weber International AG jumped 2.5% to 20.05 after the Germany-based fashion retailer said revenues in the first-half ending in April jumped 4.8% to 432.7 million from 412.8 million in a year ago period.

Net profit in the period tumbled 33% from a year ago to 21.9 million compared to 32.7 million and diluted earnings per share dropped to 0.48 from 0.71.

Kier Group Plc dropped 1.1% to 1,422 pence after the residential construction company secured three new construction contracts worth 247 million from National Health Service''s ProCure21+ under publicly-funded procurement program to design and build a new critical treatment hospital for Hampshire hospitals.

Whitbread Plc rose 0.2% to 5,050 pence after the U.K.-based hotels, restaurants and coffee shops operator reported total sales in the first-quarter ending on May 28 soared 12.5% and comparable store sales jumped 4.3% from a year ago period.

In hotels and restaurants segment total sales climbed 9.9% and total sales for Premier Inn including UK & International surged 14.3%. Sales in London advanced 21.6%. The Costa coffee chain total sales in the month climbed 17.2%.

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