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Market Update

easyJet Traffic in May Jumps, Roche Drops on Cancer Study Disappointment


Author: Sarla Buch
ticker.com
Last Update: 10:02 AM ET June 06 2017

4:00 PM Frankfurt – AO World said revenues soared but profit lagged on the weakness in Europe. easyJet said passenger traffic in May jumped 9.5%. Roche said its expensive new drug fails to show improvement in breast cancer treatment over its decade old drug. Shawbrook rejected hostile bid.

In London trading, FTSE 100 index slid 4.18 to 7,511.04 and in Frankfurt the DAX index dropped 113.23 or 0.9% to 12,709.29.

In Paris, CAC 40 index slumped 36.53 or 0.7% to 5,271.08.

AO World Plc declined 8.9% to 132 pence after the U.K.-based online electrical products retailer said total revenues in the year ending in March soared 17% from a year ago to £701.2 million.

Operating loss in the year widened from a year ago to £12 million from £10.6 million and diluted loss per share increased to 1.55 pence from 1.44 pence. The retailer had raise £50 million in March to fund expansion in Europe.

The online retailer said domestic sales jumped 14.5% to £557 million and revenues in Europe surged 52.3% to £71.5 million or €84.7 from the same period a year ago.

AO World forecasted domestic growth in the first quarter may “significantly"" slow.

easyJet Plc increased 0.8% to 1,354.37 pence after the U.K.-based low-cost airline operator said passenger traffic in May jumped 9.5% to 7,512,545 while load factor was flat at 91.5% from a year ago month.

Joules Group Plc jumped 5.1% to 300.50 pence after the U.K.-based lifestyle clothing, accessories and homeware retailer said group revenues in the year ending on May 28 surged 19.6% from a year ago to £157 million.

The branded products retailer estimated pretax profit comfortably ahead of previous expectations.

The lifestyle retailer said revenue in the retail business gained 19.4% and wholesales segment soared 20.3%.

Roche Holding AG plunged 5.5% to 250.40 Swiss francs after Switzerland-based healthcare products maker said study shows its Perjeta-based regimen reduced the risk of invasive cancer returning but it failed to improve on the previous drug.

In a separate press release, the drug researcher said phase III study showed its Alecensa reduced the risk of disease progression or death by more than half compared to crizotinib as first-line treatment in a specific type of lung cancer.

Shawbrook Group Plc slid 0.1% to 338 pence after the U.K.-based banking services provider rejected a hostile bid of £868 million from £842 million from the private equity consortium Pollen Street Capital Ltd and BC Partners LLP, saying the revised offer undervalues the bank.

The independent directors believe that the final offer undervalues Shawbrook and its prospects and advised that shareholders to take no action.

The final offer is open for acceptances until 1.00 p.m. (London time) on June 19, 2017.

WOM World of Medicine GmbH, the Germany-based privately-held medical devices maker agreed to be acquired by the U.S.-based Novanta Inc for about €115 million in cash.

The transaction is expected to close in the third quarter of this year.

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