Europe Movers: Ashmore, Axa, Evraz, Marks and Spencer, WH Smith

Nigel Thomas
11 Apr, 2013
New York City

Ashmore said third quarter assets under management climbed 9.4% to $77.7 billion. Axa sold its US unit to Protective Life for $1.06 billion. Evraz report net in the year swung to $335 million loss. M&S fourth quarter food sales climbed 4%. WH Smith said group total sales fell 4%.

[R]3:00 PM Frankfurt – Ashmore said third quarter assets under management climbed 9.4% to $77.7 billion. Axa sold its US unit to Protective Life for $1.06 billion. Evraz report net in the year swung to $335 million loss. M&S fourth quarter food sales climbed 4%. WH Smith said group total sales fell 4%.[/R]

In London trading, FTSE 100 index added 0.2% or 15.9 to 6,403 and in Frankfurt the DAX index rose 0.4% to 29.8 to 7,840.

In Paris, CAC 40 index gained 0.6% or 21.6 to 3,765.

Ashmore Group Plc surged 13.9% to 404.30 pence after the UK based investment company said assets under management during the third quarter climbed 9.4% to $77.7 billion. Corporate debt in the quarter surged 51.6% to $4.7 billion and external debt slid 3.3% to $14.8 billion.

Axa SA rose 1% to €13.85 after the France based insurer agreed to sell its US based unit Mony Life Insurance Co to Protective Life Corp. for $1.06 billion or €0.82 billion. Transaction expected to close on October 1.

Evraz Plc plunged 10.8% to 187 pence after the UK based steel and mining company reported revenue for the year ending in December declined 10.2% to $14.73 billion. In the year, net swung to $335 million loss compared to net profit of $453 million. Diluted loss of earnings per share was to 23 cents from diluted earnings of 36 cents a year ago.

Hays Plc climbed 6.6% to 99.55 pence after the UK based recruitment group estimated operating profit for the full year ending in June at the upper end of between £112.3 million and £122.5 million.

Marks and Spencer Group Plc gained 2.7% to 394.25 pence after the UK based clothing retailer reported group sales in the fourth quarter increased 3.1% and total UK sales grew 2.6%. Comparable UK sales rose 0.6% and food sales climbed 4%.

Multi-channel sales for the quarter surged 22.9% and international sales jumped 7%.

The clothing retailer said in last year mobile sales soared 70% and continue to improve mobile shopping experience to our customers.

Man Group Plc, the UK based hedge fund manager reported it is no longer required to hold $300 million as capital buffer after it confirmed with the UK based Financial Conduct Authority had changed the regulatory status from full scope group to a limited licence group.

Man Group would have surplus capital of up to $920 million as at 1st January 2014.

WH Smith Plc climbed 3.6% to 772 pence after the UK based retailer said total group profit before the tax for the six month ending on February 28 increased 5% to £69 million and earnings per share climbed 11% to 44.2 pence from 40 pence a year earlier.

Group total sales fell 4% with like-for-like sales dropped 5% Travel total sales were flat to £216 million and with like-for-like sales slipped 4%. High Street total sales declined 6% to £422 million with like-for-like sales slumped 5%.

The retailer added group profit from trading operations increased 4% on the prior year to £77 million and Total group sales were £638 million compared to £665 million a year ago.

Gross margin improved by 160 basis points.