European Markets Looks Ahead to Greek Referendum

Nigel Thomas
03 Jul, 2015
New York City

Santander agreed to acquire 9.7% stake in consumer loans business for $928 million from DDFS. Technip and Samsung consortium wins two contracts. The 600 Group net surged 27%. British Polythene rose after positive outlook. Eco Animal Health net soared 50% on 22% increase in revenues.

[R]4:00 PM Frankfurt – Santander agreed to acquire 9.7% stake in consumer loans business for $928 million from DDFS. Technip and Samsung consortium wins two contracts. The 600 Group net surged 27%. British Polythene rose after positive outlook. Eco Animal Health net soared 50% on 22% increase in revenues.[/R]

European markets remained on the edge as Greece prepares for a referendum vote that may decide the fate of the struggling nation in the euro zone.

The referendum, is scheduled for vote on July 5th and the Supreme Court is also scheduled to announce its decision on the legality of the process.

In London trading, FTSE 100 index decreased 0.7% or 48.07 to 6,582.27 and in Frankfurt the DAX index fell 0.7% or 75.08 to 11,024.52.

In Paris, CAC 40 index slipped 1% or 49.45 to 4,786.11.

For the week, FTSE 100 index slumped 2.6% and the DAX index declined 4% and the CAC 40 index plunged 5.3%.

The 600 Group Plc slid 0.3% to 18.08 pence after the U.K.-based diversified engineering company said revenues in the first-half ending onMarch 28 jumped 5% to £43.8 million from £41.7 million in a year ago period.

Net profit in the period surged 27% from a year ago to £2.4 million compared to £1.9 million and diluted earnings per share jumped to 2.66 pence from 2.19 pence.

British Polythene Industries Plc gained 1.3% to 691.75 pence after the U.K.-based polythene films and packaging company said performance for the first half ‘will be slightly ahead from a year ago period on the volume increase’ for the first four months in the year.

Banco Santander, S.A fell 0.2% to €6.35 after the Spain-based banking company agreed to acquire 9.68% stake in its separately listed U.S.-based consumer loans business Santander Consumer USA Holdings Inc for $928 million held by Double D Financial Services, LLC.

Following the transaction, Santander’s stake in SCUSA will be of about 68.7%.

Eco Animal Health Group Plc decreased 1.3% to 296 pence after the U.K.-based veterinary drugs maker said revenues in the year ending in March climbed 22% to £39 million from £31.9 million in a year ago period.

Net profit in the year soared 50% from a year ago to £4.6 million compared to £3.1 million and diluted earnings per share increased to 6.79 pence from 4.30 pence.

Technip slipped 1.1% to €54.84 after the France-based onshore/offshore construction company and South Korea based Samsung in a consortium was awarded two contracts by Royal Dutch Shell for Browse floating liquefied natural gas project in Australia, operated by Woodside Petroleum Limited.