European Markets Extend Weekly Gains; Vodafone, CRH and Skanska in Focus

Sarla Buch
22 Jul, 2016
New York City

European markets extended weekly gains. Big Yellow said revenues in the first-quarter surged 10%. CRH advanced on outlook. Skanska revenues plunged 8%. Vodafone said revenues in the first-quarter declined 4.5%.

[R]4:00 PM Frankfurt – European markets extended weekly gains. Big Yellow said revenues in the first-quarter surged 10%. CRH advanced on outlook. Skanska revenues plunged 8%. Vodafone said revenues in the first-quarter declined 4.5%.[/R]

European markets extended weekly gains after a week of volatile trading and rising commodities prices in the region.

In London trading, FTSE 100 index gained 30.59 or 0.5% to 6,730.48 and in Frankfurt the DAX index slid 8.75 to 10,147.46.

In Paris, CAC 40 index edged up 4.85 to 4,381.10.

For the week, FTSE 100 index increased 0.9%, the DAX index gained 0.8% and the CAC 40 index rose 0.2%.

Big Yellow Group Plc gained 1.7% to 720 pence after the U.K.-based self-storage services provider said revenues in the first-quarter ending in June surged 10% from a year ago to £26.4 million and comparable store revenue increased 8%.

CRH Plc jumped 2.6% to 2,231.94 pence after the Ireland-based construction materials provider estimated operating profit in the first-half ending in April of about €1 billion and in the second-half of about €1.1 billion.

The building materials provider is scheduled to release its first-half result on August 25.

Skanska AB declined 4.8% to 177.10 Swedish Kronor after the Sweden-based construction company reported group revenues in the second-quarter plunged 8% from a year ago to 37.25 billion kronor.

Net profit in the quarter soared 8% from a year ago to 1.32 billion kronor compared to 1.22 billion kronor and diluted earnings per share increased to 5.83 kronor from 2.84 kronor.

J Sainsbury Plc fell 0.7% to 226.50 pence after the U.K.-based supermarkets and convenience stores operator won unconditional ruling from Competition and Markets Authority for an acquisition offer for home and general merchandise retailer Home Retail Group Plc.

Vodafone Group Plc soared 4.6% to 235.55 pence after the U.K.-based mobile communication company reported revenues in the first-quarter declined 4.5% from a year ago to £13.38 billion but group organic service revenue grew 2.2%.

Vodafone said business remained stable in Europe despite the telecom operator reduced roaming fees.

Revenues in Germany rose 1.6%, in Spain increased 1.3% and in Italy advanced 1.2% but in the U.K. dropped 3.2%.