Ashtead Demand Set to Rise After Irma and Harvey, Virbac Tumbles

Sarla Buch
12 Sep, 2017
New York City

Ashtead, the construction equipment provider estimated fleet demand may rise in the U.S. after two hurricanes. Credit Agricole agreed to sell 16% stake in Saudi bank. Hastings ends merger talk with AA. JD Sports beats expectations. Virbac tumbled on weak outlook.

[R]4:00 PM Frankfurt – Ashtead, the construction equipment provider estimated fleet demand may rise in the U.S. after two hurricanes. Credit Agricole agreed to sell 16% stake in Saudi bank. Hastings ends merger talk with AA. JD Sports beats expectations. Virbac tumbled on weak outlook.[/R]

In London trading, FTSE 100 index fell 11.74 or 0.2% to 7,401.81 and in Frankfurt the DAX index increased 65.90 or 0.5% to 12,541.78.

In Paris, CAC 40 index advanced 35.02 or 0.7% to 5,211.43.

Ashtead Group Plc soared 8.1% to 1,816 pence after the construction and industrial equipment provider revenues in the first-quarter ending in June soared 16% from a year ago to £880.1 million.

Net profit in the year surged 28% to £150 million from £117.2 million in a year ago period and diluted earnings per share advanced to 30 pence from 23.3 pence.

The industrial equipment provider said revenues and profits in the quarter in rental business delivered strongest results in the U.S. and in the U.K. and pretax profit in the equipment rental segment jumped to 29% to £228.9 million.

Ashtead estimated demand for its fleet business may rise in the U.S. after hurricanes Harvey and Irma.

Credit Agricole SA gained 2.1% to €15.35 after France-based banking and insurance services provider agreed to sell its stake of 16.2% in Banque Saudi Fransi for about $1.54 billion to Prince Alwaleed Bin Talal’s Kingdom Holding Co.

Hastings Group Hldg Plc increased 1.2% to 311.70 pence after the general insurance provider today confirmed that company was in exploratory talks earlier in summer for a possible merger of its insurance business with the roadside assistance service provider AA Plc.

IKEA, Reuter said the Sweden-based privately held furniture retailer intends to invest about €90 million to build its first store in Slovenia and open retail store in 2019.

JD Sports Fashion Plc surged 8.6% to 370.30 pence after the U.K.-based sports fashion and outdoor brands retailer reported revenues in the first-quarter ending in June jumped 41% from a year ago to £1.4 billion.

Net profit in the year soared 35.2% to £81.1 million from £60 million in a year ago period and diluted earnings per share increased to 8.09 pence from 5.97 pence.

The fashion and outdoor brands retailer said sales to date in the second half is similar to the first half and also forecasted fiscal 2017 profit in the range of £268 million to £290 million.

Virbac SA tumbled 14.3% to €130.60 after France-based veterinarian drugs maker reported net revenues in the first-half ending in June increased 1.8% from a year ago to €437.5 million.

Net income in the period jumped 6.3% to €13.9 million from €13.1 million in a year ago six-month period and diluted earnings per share rose to €0.03 from €2.38.

The animal drugs maker lowered fiscal 2017 forecast after slower than expected recovery in the United States, revenue and operating profit are likely to match 2016 results.