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Delayed Xetra  -  05/20 11:43:40 am EDT
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Hopes Britain will reject no-deal Brexit buoy Europe, Inditex slides

03/13/2019 | 12:12pm EDT

LONDON (Reuters) - European shares jumped on Wednesday as investors bet British lawmakers would vote to reject a disorderly no-deal Brexit, but underwhelming results from Inditex and Adidas kept gains limited.

The pan-European STOXX 600 index climbed to close up 0.6 percent while London's FTSE 100 barely managed a 0.1 percent gain as sterling extended gains.

Lawmakers resoundingly voted against Prime Minister Theresa May's amended Brexit deal late on Tuesday, forcing parliament to decide whether to back a no-deal Brexit or seek a last-minute delay to the process.

"I think the market can see that today parliament is going to vote against no deal," said Duncan Weldon, cross asset allocation strategist at Legal & General Investment.

But investors were far from exuberant.

"I think a lot of people who don’t have to be invested in the UK are sitting this one out for the moment", he added.

European stocks were boosted by a 1 percent jump in oil prices which drove the STOXX 600 oil & gas index up 1.6 percent to its highest level in four months.

Results from several companies disappointed, however.

Zara owner Inditex slid 4.5 percent after it published annual earnings slightly below analysts' expectations and announced more store closures than expected.

"This process of adjusting their store estate is surprising investors and happening faster than people expected," said Alistair Wittet, European equities portfolio manager at Comgest, which holds 11.19 million shares in Inditex and is the 13th biggest investor according to Refinitiv data.

"That naturally weighs somewhat on sales growth in the short term, but I think is the right strategy long term," he added.

Germany's Adidas lost 2.4 percent after announcing supply chain issues would hit its sales growth in the first half of 2019, particularly in North America.

Wirecard was Europe's worst performer, falling 6.6 percent after it suspended an accounting employee in Singapore amid allegations of fraud and creative accounting.

"The scope seems to be getting deeper and longer in time than was originally thought," Neil Campling, head of telecoms, media and tech research at Mirabaud Securities' Global Thematic Group, said of the allegations against the German payments firm.

Austria's Verbund lost 6.5 percent after the hydropower specialist said full-year core profit fell as it produced less electricity in a long dry summer period.

One gainer after results was petroleum storage firm Rubis, up 4.1 percent after reporting a rise in full-year revenue.

Shares in Norwegian Air dipped 1.5 percent after it said it would seek compensation from plane maker Boeing for lost revenue and extra costs after grounding its fleet of 737 MAX 8 aircraft in the wake of the Ethiopian Airlines crash.

(Reporting by Julien Ponthus, Josephine Mason, and Helen Reid; Editing by Alison Williams)

By Julien Ponthus and Helen Reid


© Reuters 2019
Stocks mentioned in the article
ChangeLast1st jan.
ADIDAS AG 0.54% 172.8 Delayed Quote.-31.75%
AMP LIMITED -2.19% 1.115 Delayed Quote.10.40%
EURO / BRITISH POUND (EUR/GBP) -0.15% 0.8442 Delayed Quote.1.03%
FTSE 100 1.19% 7389.98 Delayed Quote.0.07%
HIKMA PHARMACEUTICALS PLC 2.20% 1741 Delayed Quote.-21.68%
INDITEX 0.54% 20.42 Delayed Quote.-28.43%
MAX CO., LTD. -0.19% 1563 Delayed Quote.-18.59%
MSCI UNITED KINGDOM (STRD) 0.99% 1106.15 Real-time Quote.-6.74%
NORWEGIAN AIR SHUTTLE ASA -0.88% 10.1 Real-time Quote.-6.05%
RUBIS 1.86% 26.33 Real-time Quote.0.27%
S&P UNITED KINGDOM (PDS) 1.19% 1508.17 Real-time Quote.2.08%
SEEK LIMITED 1.54% 25.1 Delayed Quote.-23.43%
STOXX EUROPE 600 0.73% 431.1 Delayed Quote.-11.62%
VERBUND AG 1.53% 83.15 Delayed Quote.-15.93%
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Financials
Sales 2022 23 275 M 24 554 M 24 554 M
Net income 2022 1 394 M 1 470 M 1 470 M
Net cash 2022 383 M 404 M 404 M
P/E ratio 2022 18,0x
Yield 2022 2,12%
Capitalization 31 919 M 33 674 M 33 674 M
EV / Sales 2022 1,35x
EV / Sales 2023 1,26x
Nbr of Employees 53 870
Free-Float 89,5%
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Number of Analysts 33
Last Close Price 172,80 €
Average target price 257,81 €
Spread / Average Target 49,2%
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Managers and Directors
Kasper Bo Rørsted Chairman-Management Board & CEO
Harm Ohlmeyer Senior Vice President-Brand Finance
Thomas Hermann Rabe Chairman-Supervisory Board
Andreas Hubert Group Chief Information Officer
Martin Shankland Head-Global Operations
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