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4:00 PM Frankfurt – Burberry reported disappointed sales in Asia Pacific and Americas. Barratt Developments forecasted pretax profit to jump after average selling price jumped 5%. Indivior tumbled after company suffered market share loss in the opioid treatment to the India based generic drug maker.
In London trading, FTSE 100 index slumped 83.11 or 1.1% to 7,608.92 and in Frankfurt the DAX index plummeted 171.53 or 1.4% to 12,439.62.
In Paris, CAC 40 index declined 71.61 or 1.3% to 5,362.40.
Burberry Plc declined 3.7% to 2,023 pence after the U.K.-based luxury fashion brands maker said retail revenue in the first-quarter ending in June were nearly flat from a year ago to £479 million and comparable sales advanced 3% in the period.
The luxury goods maker said sales in the Asia Pacific region grew by a mid-single digit percentage point but sales in the Americas delivered “high single digit percentage” increase.
Burberry left the fiscal 2018 outlook unrevised and added that the designer is on track to save about £100 million or $132.7 million in costs.
Barratt Developments Plc jumped 2.9% to 496.90 pence after the U.K.-based residential property developer forecasted fiscal 2018 pretax profit of about £835 million or $1.1 billion from £765.1 million in the same period a year ago.
The home builder estimated operating margin of about 17.7% from 17.2% from a year ago period and total completions of 17,579 units, a record in ten years with an average selling price increase of 5% to £289,000.
Bechtle AG advanced 3.3% to €72.05 after Germany-based information technology provider today said it plans to acquire the France-based rival Inmac Wstore S.A.S. without disclosing financial terms.
In fiscal 2017, Inmac Wstore reported revenues of about €420 million and employed more than 400 employees.
Ericsson slipped 1.3% to 67.64 Swedish kronor after Sweden-based mobile and broadband services provider signed an agreement to divest its Ericsson Local Services AB, subsidiary supplying field service and maintenance of fixed and mobile networks to domestic rival Transtema Group AB.
Under the terms, all operations and assets of LSS will be transferred to Transtema ownership.
The transaction is expected to close in the third quarter of calendar year 2018.
Indivior Plc tumbled 29.3% to 110.90 pence after the U.K.-based specialty drug maker said its earlier guidance is no longer valid after India-based Dr Reddy’s released a generic version of its Suboxone opioid-addiction treatment.
The drug maker earlier forecasted fiscal 2018 revenue between $1.13 billion and $1.17 billion and net income in the range of $280 million and $320 million but now warned that sales and profits will be lower than expected.
“We are monitoring the U.S. markets to better gauge Dr Reddy''s launch impact and experiencing with Sublocade, we are removing fiscal 2018 net revenue and net income guidance,” said chief executive officer Shaun Thaxter.