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HGG - Henderson News Story

233.7p -1.1  -0.5%

Last Trade - 26/05/17

Large Cap
Market Cap £3.23bn
Enterprise Value £2.63bn
Revenue £1.69bn
Position in Universe th / 1824

Earnings, resources stocks help European shares hold at 21-month highs

Tue 9th May, 2017 11:08am
* STOXX 600 up 0.5 pct 
    * Miners, oil stocks lend support 
    * Results buoy Davide Campari, Nets 
    * Micro Focus down after buyout target's weak update 
 (Adds quote and details, updates prices) 
    By Kit Rees 
    LONDON, May 9 (Reuters) - A raft of well-received updates 
and a recovery in resources stocks helped European shares 
rebound on Tuesday from the previous session's slight losses, 
edging to 21-month highs. 
    The pan-European STOXX 600  .STOXX  index was up 0.5 percent 
while France's CAC 40 index  .FCHI  gained 0.4 percent, 
recouping some of its losses from Monday following centrist 
Emmanuel Macron's French presidential election victory. 
    "Yesterday was almost a realisation that, ok, we've cleared 
one hurdle but it's not like it's plain sailing from here ... 
but today it's looking good - the weak euro vs. the dollar is 
helping the DAX," Mike van Dulken, head of research at Accendo 
Markets, said, referring to Germany's index  .GDAXI  which was 
up 0.5 percent. 
    Company results were in focus, with shares in Italy's David 
Campari  CPRI.MI  jumping nearly 8 percent after the spirits 
maker reported first-quarter earnings boosted by high-margin 
brands.  urn:newsml:reuters.com:*:nFWN1IB0BW 
    Denmark's payment services provider Nets  NETS.CO  rose 2.6 
percent following its first-quarter earnings, which saw strong 
organic growth.  urn:newsml:reuters.com:*:nL8N1IB1O1 
    More than halfway into the first-quarter results season, 
earnings for European firms have been strong overall, with major 
euro zone blue chip firms seeing average earnings growth of 
around 20 percent, according to Thomson Reuters I/B/E/S data.    
    Elsewhere a rebound in basic resources stocks  .SXPP  and 
gains among energy firms  .SXEP  also helped support the market, 
with miners up after a rise in the underlying price of 
copper. MET/L    
    Shares in Belgian materials group Umicore  UMI.BR  rose 4.3 
percent, supported by a positive broker note from Berenberg 
whose analysts also upped their target price for the stock. 
Likewise Henderson's  HGGH.L  shares gained nearly 3 percent 
after UBS upgraded the asset management firm to "buy" from 
"neutral", citing its planned merger with U.S. fund firm Janus 
Capital  JNS.N . 
    "Significantly enhanced scale, distribution and 
diversification see (Henderson) better equipped to deal with 
ongoing headwinds from a gradual global shift to passive and 
rising regulatory costs," analysts at UBS said in a note.    
    Britain's Micro Focus  MCRO.L  was the biggest STOXX faller, 
slumping more than 8 percent after saying that revenue at 
Hewlett-Packard Enterprise, the U.S. company it is buying, 
dropped around 10 percent in the last quarter.  L8N1IB1DY   
    Shares in jewellery maker Pandora  PNDORA.CO  gave up early 
gains to trade more than 4 percent lower after its update, while 
Apple  AAPL.O  supplier Dialog Semiconductor  DLGS.DE  retreated 
2.3 percent with analysts pointing to the chipmaker's weaker 
guidance for the second quarter in which it expects to see a dip 
in revenues.  urn:newsml:reuters.com:*:nL8N1IB1JK  urn:newsml:reuters.com:*:nL8N1IB1JK 
    British utility Centrica  CNA.L  came under pressure after 
Prime Minister Theresa May pledged to cap energy prices if she 
is re-elected in June's general election. Centrica's shares fell 
2 percent.  urn:newsml:reuters.com:*:nL8N1IB280 
 (Reporting by Kit Rees; Editing by Robin Pomeroy) 
 ((kit.rees@thomsonreuters.com; +44 207 542 2784;)) 
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