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4-Traders Homepage  >  Equities  >  London Stock Exchange  >  Balfour Beatty    BBY   GB0000961622

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European shares edge up and cling to 10-week high, H&M disappoints

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09/28/2017 | 06:25pm CEST
The German share price index, DAX board, is seen at the stock exchange in Frankfurt

European shares closed in mixed directions on Thursday but clung to a 10-week high as bullishness fuelled by President Donald Trump's tax cut plan lingered on despite concerns it might prove difficult to implement.

The pan-European STOXX 600 <.STOXX> index was up 0.1 percent, just above the two-month high it reached in the previous session, which was lifted by the revival of "Trumpflation" trade - a bet on rising rates, inflation and securities prices in the United States and beyond.

"European markets have seen marginal gains today, as the optimism surrounding Trump’s tax plans seems to have run out of steam", wrote Joshua Mahony, a market analyst at IG, in a note to clients.

"It is hard to expect this proposal to pass Congress smoothly," said Takafumi Yamawaki, chief fixed income strategist at J.P. Morgan Securities.

On the corporate front, Fashion group H&M (>> Hennes & Mauritz) posted the worst performance of the STOXX 600, losing 5.1 percent.

The Swedish company reported a 20 percent fall in quarterly profit on Thursday as summer discounts squeezed margins, while sales slowed towards the end of this month.

The world's second-biggest fashion retailer after Zara, owner Inditex (>> Inditex SA) has been struggling to keep up with rapid changes to its retail market as competition intensifies.

Ryanair also felt the heat after it cancelled flights of another 400,000 customers and scrapped a bid for Alitalia, falling 3.5 percent.

On the other side of the fence, a strong update lifted shares in food company SSP Group (>> SSP Group PLC), up 5.7 percent, the highest rise in the index.

British infrastructure company Balfour Beatty (>> Balfour Beatty) also gained 5.6 percent following an upbeat note from Peel Hunt, which upgraded the stock to "buy".

Peel Hunt said the "hidden value" within infrastructure investments and strengthening balance sheet suggested there was scope for bigger shareholder returns over the medium term.

The rise in oil prices, spurred by tension around northern Iraq following the Kurdistan region's vote in favour of independence in a referendum, helped European majors, such as Total (>> Total) or Royal Dutch Shell (>> Royal Dutch Shell), close higher - 0.23 and 0.73 percent respectively.

In the sector, TechnipFMC <FTI.PA> led France's CAC 40 <.FCHI> after winning an engineering contract for Statoil (>> Statoil) and adding 3.7 percent.

The heavyweight banking sector <.SX7P> rose 0.1 percent, in line with seven-week highs, buoyed by expectations monetary policy will tighten. Gains in banking stocks were led by German lender Deutche Bank (>> Deutsche Bank), up 2.7 percent.

(Reporting by Danilo Masoni and Julien Ponthus, editing by Mark Heinrich)

By Danilo Masoni and Julien Ponthus

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Financials ( GBP)
Sales 2017 7 932 M
EBIT 2017 105 M
Net income 2017 69,9 M
Finance 2017 91,0 M
Yield 2017 1,47%
P/E ratio 2017 29,71
P/E ratio 2018 19,40
EV / Sales 2017 0,22x
EV / Sales 2018 0,21x
Capitalization 1 855 M
Chart BALFOUR BEATTY
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Balfour Beatty Technical Analysis Chart | BBY | GB0000961622 | 4-Traders
Technical analysis trends BALFOUR BEATTY
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TrendsBullishBearishBearish
Income Statement Evolution
Consensus
Sell
Buy
Mean consensus OUTPERFORM
Number of Analysts 10
Average target price 3,24  GBP
Spread / Average Target 21%
EPS Revisions
Managers
NameTitle
Leo Martin Quinn Chief Executive Officer & Director
Philip Stanley Aiken Non-Executive Chairman
Philip J. Harrison Chief Financial Officer & Executive Director
Chris Johnson Group Chief Information Officer
Iain G. T. Ferguson Senior Independent Non-Executive Director
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