ML
** Reminder: Sweden, Denmark, Finland, Norway, Switzerland,Austria closed
* BARCLAYS AFRICA GR - Barclays sells 103.6m shrs; Citi/JPM/UBS..............
* CENTRICA - 7% placing to fund £350mn of acquisitions & support bal sheet...
LUNDIN - We INITIATE coverage with Buy rating, PO SEK 40/ c$5.60............
MORRISON - Positive. Total sales -1.8% with LfL +0.7%, +0.2% v bbg cons...+3%
REPSOL - Big beat. 1Q Net EU572m v 261.2m. Upstream profitable the key....+3%
EDP - 4% beat driven by weather, with EBITDA €1,069m v bbg cons €1,024m...+2%
IMI - Solid. Oil & gas has been nowhere near as bad as feared.............+2%
BT - Beat, good fibre KPIs, 2yr guidance (16/17 inline, 17/18 ahead)....+1-2%
OLD MUT - Flows £1.8bn v BAML £1.5bn & FUM £107.1bn v BAML £104.8bn.....+1-2%
SAGE - Beat on rev with 6.2% org growth v 6.1% cons. H1 margin weaker...+1-2%
RSA - Solid. Slightly ahead of targets, low weather losses & FX tailwind+1-2%
DERWENT - Read well. 185.4k sq ft letting YTD, 6.1% ahead of Dec ERV......+1%
PFG - Made good start to the yr. Consumer credit all fine. Outlook ok too.+1%
FERROVIAL - Q1 EBITDA €194mn v bbg cons €189mn. Toll rds & airports solid.+1%
RANDGOLD - We UPGRADE to Buy, PO 7,100p. Shares look oversold v history...+1%
BEAZLEY - Positive. 1Q gross premiums written $583m v $546m yr earlier....+1%
A3M - Upgrading Spanish media ad growth from 6.5% to 8%. U/G EBIT by 7%.+0.5%
AMADEUS - Rev 1% ahead, EBITDA 4% ahead EPS 5% ahead. Detail looks mixed+0.5%
OILS - Solid recovery post -ve DOE data, +1.3% from EU close............+0.5%
VESTAS - Wins new order for 178mw in Kansas according to Reuters........+0.5%
APERAM - Q1 inline with EBITDA -14% YoY. No change to ests post results...u/c
BUNZL - 2x bolt-on acquisitions in Germany for rev €22m. Not material.....u/c
KINGSPAN - KSP has made a strong start to the year, with YTD sales up 25%.u/c
CYBG - Has taken a £45m PPI charge. NAB takes 90%, leaving CYBG with £44m.-1%
SMITH & NEPHEW - Sales only and report revs -2.5% v cons at group level...-2%
LANCASHIRE - PBT of $26.5m v cons $35.4m but towards bottom end of range-2-3%
ROLLS - Slightly disappointing. Q1 IMS lowers 1H outlook, keeps FY guide..-3%
ISAT - Lower group guidance by 4%. Weakness in Maritime reflect headwind-4-5%
MILLENIUM & COPTHOR - Hotel rev lower because of weak trading performance.-5%
CS
Accor -1-2% French preliminary RevPAR for April weak, Paris -19.6%
Amadeus +1-2% Q1 EBITDA €448m vs cons 431m, adj prof €245m vs cons 235m
Aperam +1-2% Q1 inline, EBITDA $112m cons $113m, guidance for Q2 better
Beazley +1-2% No's better, expects combined ratio for H1 to be better
BT Group +1-2% Rev beat & Ebit beat. Look solid & low expectations
Bunzl M/P Made a small acquisition
Bureau Veri M/P Small acq. London-based TMC Marine, 2015 rev. of Eu8.5m
Derwent -1% Statement cautious on June referendum
EDP +1% 1Q Net Income EU263m; Est. EU262m
EI Towers +1-2% Q1 core revs 0.5% miss, EBITDA 5.5% beat, Confirms 2016
Esure M/P Motor gross written premiums up 17.1%, on track for 2016
IMI M/P Q1 LFL rev growth of -4% cons -5%
Inmarsat -2-3% FY16 Revs range guidance reduced
Kingspan -1-2% Easing in order placement, maintained guidance
Korian +1% Q1 revs 2% beat, confirms FY rev target
Lancashire -1-2% Q1 pretax $26.5m vs cons $31m, combined ratio better
M&C M/P PBT inline, hotel business has had worse than expected
Morrison +2-3% Q1 LFL sales ex fuel up 0.7% est up 0.2%
Miners UNCH Copper -0.45%, Brent +0.75%, Iron Ore -3.05%, China -0.13%
Oils M/P Oil rallied c.3% from lows, Fires at Canadian Oil Sands
Repsol +3% 1Q adj net EU572M est EU261.2M
Rolls Royce -2-3% Will break even in H1 vs cons +243m, H2 weighted
Sage Group +1% H1 rev beat down to FX. Confident on targets
S&N -2% Q1 rev miss 1.14bn vs 1.17bn
Shawbrook +0.5% IMS inline, 2020 targets look optimistic
Solvay -0.5% CS downgrade to NEUTRAL (Valuation)
Telefonica M/P Officials decided to block CK Hutchison purchase of 02, WSJ
Amadeus +1-2% Q1 EBITDA €448m vs cons 431m, adj prof €245m vs cons 235m
Aperam +1-2% Q1 inline, EBITDA $112m cons $113m, guidance for Q2 better
Beazley +1-2% No's better, expects combined ratio for H1 to be better
BT Group +1-2% Rev beat & Ebit beat. Look solid & low expectations
Bunzl M/P Made a small acquisition
Bureau Veri M/P Small acq. London-based TMC Marine, 2015 rev. of Eu8.5m
Derwent -1% Statement cautious on June referendum
EDP +1% 1Q Net Income EU263m; Est. EU262m
EI Towers +1-2% Q1 core revs 0.5% miss, EBITDA 5.5% beat, Confirms 2016
Esure M/P Motor gross written premiums up 17.1%, on track for 2016
IMI M/P Q1 LFL rev growth of -4% cons -5%
Inmarsat -2-3% FY16 Revs range guidance reduced
Kingspan -1-2% Easing in order placement, maintained guidance
Korian +1% Q1 revs 2% beat, confirms FY rev target
Lancashire -1-2% Q1 pretax $26.5m vs cons $31m, combined ratio better
M&C M/P PBT inline, hotel business has had worse than expected
Morrison +2-3% Q1 LFL sales ex fuel up 0.7% est up 0.2%
Miners UNCH Copper -0.45%, Brent +0.75%, Iron Ore -3.05%, China -0.13%
Oils M/P Oil rallied c.3% from lows, Fires at Canadian Oil Sands
Repsol +3% 1Q adj net EU572M est EU261.2M
Rolls Royce -2-3% Will break even in H1 vs cons +243m, H2 weighted
Sage Group +1% H1 rev beat down to FX. Confident on targets
S&N -2% Q1 rev miss 1.14bn vs 1.17bn
Shawbrook +0.5% IMS inline, 2020 targets look optimistic
Solvay -0.5% CS downgrade to NEUTRAL (Valuation)
Telefonica M/P Officials decided to block CK Hutchison purchase of 02, WSJ
MF
*ALLIANZ-To bid for 48% stake in NY Hudson Yards Tower,Ex Div......-4.5%
*ELIOR-In adv talks to buy Megabite,Ramachandra Caterers...........-0.5%
*BT-Sales £5.66b(5.67),FY EPS better,sets guidance for 2 years.....+2%
*TEF-EU Officials to decide to block Hutchison purchase of O2......-0.5%
*DB1-LSE moving forward on all-share merger with Deut Boerse.......+0.5%
*APERAM-Ebitda 112m(113),Sales 1.08b(1.09),Q2 Ebitda up vs Q1......U/C
*EDP-Net €263m vs est €262m,Ebitda €1.13b vs est €1.02b............+1%
*METRO-To add Bank Of America to advise on food ops split..........U/C
*AMADEUS-Ebitda 448.8m(431.2),Adj Pft 245.6m,Sign Expedia deal.....+1%
*REPSOL-Adj Net 572m(261.2),Ebitda 1.02b(1.078),Net Debt 11.97b....+2%
*RR-H1 expected to be clse to breakeven,cost savings on track......-2%
*GRIFOLS-Ebitda 282.5m(281.8),Rev 959m(958),Net 125.2m.............+1%