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U.S. stocks closed modestly higher Wednesday, in a choppy, light trading day ahead of Thursday's Thanksgiving holiday. Kesa Electricals, which split from Kingfisher in July, has posted higher third-quarter sales at its three main businesses and predicts "satisfactory" full-year results The firm said like-for-like sales rose 4.7 percent at French market leader Darty in the 13 weeks to November 1. On the same basis, sales at French furniture store BUT rose 0.7 percent and sales at Comet in the UK rose 3.1 percent.Rank Group said it was on track to meet analysts' full-year expectations as recent solid results at its bingo halls and film unit offset continued tough trading at its Hard Rock Cafes. "Overall we expect full year results to be broadly in line with expectations," Rank said Johnson Matthey metals and chemicals reported first-half profits of 97.5 million pounds towards the top end of forecasts and said it was confident of growth in full-year earnings. Telewest Communications said it was entering the final stage of its restructuring plan and expects completion in the new year. Pennon, Southwest England water utility reported first half pretax profit up slightly from a year ago as cost savings were offset by higher pension charges and the cost of a waste acquisition. Profit grew 2.4 percent to 42.7 million pounds with analysts forecast of 39-43 million pounds. The company dividend slightly above expectations at 13.2 pence, up 4.8 percent. Investec South African financial services group reported an unexpected rise in first-half earnings and said it was upbeat about future trading conditions. Daily Mail & General Trust reported underlying annual pre-tax profit, within the range of market forecasts, and said it had made a good start to its new financial year. But it added: "It remains too early to call the turn in this market." Austin Reed <PROFIT WARNING> |
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