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Market Update

Airbus Opens New Facility in China, Rio Tinto Expands Share Repurchase Plan

Author: Sarla Buch
Last Update: 10:59 AM EDT September 22 2017

4:00 PM Frankfurt – Airbus unveiled new finishing center in Tianjin, China. Air Berlin is in advanced talks with Lufthansa and Easyjet. Rio Tinto increased its share repurchase program by $2.5 billion to $4 billion. Smiths Group beats profit estimate. Saga raised interim dividend.

In London trading, FTSE 100 index rose 17.17 or 0.3% to 7,282.07 and in Frankfurt the DAX index edged down 1.98 to 12,598.05.

In Paris, CAC 40 index increased 16.65 or 0.3% to 5,283.94.

For the week, FTSE 100 index increased 1%, the DAX index gained 0.6% and the CAC 40 index jumped 1.4%.

Airbus SE fell 0.1% to €77.47 after the Netherlands-based commercial jet aircraft maker inaugurated its first completion of wide-body aircraft finishing center for about €160 million in Tianjin, China, its first large aircraft facility outside Europe.

Air Berlin Plc surged 13.9% to €0.46 after Germany-based insolvent airliner is in active discussion to sell all or part of its operations to Deutsche Lufthansa AG and easyJet Plc.

Rio Tinto Plc edged up 0.1% to 3,468.50 pence after the U.K.-based global miner said it plans to buy-back $2.5 billion of additional shares, returning the proceeds of the sale of Coal & Allied to its shareholders.

After the today’s announcement total share buy-backs announced in fiscal 2017 increases to $4 billion.

Smiths Group Plc plunged 6% to 1,516 pence after the U.K.-based industrial conglomerates reported revenues in the year ending in July soared 11.2% from a year ago to £3.3 billion.

Net income in the period more than doubled to £564 million from £261 million in a year ago period and diluted earnings per share jumped to 140.3 pence from 64.9 pence.

The conglomerate said pretax profit in the year soared 74% to £601 million from the same period a year ago after growth in margin in all divisions and the company said Morpho Detection business integration is on track.

Saga Plc slid 0.2% to 196.38 pence after the U.K.-based travel and insurance services provider said revenues in the first-half ending in July fell 0.4% from a year ago to £435.4 million.

Net income in the period declined 5.1% to £83.4 million from £87.9 million in a year ago six-month period and diluted earnings per share fell to 7.4 pence from 7.8 pence.

The travel and insurance services provider said pretax profit slumped 6% to £103 million, driven by weak pound and derivative loss, but the company raise interim dividend by 11% to 3 pence from 2.7 pence in the same period a year ago.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc