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Market Update

CropEnergies Reaffirms Outlook, Sainsbury's Lifts Profit Forecast

Author: Sarla Buch
Last Update: 11:51 AM EST January 10 2018

4:00 PM Frankfurt – Big Yellow Group revenues jumped 7%. CropEnergies reaffirmed fiscal 2018 revenue forecast. Continental estimated offered cautious outlook for 2018 sales. PageGroup beats profit estimates. Sainsbury lifted profit estimate after holiday sales.

In London trading, FTSE 100 index decreased 23.91 or 0.3% to 7,700.75 and in Frankfurt the DAX index advanced 53.92 or 0.4% to 13,376.87.

In Paris, CAC 40 index increased 19.91 or 0.4% to 5,490.54.

Big Yellow Group Plc rose 0.3% to 847.50 pence after the U.K.-based self-storage services provider said revenues in the year ending in December jumped 6.7% from a year ago to £87.7 million and net rent per square feet grew 2.1% to £26.89 from a year ago period.

CropEnergies AG slumped 2.6% to €7.14 after Germany-based bio-ethanol producer said revenues in the nine-month period ending in November surged 20% to €679 million and operating profit rose 1.1% to €88 million.

CropEnergies said ethanol production in the period jumped 15.2% to 847,000 cubic meters from 735,000 in the same period a year ago.

The bio-ethanol producer reaffirmed fiscal 2018 revenue forecast in the range of €880 million to €920 million and operating profit between €65 million and €85 million.

Continental AG declined 3.5% to €242.60 after Germany-based automobile parts supplier said sales in the year jumped 8% from a year ago to €44 billion and operating margin soared 10.8% and incoming orders increased to more than €39 billion.

The automobile parts supplier forecasted fiscal 2018 sales of about €47 billion and operating margin of around 10.5%.

Continental estimated a slight increase in the global production of cars and light commercial vehicles of more than 1% to around 97 million vehicles.

“As expected, the fourth quarter of the past fiscal year saw solid sales and earnings,” said chief financial officer Wolfgang Schaefer.

PageGroup Plc surged 9.8% to 517 pence after the U.K.-based recruitment services provider said gross profit in the fourth-quarter soared 13.8% from a year ago to £182.4 million mainly driven by permanent recruitment surged 11.1% and gross profit from temporary recruitment advanced 13.6%.

In the year gross profit jumped 9.9% from a year ago to £711.6 million.

J Sainsbury Plc jumped 2% to 253.40 pence after the U.K.-based supermarkets and convenience stores and retail banking services provider total retail sales in the period ending on January 6 increased 1.2% and comparable sales rose 1.1%.

The supermarket operator estimated full-year profits to be “moderately ahead” of consensus of £559 million.

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