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Market Update

Daily Mail Plunges on Revenue Worries, No Deal for Intu Properties Again


Author: Sarla Buch
ticker.com
Last Update: 10:56 AM EST November 29 2018

4:00 PM Frankfurt Daily Mail plunged after weak forecast but fiscal year profit doubled. Hammerson completed the sale of Highcross shopping center. Intu Properties tumbled after second takeover offer failed to materialize. Thomas Cook net swung to a loss. Wendel fell after net asset value declined.

In London trading, FTSE 100 index advanced 57.64 or 0.8% to 7,062.16 and in Frankfurt the DAX index gained 48.26 or 0.4% to 11,347.14.

In Paris, CAC 40 index increased 40.01 or 0.8% to 5,023.15.

Daily Mail & General Plc plunged 7.4% to 640 pence after the U.K.-based media and newspaper publisher said revenues in the year ending in September declined 8.3% from a year ago to 1.4 billion.

Net profit in the year doubled to 688.2 million from 342.3 million in a year ago period and diluted earnings per share advanced to 192.4 pence from 96.3 pence.

The media publisher forecasted fiscal 2019 print advertising and circulation revenue to decline by a mid-single digit from its consumer media business.

Ericsson slipped 0.5% to 76.28 Swedish kronor after Sweden-based networking and telecom services provider today confirmed that Volvo Car Group has selected the company to provide the Ericsson Connected Vehicle Cloud platform for its digital vehicle services in more than 120 markets worldwide for the next five years.

The deal enables Volvo to provide car owners and drivers with its latest developments in connected car digital services.

Hammerson Plc declined 6.2% to 394.80 pence after the U.K.-based property developer said that it had completed the divest its 50% stake in Highcross Shopping Centre in Leicester to an Asian investor introduced by M&G Real Estate for 236 million to reduce the net debt.

Intu Properties Plc tumbled 38.4% to 2,109 South African Cents after U.K.-focused shopping centre developer said the consortium led by the Peel Group, Olayan Group and Brookfield Property Group does not intend to make cash offer of 2.9 billion offer for the London and Johannesburg-listed shopping mall owner.

Thomas Cook Group Plc slumped 2.5% to 35.18 pence after the U.K.-based airline and travel services provider said revenues in the year ending in September jumped 6% from a year ago to 9.6 billion.

Net in the year swung to a loss of 163 million from profit of 9 million in a year ago period and diluted loss per share swung to 10.6 pence from diluted earnings per share of 0.7 pence.

Wendel SE dropped 2.9% to 107.50 after France-based investment manager reported total sales in the nine-month period ending in September increased 4% from a year ago to 6.2 billion but as of November 16, net asset value declined 17.7% to 6.7 billion.

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