S&P 500 2,441.20 17.28
Gold$1,224.80 $5.30
Nasdaq 6,253.81 61.92
Crude Oil $60,490.00      $-1570.00
Market Update

Eutelsat sells Spanish stake to Abertis, Hikma Pharma Lowers Outlook

Author: Sarla Buch
Last Update: 9:46 AM ET May 19 2017

4:00 PM Frankfurt – Eutelsat agreed to sell its 33.7% stake in Spanish business to Abertis for €302 million. Gemfields received £112 million offer from its major investor Pallinghurst. Grainger said first-half profit soared 21%. Hikma Pharma slumped on weak revenue forecast.

In London trading, FTSE 100 index advanced 24.34 or 0.3% to 7,460.48 and in Frankfurt the DAX index rose 22.56 or 0.2% to 12,612.81.

In Paris, CAC 40 index increased 24.12 or 0.5% to 5,313.80.

For the week, FTSE 100 index edged up 0.3%, the DAX index fell 1.2% and the CAC 40 index dropped 1.7%.

Ad Pepper Media International NV increased 2.7% to €2.05 after Netherlands-based advertising and marketing services provider said sales in the first-quarter ending in March jumped 13.5% from a year ago to €16.4 million.

Net in the quarter swung of €0.5 million from profit of €0.5 million in a year ago period and diluted loss per share swung to €0.03 from diluted earnings per share of €0.02.

Eutelsat Communications SA advanced 2.6% to €22.55 after France-based fixed satellite services provider agreed to divest its 33.69% stake in Spanish business Hispasat to the majority shareholder Abertis for €302 million or $336 million.

Gemfields Plc gained 1.9% to 38.86 pence after the U.K.-based colored gemstones supplier received acquisition offer from the Guernsey-based mining investor and major shareholder Pallinghurst Resources Ltd for the remaining stake of 52.91% for about £111.9 million or $145.2 million.

Pallinghurst already holds 47.09% in Gemfields.

Grainger Plc, the U.K.-based residential real estate developer reported revenues in the first-half ending in March advanced 7.5% from a year ago to £117.2 million.

Net income in the year soared 21.4% from a year ago to £33.5 million from £27.6 million and diluted earnings per share increased to 8 pence from 6.6 pence.

The residential estate developer reported rising real estate property prices for its assets business in the regions and outside London.

Grainger plans to develop private rental sector and the developer is planning to secure £850 million of investment by 2020.

Hikma Pharmaceuticals Plc slumped 2.6% to 1,655 pence after the U.K.-based branded and non-branded generic drugs maker forecasted fiscal 2017 group revenues in the range of $2 billion to $2.1 billion.

The drug maker revised its estimated launch time for the generic version of Advair Diskus® the generic version and lowered estimate for the generic revenues in 2017 to $670 million from the earlier forecast of $800 million.

Hikma said the launch of generic version for Advair Diskus owned by GlaxoSmithKline will not happen in 2017.

However, the drug maker forecasted full-year global injectable revenue in the range of $800 million to $825 million.

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