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Market Update

Primark Drives Profit Higher at AB Foods, L'Oreal Sells Body Shop for €1 B

Author: Sarla Buch
Last Update: 2:13 AM EDT September 11 2017

4:00 PM Frankfurt – AB Food lifted full-year outlook on stronger sales growth at Primark divison. bet-at-home net and revenues surged. L''Oreal sells The Body Shop to Brazil-based Natura Cosmeticos for €1 billion. Munich Re jumped after hurricane Irma weakened after ravaging South Florida.

In London trading, FTSE 100 index dropped 33.99 or 0.5% to 7,363.26 and in Frankfurt the DAX index edged down 0.88 to 12,293.53.

In Paris, CAC 40 index slid 6.14 to 5,107.76.

Associated British Foods Plc declined 3.6% to 3,152 pence after the U.K.-based grocery retailer forecasted sales at Primark in fiscal 2017 to jump 13% and comparable sales to increase 1% and reported healthier operating profit and earnings per share growth.

Sales in feed enzymes to AB Vista segment were “well ahead from last year” and completed 40% increase in enzyme production capacity in Finland.

Revenues in ingredients and agri business units are ahead of last year sales and operating profit is higher than a year ago period.

AstraZeneca Plc advanced 2.6% to 4,896.50 pence after the U.K.-based biopharmaceutical drugs maker said it found positive results from two separate phase III trials of a couple of its key lung cancer drugs.

Separately, the drugs-maker said new results helped in identifying severe asthma patients who would benefit most from benralizumab.

bet-at-home.com AG soared 5.4% to €180.10 after Germany-based online sports betting and gaming services provider reported revenues in the first-half ending in June soared 15.8% from a year ago to €61.5 million.

Net income in the period surged 62.9% to €10.1 million from €6.2 million in a year ago six-month period and diluted earnings per share jumped to €1.57 from €0.88.

L''Oreal SA increased 0.87% to €180.10 after France-based beauty products maker agreed to sell of The Body Shop to Brazil-based cosmetics maker Natura Cosmeticos SA for about €1 billion or $1.12 billion after reviewing the strategic options.

Munich Re jumped 4.4% to €176.60 after Germany-based insurance services provider forecasted that payments for damage caused by hurricane Irma may be lower than initially estimated and the impact of the hurricane is far less than first estimated.

Warburg Pincus, the France-based private equity firm said today it had completed the acquisition of 49% stake in China-based asset manager Fortune SG from domestic bank Societe Generale without disclosed the financial terms.

Fortune manages about $19 billion of publicly traded equity assets.

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