Europe Movers: Electrolux, Scania, Philips, Handelsbanken, BP

Arthi Gupta
22 Oct, 2012
New York City

Electrolux net sales rose 5.9% to SEK 27.17 billion and Philips earnings more than doubled from last year in the third quarter. BP agreed to sell its 50% share in TNK-BP to Rosneft and JCDecaux agreed to acquire a 25% stake in Russ Outdoor.

[R]5:30 PM Frankfurt – Electrolux net sales rose 5.9% to SEK 27.17 billion and Philips earnings more than doubled from last year in the third quarter. BP agreed to sell its 50% share in TNK-BP to Rosneft and JCDecaux agreed to acquire a 25% stake in Russ Outdoor.[/R]

BP plc declined 1.7% to 442.55 pence in London trading after the oil and gas explorer signed heads of terms to sell its 50% share in TNK-BP to Russia controlled Rosneft. Under the terms, BP will invest part of the proceeds to increase its stake in Rosneft.

Electrolux AB rose 1% to SEK 168.10 after the Swedish home appliances manufacturer reported third quarter net sales rose 5.9% to SEK 27.17 billion. Operating income for the quarter surged 33% to SEK 1.46 billion, from the preceding year.

JCDecaux SA slid 0.4% to €17.58 after the outdoor advertising company agreed to acquire a 25% stake in Russ Outdoor, an outdoor advertising company in Russia.

Koninklijke Philips Electronics NV surged 5.6% to €20.08 after the electronics company reported third quarter sales increased 14% to €6.127 billion. Net income attributable to shareholders surged to €169 million from €74 million in the prior year.

Lloyds Banking Group Plc climbed 0.8% to 40.81 pence after the financial services provider is examining whether to scrap the concept of annual bonuses for senior staff, according to media reports.

Scania AB soared 3.2% to SEK 124.10 after the Swedish commercial vehicle manufacturer said third quarter net sales fell 15% to SEK 17.92 billion from a year earlier. Net income in the quarter slumped 36% to SEK 1.5 billion or SEK 1.88 per share compared with SEK 2.34 billion or SEK 2.93 per share in the prior-year quarter.

Svenska Handelsbanken AB dipped 0.3% to SEK 232.20 after the Sweden-based bank said third quarter net interest income rose 7% to SEK 6.46 billion from a year earlier.