Old Mutual Acquires Quilter Cheviot, Rolls Royce Plunges 14%

Nigel Thomas
17 Oct, 2014
New York City

Accor climbed after third-quarter revenues jumped 5% to

[R]4:00 PM Frankfurt – Accor climbed after third-quarter revenues jumped 5% to €1.5 billion. Kenmare Resources soared on quarterly production and shipment report. Old Mutual agreed to acquire Quilter Cheviot for £585 million. Rolls-Royce tumbled on revenue and profit outlook.][/R]

In London trading, FTSE 100 index increased 1.5% or 95 to 6,290.91 and in Frankfurt the DAX index dropped 2.3% or 200.34 to 8,783.24.

In Paris, CAC 40 index climbed 2.6% or 102.42 to 4,021.04.

Accor SA climbed 3.8% to €31.44 after the France-based hotel operator said total revenues in the third-quarter ending in September jumped 4.6% to €1.46 billion from €1.41 billion a year ago period.

The group estimated earnings before interest and taxes for the year between €575 and €595 million.

Kenmare Resources Plc surged 10.9% to 7.50 pence after the Ireland-based mining company reported production of Ilmenite in the third-quarter jumped 6% to 220,200 tons from 208,100 tons and production of primary zircon surged 239% to 12,900 tons.

Total shipments of finished products in the quarter climbed 24% to 183,200 tons.

Old Mutual Plc jumped 2.7% to 174.10 pence after the U.K.-based investment company agreed to acquire Quilter Cheviot, the investment manager for £585 million.

Petrofac Limited climbed 7.7% to 1,063 pence after the U.K.-based oil and gas service provider estimated net profit for the year in the range of $580 million to $600 million.

The order backlog in the quarter ending in September increased to $21.2 billion and net debt dropped to $1.1 billion from $1.3 billion in the previous quarter.

Rolls-Royce Holding Plc tumbled 13.9% to 809.47 pence after the U.K.-based defense, aerospace, marine and energy products maker forecasted group underlying revenue for the year to drop between 3.5% and 4% while underlying profit to remain flat compared to a year ago.