Cautious Mood in Europe, Air Liquide in

Lucy Stoeva
18 Nov, 2015
New York City

Stock markets recorded losses after Air Liquide agreed to pay

[R]4:00 PM Frankfurt – Stock markets recorded losses after Air Liquide agreed to pay €12.5 billion for the U.S.-based Airgas. SOCO Intl plummeted following a lower production forecast. UK Mail profit tumbled 82% but revenues jumped 5%. Travel and leisure stocks continue to fall in the aftermath of the terrorist attacks.[/R]

European stock markets fell Wednesday as the market frowned at an expensive deal between Air Liquide and Airgas.

At the same time, leisure and travel stocks continued to lose ground, while a police raid against terrorists in Paris contributed to the cautious mood of investors.

Seasonally adjusted construction activities in September slid 0.4% in euro zone area and were stable in the wider EU28 region compared to a month ago, according to first estimates from Eurostat, the Statistical Office of the European Union.

In London trading, FTSE 100 index slid 3.35 to 6,265.41 and in Frankfurt the DAX index fell 25.79 or 0.2% to 10,944.30.

In Paris, CAC 40 index slipped 32.73 or 0.7% to 4,904.58.

Air Liquide SA declined 6.6% to €115.50 after the France-based industrial-gas services provider agreed to acquire the U.S.-based Airgas Inc. for about €12.5 billion or $13.4 billion including debt.

SOCO International Plc plummeted 19.1% to 144 pence after the U.K.-based oil and gas explorer revised its full-year production forecast because of failure to produce oil at commercial rates at an appraisal well. The stock was downgraded by several analysts.

UK Mail Group Plc plunged 10.1% to 327.24 pence after the U.K.-based courier services provider reported group revenues in the first-half ending in September jumped 4.5% from a year ago to £237.6 million.

Net profit, however, tumbled 81.6% from a year ago to £1.7 million, compared to £9.3 million, and earnings per share dropped to 3.1 pence from 9.3 pence.

Wirecard AG jumped 2.2% to €45.26 after the Germany-based electronic payment services provider said revenues in the nine-month period ending in September surged 27.5% from a year ago to €540.9 million.

Net profit in the period soared 32.5% from a year ago to €98.27 million and diluted earnings per share increased to €0.80 from €0.61.

The company forecasted operating profit for the year between €223 million and €232 million compared to earlier estimated range of €220 million to €232 million.