European Markets Trim Weekly Gains

Sarla Buch
19 Aug, 2016
New York City

21st Century lowered revenues forecast. 888 Holdings and The Rank abandoned its bid to merge with William Hill. UK Commercial Property Trust revenues and profit declined.

[R]4:00 PM Frankfurt – 21st Century lowered revenues forecast. 888 Holdings and The Rank abandoned its bid to merge with William Hill. UK Commercial Property Trust revenues and profit declined.[/R]

European markets traded lower and trimmed weekly gains in volatile trading.

In London trading, FTSE 100 index slid 10.15 or 0.2% to 6,859.03 and in Frankfurt the DAX index slipped 67.57 0.6% to 10,533.94.

In Paris, CAC 40 index slumped 44.45 or 1% to 4,392.78.

For the week, FTSE 100 index decreased 0.8%, the DAX index dropped 1.7% and the CAC 40 index declined 2.4%.

21st Century Technology Plc tumbled 34.3% to 1.56 pence after the U.K.-based closed-circuit TV, CCTV provider on public transport vehicle secured a renewal contract with First Bus for 5-years for maintenance of more than 6,000 vehicles that carrying approx 1.7 million passengers per day.

Separately, the company estimated group revenue in the year will be lower than a year ago resulting significant loss for the year ending December 2016.

888 Holdings Plc jumped 5.2% to 215.75 pence after the U.K.-based online gaming services provider and The Rank Group said they will no longer try to bid for the William Hill Plc.

In a statement, 888 and Rank said that it has not been possible to meaningfully engage with the board of William Hill, after the board rejected the revised £3.1 billion or $4 billion offer.

Akers Biosciences, Inc surged 10.9% to 255 pence after the U.K.-based medical researcher agreed a settlement with ChubeWorkx Guernsey, a former worldwide exclusive distributor of its BreathScan products and a significant shareholder.

Chief executive officer John J. Gormally said “the Settlement Agreement ends long running dispute and allows Akers Bio to regain the full worldwide rights to its BreathScan technology.”

UK Commercial Property Trust Limited gained 0.4% to 78.90 pence after the Guernsey-based property developer said total revenues in the first-half ending in June plunged 40.4% from a year ago to £38.4 million.

Net income in the period declined 39.8% from a year ago to £26.8 million compared to the £44.5 million and diluted earnings per share dropped to 2.07 pence from 3.43 pence.