Maersk Separates Logistics and Energy Units; EDF Lowers Outlook

Sarla Buch
22 Sep, 2016
New York City

Maersk split its businesses into two independent divisions as the shipping company battles with severe downturn in oil industry. EDF lowered its nuclear output and profit forecast. Kier Group net swung to a loss. MDxHealth lifted annual revenue estimate. Suedzucker profit surged 56%.

[R]4:00 PM Frankfurt – Maersk split its businesses into two independent divisions as the shipping company battles with severe downturn in oil industry. EDF lowered its nuclear output and profit forecast. Kier Group net swung to a loss. MDxHealth lifted annual revenue estimate. Suedzucker profit surged 56%.[/R]

In London trading, FTSE 100 index jumped 93.85 or 1.4% to 6,928.62 and in Frankfurt the DAX index advanced 237.69 or 2.3% to 10,674.18.

In Paris, CAC 40 index surged 100.12 or 2.3% to 4,509.67.

AP Moeller Maersk A/S jumped 2.7% to 9,740 Danish kroner after the Denmark-based shipping and logistics group decided to reorganise its businesses into two independent divisions, an integrated Transport & Logistics division and an Energy division as it battles with the worst shipping downturn.

Electricite de France SA rose 0.3% to €10.85 after the France-based electricity producer lowered nuclear output target between 395 TeraWatt hour and 400 TeraWatt hour from the earlier estimated range between 380 TWh and 390 TWh.

EDF also lowered its fiscal 2016 operating profit forecast in the range of €16.3 billion to €16.6 billion compared to €16.3 billion and €16.8 billion.

Kier Group Plc gained 1.2% to 1,295 pence after the U.K.-based construction and services provider reported revenues in the year ending in June soared 26% from a year ago to £4.2 billion.

Net in the year swung to a loss from a year ago to £16.8 million compared to profit of £5.5 million and diluted loss per share swung to 18.5 pence from diluted earnings per share of 6.1 pence.

MDxHealth SA surged 12.5% to €3.94 after Belgium-based epigenetic service provider forecasted revenues in the year to jump more than 60% from a year ago period.

Earlier MDxHealth estimated fiscal 2016 to grow between 30% and 50% but maintained its operating profit guidance to improve from fiscal 2015.

Nokia Corporation advanced 3.2% to €5.09 after Finland-based mobile network services provider launched a public buyout offer for all securities of Alcatel-Lucent that it doesn''t own.

The French stock market authority approved the proposed public buyout offer in cash.

Nokia said public buyout offer will be open up to October 5.

Suedzucker AG slipped 0.6% to €23.69 after the Germany-based sugar producer reported revenues in the first-half ending in August declined 4% from a year ago to €3.21 billion but operating profit surged 56% from a year ago to €209 million.

The sugar producer lifted revenue estimate in the year between €6.4 billion and €6.6 billion from €6.4 billion in a year ago period and group operating profit in the range of €340 million to €390 million compared to €241 reported in fiscal 2016.