Bayer Lowers Covestro Stake, Richemont Sales Jump 10%

Sarla Buch
13 Sep, 2017
New York City

Balfour Beatty to divest its stake in Blackpool airport. Bayer sells 9.4% stake in plastic materials maker Covestro for

[R]4:00 PM Frankfurt – Balfour Beatty to divest its stake in Blackpool airport. Bayer sells 9.4% stake in plastic materials maker Covestro for €1.2 billion. Dunelm net plunged. Maurel et Prom net loss widened. Just Group net tumbled. Richemont sales soared.[/R]

In London trading, FTSE 100 index fell 10.19 to 7,390.50 and in Frankfurt the DAX index fell 24.71 or 0.2% to 12,549.61.

In Paris, CAC 40 index edged up 4.96 to 5,213.97.

Balfour Beatty Plc slid 0.2% to 263.60 pence after the U.K.-based diversified engineering and construction service provider agreed to sell its Blackpool Airport to Blackpool Council for £4.25 million.

Bayer AG fell 0.3% to €11 after Germany-based drugs and pesticides maker reduced its stake in domestic plastic materials maker Covestro AG to 31.5% from 40.9% and raised €1.2 billion or $1.4 billion.

Dunelm Group Plc surged 9.8% to 670.50 pence after the U.K.-based home furnishings retailer said revenues in the first-quarter ending in June soared 8.5% from a year ago to £955.6 million.

Comparable sales in the period dropped 0.5%.

Net profit in the year plunged 28.5% to £73.1 million from £102.3 million in a year ago period and diluted earnings per share slumped to 36.1 pence from 50.3 pence.

Etablissements Maurel et Prom SA increased 1.1% to €3.64 after France-based oil and gas producer said revenues in the first-half ending in June jumped 21.1% from a year ago to €172 million.

Net loss in the period widened to €57 million from €37 million in a year ago six-month period and diluted earnings per share rose to €0.03 from €2.38.

Maurel et Prom said operating income in the period surged to €23 million from a loss of €1.7 million

Just Group Plc gained 0.6% to 162.20 pence after the U.K.-based financial services provider reported revenues in the first-quarter ending in June declined 14.3% from a year ago to £1.2 billion.

Net profit in the year tumbled 51.1% to £58.6 million from £119.9 million in a year ago period and diluted earnings per share dropped to 6.25 pence from 18.31 pence.

Compagnie Financiere Richemont SA slipped 1.7% to 87.40 Swiss francs after Switzerland-based luxury products maker reported total sales for the five months ending in August soared 10% and sales in retail segment in the period jumped 10% and sales in wholesale business advanced 11%.

Sales in jewelry business surged 16% and sales in watch segment increased 6% but the company forecasted profit in the first-half may decline 45%.