Clariant, SABIC in Joint Venture, Ocado Q3 Revenues Surges

Sarla Buch
18 Sep, 2018
New York City

Clariant surged after the Swiss chemical maker signed a partnership agreement with Saudi Basic Industries Corp. Ocado said strong revenues growth in the fiscal third-quarter. Osram Licht soared on improved revenues growth estimate. Norway based Schibsted will spin off its online classified business.

[R]4:00 PM Frankfurt – Clariant surged after the Swiss chemical maker signed a partnership agreement with Saudi Basic Industries Corp. Ocado said strong revenues growth in the fiscal third-quarter. Osram Licht soared on improved revenues growth estimate. Norway based Schibsted will spin off its online classified business.[/R]

In London trading, FTSE 100 index slid 2.67 to 7,299.43 and in Frankfurt the DAX index gained 31.51 or 0.3% to 12,127.63.

In Paris, CAC 40 index increased 11.39 or 0.2% to 5,360.26.

Clariant AG surged 7.9% to 25.94 Swiss francs after Switzerland-based specialty chemical producer today signed a new partnership with Saudi Basic Industries Corp., the diversified petrochemicals products producer.

Clariant and SABIC will create a new, “High Performance Materials” of additives and high value master-batches with parts of sabic’s specialties business.

Clariant will hold a majority stake in the joint venture that is expected to commence in the second-half of 2019.

“The establishment of SABIC Specialties as a stand-alone business, together with Clariant, represent part of SABIC''s long-term growth and diversification strategy,” said vice chairman and chief executive officer Yousef Al-Benyan.

Ocado Group Plc jumped 2.6% to 936.20 pence after the U.K.-based online supermarket operator said revenues in the third-quarter ending on September soared 11.5% from a year ago to £348.6 million and average orders per week jumped 11.4%.

The online grocer said average order size in the period was flat at £106.26 from £106.25 in the same period a year ago and the company held cash and cash equivalents of about £406.1 million.

Osram Licht AG soared 6% to €38.30 after Germany-based lighting manufacturer forecasted fiscal 2019 revenue growth between 5% and 10% and operating margin between 22% and 26%.

In the fiscal 2020 the manufacturer estimated revenue growth of 10% and operating margin in the range of 23% to 29%.

Schibsted ASA surged 10.5% to €34.18 after Norway-based newspapers publisher said it will spin-off it business into two growth-oriented companies.

The international online classifieds operations with preliminarily named ""MPI"" will be spun-off and established as an independent, listed company and is expected to start trading in 2019.