Porsche Lowers Outlook on Rising Global Tensions, Johnson Matthey Shines

Sarla Buch
21 Nov, 2018
New York City

BTG is considering to accept an offer from the U.S.-based Boston Scientific for

[R]4:00 PM Frankfurt – BTG is considering to accept an offer from the U.S.-based Boston Scientific for £3.3 billion. CRH beats earnings estimates. Johnson Matthey reported strong result. Kingfisher slumped on weak revenues. Porsche lowered fiscal outlook. ThyssenKrupp net swung to profit.[/R]

In London trading, FTSE 100 index advanced 82.69 or 1.2% to 7,030.73 and in Frankfurt the DAX index jumped 151.37 or 1.4% to 11,221.73.

In Paris, CAC 40 index increased 38.13 or 0.7% to 4,963.02.

BTG Plc gained 0.6% to 829.50 pence after the U.K.-based healthcare products maker received an offer to be acquired by the U.S.-based Boston Scientific Corp for about £3.3 billion or $4.2 billion in cash.

Under the terms, shareholders of BTG would receive cash consideration of 840 pence per share.

The transaction is expected to close in the first-half of 2019.

CRH Plc rose 0.1% to 2,131 pence after the U.K.-based diversified building materials provider reported revenues in the nine-month period ending in September jumped 6% from a year ago to £19.9 billion.

Net profit in the period soared 8% to £2.5 billion from £2.3 billion in the same period a year ago.

The building materials provider said higher operating profit was driven by improved growth in the Americas, despite adverse weather conditions and the company offered positive outlook for its businesses in Europe and in Asia.

As part of the 12-month €1 billion share buyback program announced on 25 April 2018, the group said it remains committed to the program and today announced the phase 3.

CRH forecasted fiscal 2019 operating profit between £3.2 billion and £3.4 billion.

Johnson Matthey Plc surged 12.1% to 3,112 specialty chemicals producer said revenues in the year ending in September soared 10% from a year ago to £7.1 billion.

Net income in the year jumped 20.7% to £244 million from £205 million in the same period a year ago and diluted earnings per share advanced to 105.9 pence from 87.8 pence.

Kingfisher Plc slumped 2.5% to 240.10 pence after the U.K.-based home improvement retailer said total group revenues in the third-quarter ending in September rose 0.2% from a year ago to £3 billion.

The retailer said it would exit from markets in Russia, Spain, Portugal and France.

Kingfisher said total sales in the U.K. and Ireland increased 1.4% to £1.29 billion while sales in France declined 3.9% to £1.1 billion and sales in Russia plunged 6.4% to £101 million.

Porsche Automobil Holding SE increased 0.4% to €56.54 after Germany-based automobile maker reported net income in the nine-month period ending in September surged 24.8% from a year ago to €2.7 billion from €2.1 billion in a year ago period.

Porsche lowered fiscal 2018 profit forecast to between €2.5 billion and €3.5 billion from the earlier estimate of €3.4 billion to €4.4 billion.

ThyssenKrupp AG jumped 2.9% to €16.21 after Germany-based industrial conglomerate reported sales in the year ending in September advanced 3% from a year ago to €42.7 billion.

Net in the year swung to profit of €8 million from a loss of €649 million in a year ago period and diluted earnings per share swung to €0.01 from diluted loss per share of €1.15.