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Market Update

Accenture Lifts Outlook, Nokia Signs Patent Deal with Huawei


Author: Sarla Buch
ticker.com
Last Update: 11:21 AM EST December 21 2017

4:00 PM Frankfurt Accenture reported strong quarterly results and also healthy order pipeline. Balfour Beatty sells 12.5% stake in M25 toll road operator and the infrastructure developed lifted 2017 profit forecast. Nokia signed multi-year patent license contract with Huawei. Statoil extend plans for Snorre oilfield extension.

In London trading, FTSE 100 index jumped 60.91 or 0.8% to 7,586 and in Frankfurt the DAX index edged up 10.41 to 13,079.71.

In Paris, CAC 40 index rose 7.34 to 5,360.53.

Accenture Plc jumped 3.5% to $157.11 after the Ireland-based professional services provider reported revenues in the first-quarter ending in November soared 12% from a year ago to $9.5 billion.

Net income in the quarter jumped 11.8% to $1.1 billion or $1.79 per diluted share from $1 billion or $1.58 in the same quarter last year.

Accenture said new bookings for the quarter were $10 billion, with consulting bookings of $5.9 billion and outsourcing bookings of $4 billion.

The professional services provider lifted fiscal 2018 net revenue growth forecast to the range of 6% to 8 % from the earlier estimate of 5% to 8% and diluted earnings per share in the range of $6.48 to $6.66 compared to the previous forecast of $6.36 to $6.60.

Balfour Beatty Plc rose 1.8% to 286.68 pence after the U.K.-based infrastructure developer said that it has agreed to sell 12.5% stake in Connect Plus, the M25 motorway operator of London, owned by Dalmore Capital Limited, for 103 million or $137.9 million.

Balfour Beatty said fiscal 2017 pre-tax profit and year-end net cash will be higher than the trading update released earlier this month.

Nokia Oyj gained 2.4% to 3.97 after Finland-based telecom services provider today signed a multi-year patent license agreement with China-based rival Huawei.

Nokia will disclose the patent licensing revenue in its quarterly financial reports and expects that revenue will be recognized in the fourth-quarter results of 2017.

""Huawei is one of China''s largest companies and is among the world''s leading smart-phone manufacturers and delighted to welcome them to our family of patent licensees,"" said chief legal officer Nokia Maria Varsellona.

Statoil ASA increased 1.5% to 173.30 Norwegian kroner after Norway-based oil and gas services provider extended its development plan in the North Sea for 25 years of Snorre oilfield worth about 19 billion kroner or $2.26 billion, this will increase recovery from the field by close to 200 million barrels of oil.

Statoil was awarded contracts for about 9 billion kroner in the field work of TechnipFMC Plc Subsea 7 SA, Aibel and Transocean Ltd.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc