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Market Update

Altice Rejected Cash Crunch Worries, RWE Explore Options to Exit Innogy

Author: Sarla Buch
Last Update: 10:30 AM EST November 20 2017

4:00 PM Frankfurt Altice soared after the cable and telecom operator confirmed that it is not looking to raise cash. Diploma surged on strong results and revised fiscal outlook. Mitie Group missed profit estimates. NEX Group said its trading profit dropped.

In London trading, FTSE 100 index increased 11.06 to 7,391.74 and in Frankfurt the DAX index rose 51.74 or 0.4% to 13,045.08.

In Paris, CAC 40 index gained 13.88 or 0.3% to 5,333.05.

Altice NV soared 9.7% to 8.88 after the Netherlands-based communications services provider today confirmed that the company is not facing cash crunch and its majority shareholder Next does not hold any margin loan exposure related to Altice.

Diploma Plc surged 15.1% to 1,232 pence after the U.K.-based industrial machinery and equipment supplier reported revenues in the year ending in September soared 18% from a year ago to 451.9 million.

Net profit in the year jumped 23% to 48.2 million from 39.1 million in a year ago period and diluted earnings per share increased to 42 pence from 33.9 pence.

Diploma estimated strong operating profit growth in the in the next financial year.

Mitie Group Plc gained 1.4% to 227.30 pence after the U.K.-based outsourcing services provider said revenues in the first-half ending in September jumped 3.9% from a year ago to 959.7 million.

Net loss in the period narrowed to 5.5 million from 86.8 million in a year ago period and diluted loss per share decreased to 1.2 pence from 3.3 pence.

Mitie forecasted fiscal 2017 revenue growth in the range of 3% to 4% and estimated margin to remain unchanged at 4.5% to 5.5%.

NEX Group Plc declined 5.2% to 566 pence after the U.K.-based electronic trading exchange operator stated revenues in the first-half ending in September surged 13% from a year ago to 287 million.

Net profit in the year tumbled 61.6% to 33 million from 86 million in a year ago period and diluted earnings per share increased to 8.6 pence from 15.8 pence.

The NEX warned that market conditions remained challenging as banks and other asset managers and traders reported lack of volume and volatility.

However, electronic trading firm estimated its transformation program remains on track and estimated annualized cost savings of 40 million by 2020.

RWE AG advanced 2.3% to 19.90 after Reuter said that Germany-based electricity and natural gas utility is exploring to reduce its stake worth 16.8 billion or $19.8 billion in retail unit Innogy in a deal that could involve Italy''s Enel SpA.

However, last week, RWE said it is not looking to sell or reduce its stake of 76.8% in Innogy.

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