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Market Update

Aveva Tumbles on Outlook, Porsche Buys 10% Stake in Inrix

Author: Nigel Thomas
Last Update: 9:32 AM ET September 12 2014

4:00 PM Frankfurt Aveva Group tumbled after revenue outlook. Accsys surged after arbitration tribunal rulings. Boohoo.Com said revenue in the first-half to surge 31%. J D Wetherspoon declined 11% to 41.1 million. Porsche agreed to acquire a stake in the U.S.-based real time traffic information provider.

In London trading, FTSE 100 index rose 0.1% or 7.34 to 6,806.96 and in Frankfurt the DAX index fell 0.4% or 40.15 to 9,651.13.

In Paris, CAC 40 index edged up 0.02% or 0.80 to 4,441.70.

Aveva Group Plc tumbled 25.3% to 1,620 pence after the U.K.-based engineering software developer forecasted revenue in the first-half in the range of 84 million to 90 million and rental renewals is expected to be about 14 million.

Accsys Technologies Plc surged 7,284.6% to 72 pence after the U.K.-based Accoya solid wood and licensing of technology provider said in its annual general meeting that the arbitration tribunal in the Diamond Wood China Ltd case was yet to make an award in regards to legal costs.

The company claimed for damages in excess of 100 million but claims are restricted to only up to as much as 250,000.

Boohoo.Com Plc climbed 6.1% to 43.50 pence after the U.K.-based online fashion retailer said revenue in the first-half ending in August to surge 31% to 67 million.

The company said revenue in U.K. soared 50% and in the rest of Europe jumped 61% and in the rest of the world increased 8%.

J D Wetherspoon Plc increased 1% to 770 pence after the U.K.-based pub and bars operator reported total sales in the year ending on July 27climbed 10% to of 1.41 billion from 1.28 billion a year ago period.

Profit in the year declined 11% from a year ago to 41.1 million compared to 46.2 million and diluted earnings per share dropped to 32.8 cents from 36.6 cents.

Porsche Automobil Holding SE rose 0.4% to 68.43 after the Germany-based auto maker agreed to acquire 10% stake in the U.S.-based Inrix Inc, a real-time traffic information provider for $55 million.

SThree Plc gained 1.4% to 344.75pence after the U.K.-based staffing service provider said group profit in the third-quarter ending in August climbed 18% to 55.1 million from 49.8 million a year ago period.

The company said group sales headcount soared 15% a year earlier.

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