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Market Update

BASF Earnings Soar 50%, Ceconomy Net Drops

Author: Sarla Buch
Last Update: 1:39 PM EST January 19 2018

4:00 PM Frankfurt – BASF annual sales and profit surged. Ceconomy forecasted profit to decline despite higher sales. Remy Cointreau reported third-quarter sales above the estimates. Dignity tumbled on profit warning after lower funeral prices. Software forecasted lower profit on the account of charges related to U.S. tax reform.

In London trading, FTSE 100 index advanced 29.35 or 0.4% to 7,729.52 and in Frankfurt the DAX index jumped 151.89 or 1.1% to 13,432.34.

In Paris, CAC 40 index increased 32.92 or 0.6% to 5,528.07.

For the week, FTSE 100 index slipped 0.6%, the DAX index jumped 1.4% and the CAC 40 index rose 0.2%.

BASF SE jumped 2.5% to €98.50 after Germany-based specialty chemical maker said sales in the year ending in December soared 12% from a year ago to €64.5 billion and operating profit surged 32% to €8.3 billion.

BASF estimated net income in the year to jump 50% to €6.1 billion from a year ago period.

Ceconomy AG, formerly known as Metro AG plunged 13.8% to €11.25 after Germany-based consumer electronics retail estimated sales in the first-quarter ending in December to increase 0.5% from a year ago to €6.9 billion but operating profit to decline 16% to €260 million from €308 million in the same period a year ago.

Ceconomy is schedule to release its first quarter earnings results on February 9.

Dignity Plc tumbled 49.7% to 963.50 pence after the U.K.-based funeral related services provider said results in fiscal 2017 will be in-line with expectations but results in fiscal 2018 will be “substantially below the market''s current expectations,” driven by reduction in the simple funeral prices of about 25%.

Remy Cointreau dropped 2.9% to €107.40 after France-based wines and spirits producer reported sales in the nine-month period ending in December jumped 3% from a year ago to €862.1 million on the later arrival of the 2018 Chinese New Year.

Software AG advanced 1.7% to €48.68 after Germany-based software developer said fiscal 2018 after-tax profit to improve to mid-single digit euro-range and group earnings per share to increase in the range of 5% to 10%, after taking into the account the U.S. Federal tax reform.

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