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Market Update

BP Plans to Launch Stock Buyback, BNP Paribas Drops on Weak Trading Revenues


Author: Sarla Buch
ticker.com
Last Update: 12:54 PM EDT October 31 2017

4:00 PM Frankfurt – Airbus Profit jumped but new order intake declined from a year ago. BNP Paribas fell on lower trading revenues. BP swung to profit on oil prices. Clariant rose on improved business in North America. Ryanair profit surged 11%.

In London trading, FTSE 100 index increased 2.64 to 7,490.50 and in Frankfurt the DAX index increased 12.03 to 13,229.57.

In Paris, CAC 40 index edged up 6.88 to 5,501.21.

For the month, FTSE 100 index jumped 1.6%, the DAX index surged 3.1% and the CAC 40 index soared 3.2%.

Airbus SE jumped 4.9% to €88.82 after the Netherlands-based aircrafts maker reported revenues in the nine-month ending in September increased 0.5% from a year ago to €42.9 billion.

Net profit in the period advanced 2.2% to €1.8 billion from €1.9 billion in a year ago nine-month period and diluted earnings per share rose to €2.38 from €2.33.

Airbus said as of September 30, new orders in the period declined to €50.8 billion from €73.2 billion and order book valued slumped to €945 billion from €1,060 billion in the same period a year ago.

“The strong backlog and a healthy market environment continue to support our commercial aircraft production ramp-up plans,” said chief executive officer Tom Enders.

Airbus forecasted fiscal 2017 operating profit growth of mid-single-digit percentage from a year ago period.

BNP Paribas SA dropped 3.2% to €66.66 after France-based banking and financial services provider said net interest income in the nine-month ending in September slumped 0.4% from a year ago to €32.6 billion.

Net profit in the period rose 1.2% to €6.33 billion from €6.26 billion in a year ago nine-month period and diluted earnings per share rose to €0.34 from €0.28.

The bank said revenues in the operating divisions perform well but declined 2.5% mainly driven by low interest rate and costs fell 1.2% to €7.13 billion compared to a year ago.

BP Plc gained 1.9% to 511.22 after the U.K.-based oil and gas producer reported revenues in the nine-month ending in September soared 30.6% from a year ago to $172.4 billion.

Net in the period swung to profit $3.4 billion from a loss of $371 million in a year ago nine-month period and diluted earnings per share swung to $1.02 from diluted loss per share of 12 cents.

BP said oil and gas production in the quarter surged 14% to 3.6 million barrels of oil equivalent a day from the same period a year ago and as of September 30, net debt was $39.8 billion compared to $32.4 billion a year ago. BP announced it will launch share buyback.

""We are steadily building a track record of delivering on our plans and growing across our businesses,"" said chief executive officer Bob Dudley.

Clariant AG increased 1.1% to 24.94 Swiss francs after Switzerland-based specialty chemicals maker sales in the nine-month ending in September jumped 10% from a year ago to 4.7 billion francs and operating profit advanced 10% to 717 million francs.

Ryanair Holdings Plc soared 6.8% to €16.89 after Ireland-based low fare airline said revenues in the first-half ending in September soared 7% from a year ago to €4.4 billion.

Net profit in the period surged 11% to €1.3 billion from €1.2 billion in a year ago nine-month period and diluted earnings per share jumped to €106.26 from €91.76.

The budget airliner lowered fiscal 2018 fares will fall by 4% to 6%, slightly better than the previous estimate of a decline between 5% and 7%.

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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