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Market Update

BP and Reliance to Invest $6 B in India, Nestle May Sell US Candy Business

Author: Sarla Buch
Last Update: 12:04 PM ET June 16 2017

4:00 PM Frankfurt – BP and India-based Reliance Ind plans to invest $6 billion in Krishna-Godavari (KG) basin. JCDecaux wins exclusive advertising contract in Panama Airport. Nestle is exploring options for its U.S. confectionery business. Tesco reported its strongest result in seven years.

In London trading, FTSE 100 index gained 29.29 or 0.4% to 7,448.70 and in Frankfurt the DAX index rose 27.72 or 0.2% to 12,719.63.

In Paris, CAC 40 index advanced 27.55 or 0.5% to 5,244.43.

For the week, FTSE 100 index slipped 1.1%, the DAX index increased 0.7% and the CAC 40 index dropped 1.1%.

BP Plc gained 1.2% to 466.60 pence after the U.K.-based oil and gas producer and India-based Reliance Industries plans to invest $6 billion or ₹40,000 crore in its India-based three projects, including D6 gas field in the Krishna-Godavari (KG) basin.

The project expected to produce up to 12 million cubic meters or 425 million cubic feet of gas per day from 2020.

“It is testament to our commitment to working in partnership with Reliance and with the Government to produce more energy in India, for India,” said group chief executive officer Bob Dudley.

JCDecaux SA gained 0.4% to €29.58 after France-based outdoor advertising secured said its subsidiary JCDecaux Top Media won exclusive advertising contract for Tocumen International Airport in Panama City.

Under the terms, contract covers installing, managing and marketing the advertising displays for Terminal 1 and the upcoming Terminal 2 which is under construction but will open in 2018.

Tocumen International Airport is the busiest airport in Central America with 14.7 million passengers in 2016.

Nestle SA jumped 2.6% to 83.10 Swiss francs after the Switzerland-based nutrition, health and wellness products maker plans to sell its U.S. confectionery brands, including Butterfinger, BabyRuth and 100Grand brands for about $3 billion.

As it plans shift its focus in to coffee and health care business.

Rolls-Royce Holdings Plc edged up a fraction to 895.51 pence after the U.K.-based aero engines maker said its first-half and full-year estimated revenue, profit and free cash flow remain unchanged as forecasted in February 2017.

In February, the aero engines maker estimated only earnings may better than a year ago but underlying free cash flow in last year was £100 million and may as same in fiscal 2017.

The aircraft engine maker said earnings after foreign exchange conversation from its overseas units revenues improve to approx £400 million and pretax profits of about £50 million this year.

Tesco Plc rose 0.2% to 180.25 pence after the U.K.-based retail services provider said total sales in the first-quarter jumped 3.6% and online grocery saw strong sales growth of 4.8% from a year ago.

The retailer said same-store sales in the quarter at its core U.K. unit jumped 2.3% from a year ago.

Group comparable sales in the quarter increased 1% and fresh food volume reported growth of 1.6% and the retailer said it continue to implement plans to reduce the cost base by £1.5 billion.

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