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Market Update

Balfour Beatty Wins Heathrow Airport Contract

Author: Sarla Buch
Last Update: 1:23 PM ET July 05 2016

4:00 PM Frankfurt – Balfour Beatty secured contract worth about £170 million from Heathrow Airport. Evonik Ind agreed to acquire probiotics business of Spain-based NOREL. Imagination Technologies net loss widened on 24% decline in revenues.

European markets closed higher in a lacklustre trading and Italian banks were in focus however traders remained cautious.

Resource stocks closed lower and Italian banks were in focus after the European Central Banks urged banks to cut down bad loans in the next three years.

In London trading, FTSE 100 index rose 19.12 or 0.3% to 6,541.38 and in Frankfurt the DAX index declined 176.48 or 1.8% to 9,532.61.

In Paris, CAC 40 index dropped 71.44 or 1.7% to 4,163.42.

Balfour Beatty Plc declined 4.7% to 201.80 pence after the U.K.-based infrastructure developer secured contract worth about £170 million or $226.3 million to upgrade baggage screening and handling systems for Heathrow Airport.

Deutsche Lufthansa AG slipped 1.9% to €10.83 after the Germany-based airline company and the cabin union agreed to reduce personnel unit costs by 10% for next couple of years.

Evonik Industries AG dropped 1.9% to €26.27 after the Germany-based specialty chemicals maker agreed to acquire probiotics business of Spain-based NOREL without disclose of financial terms.

Imagination Technologies Group Plc plunged 7.4% to 169.92 pence after the U.K.-based graphics and video processors maker said group revenues in the year ending in April slumped 23.5% from a year ago to £120 million.

Net loss in the year widened from a year ago to £80.9 million compared to £13 million and diluted loss per share increased to 29.8 pence from 4.9 pence.

Meggitt Plc fell 0.7% to 399.90 pence after the U.K.-based engineering company’s subsidiary Meggitt Training Systems awarded a contract from the Australian Defence Force’s Capability Acquisition and Sustainment Group for about US$18 million.

The contract to develop, manufacture and install 460 EF88 Steyr assault rifle simulators and 115 SL40 40mm simulated grenade launchers.

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