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Market Update

Barclays, Merck Net Drop; Glencore Net Swings to Profit


Author: Nigel Thomas
ticker.com
Last Update: 7:45 AM ET March 03 2015

4:00 PM Frankfurt Barclays net plunged 35% to 845 million and set aside more funds to cover potential fines. BAT proposes to acquire Brazil-based Souza Cruz for 2.3 billion. Glencore net swung to profit $2.4 billion. Merck profit fell 3% to 1.2 billion. Wirecard agreed to acquire customer portfolio from Lufthansa AirPlus.

In London trading, FTSE 100 index slipped 0.3% or 22.79 to 6,917.85 and in Frankfurt the DAX index slid 0.1% or 14.45 to 11,395.91.

In Paris, CAC 40 index fell 0.3% or 12.61 to 4,904.71.

Barclays Plc declined 2.9% to 255.07 pence after the U.K.-based financial service provider reported revenues in the year ending in December jumped 4.1% to 2.09 billion from 2.18 billion a year ago period.

Net profit in the year plunged 35% from a year ago to 845 million compared to 1.30 billion and diluted earnings per share slumped to 0.7 pence from 3.7 pence.

The bank set aside more funds to cover potential fines for market manipulation of 1.25 billion including additional provision of 750 million recognized in the fourth quarter.

British American Tobacco Plc rose 0.6% to 3,778.56 pence after the U.K.-based tobacco product maker submitted proposal to acquire 24.7% stake in Brazil-based cigarette maker Souza Cruz SA for about 2.3 billion or $3.53 billion.

Glencore Plc dropped 2.3% to 293.70 pence after the Switzerland-based natural resource company reported revenues in the year ending in December declined 5% to $221.07 billion from $232.69 billion a year ago period.

Net in the year swung to profit from a year ago to $2.44 billion compared to a loss of $7.94 billion and diluted earnings per share swung to 18 cents from diluted loss per share of 73 cents.

Groupama, the France-based insurance company plans to raise around 485 million or $542.3 million from the sale of 28.4 million shares in Veolia Environnement VE SA.

Heidelberger Druckmaschinen AG climbed 5.3% to 2.31 after the Germany-based printing machines maker signed an agreement with investment company CoBe Capita to acquire the Netherlands-based European Printing Systems Group for undisclosed amount.

Merck KGaA gained 1.5% to 95.67 after the Germany-based pharmaceutical company reported total revenues in the year ending in December jumped 3.7% to 11.50 billion from 11.09 billion a year ago period.

Net profit in the year dropped 3.3% from a year ago to 1.16 billion compared to 1.20 billion and diluted earnings per share slipped to 2.66 from 2.77.

Merck forecasted slightly increase in organic sales for the fiscal 2015 and stable or slightly increase in adjusted EBITDA from fiscal 2014.

Wirecard AG declined 2.1% to 40.35 after the Germany-based electronic payment services provider agreed to acquire customer portfolio from Lufthansa AirPlus Servicekarten GmbH and other assets from Lufthansa.

The agreements will be assigned to Wirecard during the first-half year of 2015.

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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