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Market Update

Carl Zeiss Lifts Outlook, SocGen to Buy Commerzbank Trading Unit

Author: Sarla Buch
Last Update: 11:26 AM EDT July 03 2018

4:00 PM Frankfurt BE Semiconductor trimmed its sequential revenues growth forecast. Carl Zeiss Meditec jumped after the technology company lifted fiscal 2018 revenues forecast. Grenke lifted fiscal outlook. Societe Generale agreed to buy equity markets and commodities business of Commerzbank.

In London trading, FTSE 100 index increased 56.49 or 0.8% to 7,605.20 and in Frankfurt the DAX index jumped 120.87 or 1% to 12,364.73.

In Paris, CAC 40 index increased 48.09 or 0.7% to 5,324.79.

BE Semiconductor Industries NV plunged 8.2% to 20.70 after the Netherlands-based semiconductor equipment maker lowered second-quarter revenue to increase 4% from the 154.9 million in the first-quarter of this year.

Earlier, semiconductor maker estimated sequential revenue to jump between 10% and 15% or in the range of 170.4 million to 178.1 million.

The semiconductor company forecasted fiscal first-half revenues growth of about 13%.

Carl Zeiss Meditec AG jumped 3.4% to 60 after Germany-based medical technology provider reported revenues in the nine-month period ending in June to jumped 7% from a year ago to 926 million.

The medical technology provider lifted fiscal 2018 revenues forecast to between 1.25 billion and 1.30 billion from the earlier estimate of 1.23 billion to 1.28 billion.

The company reported revenues growth of 1.19 billion in the same period a year ago.

Grenke AG advanced 3.3% to 100.90 after Germany-based diversified financial services provider said total new leasing volume in the first-half ending in June soared 23.3% from a year ago to 1.2 billion.

As of June 30, the bank deposit volume surged 25.3% to 595.6 million from 475.3 million in the same period a year ago.

The lender lifted new business growth forecast in the leasing segment to soar between 18% and 22% from the earlier growth estimate of 16% to 20% and group net profit between 123 million and 131 million.

Societe Generale SA gained 0.7% to 36.31 after France-based banking and financial services provider agreed to acquire equity markets and commodities business of Germany-based rival Commerzbank AG. The financial details of the transaction were not disclosed.

EMC business reported revenues in fiscal 2017 of about 381 million.

SocGen is expecting the regulatory clearance in the second-half of this year.

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