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Market Update

ConvaTec Drops on Lower Revenue Forecast, Saint Gobain Buys Norwegian Rival

Author: Sarla Buch
Last Update: 10:53 AM EDT October 16 2017

4:00 PM Frankfurt – EasyJet may acquire parts of Air Berlin operations at Tegel Airport. ConvaTec tumbled after it lowered revenues estimates linked to supply issues. Husqvarna declined after weak sales in its consumer brands division. Saint Gobain completed acquisition Norwegian rival.

In London trading, FTSE 100 index edged up 2.39 to 7,537.83 and in Frankfurt the DAX index increased 24.54 or 0.2% to 13,016.36.

In Paris, CAC 40 index rose 11.83 or 0.2% to 5,363.56.

Air Berlin Plc plunged 21.8% to €0.165 after Germany-based insolvent discount airline said the U.K.-based easyJet Plc is in talk to acquire 25 A320 aircraft from the carrier and operating at Tegel airport to secure the landing slots directly into Berlin.

Carrefour SA gained 1.2% to €17.38 after France-based supermarkets operator appointed Matthieu Malige as chief financial officer.

The retailer is scheduled to release its third-quarter earnings results on October 18 before market open.

ConvaTec Group Plc tumbled 22.7% to 215.90 pence after the U.K.-based medical product and technology provider lowered fiscal 2017 revenues forecast to between 1% and 2% from the earlier estimate of 4%.

The medical technology provider said drop in revenues was mainly driven by “severe” supply issues in Advanced Wound and Ostomy Care units and lower-than-estimated revenues contribution from its new products.

However, ConvaTec said total revenues in the third-quarter ending in September soared 8% to $445.5 million and revenue in the nine-months rose 2.5% to $1.3 billion from a year ago period.

Husqvarna AB declined 5.4% to 78.45 Swedish kronor after Sweden-based outdoor power, consumer watering and cutting equipment maker estimated fiscal 2018 sales in consumer brands division to decline by one billion kronor from fiscal 2017 because of scaling back with the U.S.-based retailers.

Compagnie de Saint Gobain SA edged up 0.1% to €50.29 after France-based flat glass maker today said it completed the acquisition of the Norway-based insulation manufacturer Glava without disclosing financial terms.

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