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Market Update

Debenhams Tumbles on Profit Warning, NMC in UAE Acquires Hospital Stakes

Author: Sarla Buch
Last Update: 9:54 AM EST January 04 2018

4:00 PM Frankfurt Debenhams issued profit warning after disappointing sales during and post-Christmas holidays. NMC Health acquired remaining stakes in two hospitals based in United Arab Emirates. Sopheon surged on upbeat estimate. Vectura said it plans to refocus its investment strategy.

In London trading, FTSE 100 index rose 8.99 to 7,680.10 and in Frankfurt the DAX index soared 146.59 or 1.1% to 13,124.79.

In Paris, CAC 40 index jumped 70.16 or 1.3% to 5,401.43.

Debenhams Plc tumbled 16.4% to 29.74 pence after the U.K.-based department store operator forecasted pretax profit in the year in the range of 55 million to 65 million after the sales in the seventeen-weeks ending in December 2017 fell 0.8% and comparable sales dropped 1.8%.

The retailer said first-week post-Christmas sales were below expectations, particularly in the highly seasonal gift category as price cuts failed to attract shoppers.

NMC Health Plc jumped 4.2% to 3,042 pence after the U.K.-based healthcare services provider in the United Arab Emirates agreed to acquire the minority stakes in Fakih IVF and As Salama Hospital for $218 million.

Sopheon Plc surged 20.5% to 436.25 pence after the U.K.-based software developer said revenues and pre-tax profits in the year ending in December 2017 will exceed market expectations.

Vectura Group Plc declined 4.2% to 114.80 pence after the U.K.-based therapeutic drug maker said revenue in the second-half 2017 is in-line with the interim results of September 2017 and the company plans to refocus of its investment strategy.

Vectura lowered its fiscal 2018 research and development costs to between 55 million and 65 million from the earlier estimate of 65 million to 75 million.

Vale SA, Brazil-based iron ore and iron ore pellets producer is in talks with BHP Billiton Ltd to buy out their joint venture Samarco Mineracao SA.

The news was first reported by Reuters and Bloomberg news agencies.

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