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Market Update

Europe Earnings: AstraZeneca, Burberry, Bellway, Rio Tinto, SoftBank

Author: Nigel Thomas
Last Update: 11:21 AM ET October 15 2013

4:25 PM Frankfurt – AstraZeneca agreed to acquire Spirogen for $440 million. Burberry first-half revenue climbed and chief executive officer resigned to join Apple. Rio Tinto lifted production outlook. SoftBank agreed to buy Supercell for $1.5 billion.

In London trading, FTSE 100 index jumped 0.8% or 53.91 to 6,562 and in Frankfurt the DAX index climbed 0.7% or 59.23 to 8,783.

In Paris, CAC 40 index increased 0.6% or 24 to 4,247.

AstraZeneca Plc gained 0.5% to 3,201 pence after the U.K. based biopharmaceutical agreed to acquire privately-held biotech company Spirogen for $440 million.

Burberry Group Plc declined 5.5% to 1,497 pence after the U.K. based apparel and accessory retailer reported total revenue in the first-half climbed 14% to £1.03 billion and comparable store sales in the period jumped 13%.

The retailer added retail revenue soared 17% to £694 million and wholesale revenue excluding Beauty dropped 7% to £244 million.

Separately, the retailer said chief executive officer Angela Ahrendts will step down by mid-2014 and will take up new position with Apple to run its online and retail division. Christopher Bailey is appointed as chief creative and chief executive officer.

Bellway Plc jumped 3.9% to 1,439.82 after the U.K. based construction company said revenues in the year ending in July increased 10.6% to £1.11 billion from £1 billion.

Profit-before-tax in the year soared 33.8% to £140.9 million compared to £105.3 million and earnings per share jumped 36.3% to 89.3 pence from 65.5 pence a year earlier.

The company added gross margin surged 25.4% to £203.3 million and operating profit climbed 31.8% to £151.1 million.

Dotdigital Group Plc climbed 9.5 to 19.98 pence after the U.K. based software technology developer said revenue surged 16% to £13.8 million from £11.9 million a year ago. Profit for the period plunged £742,000 compared to £2.47 million and diluted earnings per share fell to 1.32 pence from 77 pence a year earlier.

Profit-before-tax increased 18% to £3.3 million from £2.8 million a year earlier.

Rio Tinto Plc jumped 3.8% to 3,200 pence after the U.K. and Australia based global miner lifted its outlook for fiscal 2013 and expects record copper, Iron ore, coal production in the quarter. The company plans to invest nearly $5 billion in expansion of its Australian mines.

In the third quarter, Rio Tinto said it produced over 30,000 tons of copper in concentrates as China demand surged. Iron ore production jumped 53.4 million metric tons in the three months to September compared to 52.6 million tons a year earlier.

Copper production in the quarter soared 23% from a year ago to 162,300 tons.

SoftBank Corp the Japan-based telecommunication group and GungHo Online Entertainment, Inc agreed to buy 51% stake in the Finnish online game developer Supercell Oy for about $1.5 billion including “Clash of Clans” and “Hay Day” titles played on mobile phones.

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