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Market Update

Europe Earnings: Aurubis, ICAP, Intesa Sanpaolo, Severn Trent, Tata Steel

Author: Nigel Thomas
Last Update: 10:58 AM ET May 14 2013

3:00 PM Frankfurt – Aurubis second quarter net declined 80% and ICAP net for the year plunged 18%. Intesa Sanpaolo first quarter net tumbled 62%. Tata Steel wrote off $1.6 billion for its Corus purchase and blamed on European steel demand weakness.

In London trading, FTSE 100 index gained 0.6% or 39.1 to 6,671 and in Frankfurt the DAX index increased 0.6% or 45.8 to 8,325.

In Paris, CAC 40 index rose 0.3% or 11.2 to 3,956.

Aurubis AG plunged 7.5% to €45.58 after the Germany based refined copper producer said revenue in the second quarter slipped 9% to €3.31 billion. Net income for the quarter declined 80% to €27 million compared to €136 million and diluted earnings per share declined €0.59 from €3.01.

Aurubis said revenues for the group in the first-half fell 1% to €6.71 billion compared to €6.80 billion a year earlier.

ICAP Plc soared 13.4% to 337.15 pence after the UK based brokerage group reported revenue for the year ending in March declined 12% to £1.47 billion. Profit for the year plunged 18.5% to £211 million compared to £259 million and diluted earnings per share dropped 6.6 pence from 20.8 pence.

Intesa Sanpaolo SpA gained 1.9% to €1.41 after the Italy based banking group said net interest income in the first quarter dropped 19.2% to €2.02 billion. Net income for the quarter tumbled 61.9% to €306 million compared to €804 million and diluted earnings per share declined €0.02 from €0.05.

Severn Trent Plc surged 14.01 to 2,079.02 pence after the waste water treatment provider received an approach with a proposal from a consortium of Canada''s Borealis, the Kuwait Investment Authority and Universities Superannuation Scheme are at a very early stage. The consortium is reported to have offered £5.3 billion for the company.

Tata Steel Limited, the India based steel producer expects non-cash write down of approx £1 billion or €1.34 billion, the largest write-down in Indian corporate history.

Tata Steel purchased the Anglo-Dutch steelmaker Corus in 2008 for $13.7 billion and is struggling with its European division mainly due to weak European markets. In February, the company’s European operations reported a loss of £50 million.

The company added that last year European steel demand dropped by 8%.

Shares of Tata Steel dropped as much as 3% in before market open in Mumbai and closed down at 0.6%.

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