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Market Update

Europe Earnings: Beacon Hill, Carpetright, Lindt, Petrofac, Tate & Lyle

Author: Nigel Thomas
Last Update: 10:16 AM ET October 04 2013

4:00 PM Frankfurt Lindt & Spruengli plans to buyback its own shares up to 2014. Carpetright lowered its full-year profit outlook. John Wood lifted its fiscal operating earnings growth outlook. Nokian Tyres lowered operating profit forecast.

In London trading, FTSE 100 index rose 0.1% or 3.63 to 6,453 and in Frankfurt the DAX index fell at 0.36 to 8,598.

In Paris, CAC 40 index gained 0.7% or 27.51 to 4,155.

Beacon Hill Resources Plc plunged 12.7% to 1.82 pence after the UK based mining company today issued convertible loan notes to increase up to $19.2 million to fund the development of its Minas Moatize Project.

Chocoladefabriken Lindt & Spruengli AG climbed 3.3% to 44,300 francs Switzerland-based chocolate products maker plans to buy back its own shares before the end of 2014.

The company said based on the closing price of shares on October 3 the buyback program is worth 450 million francs.

Carpetright Plc plummeted 7.5% to 623 pence after U.K. based floor covering retailer expects its full-year profit to be significantly below previous expectations.

John Wood Group Plc fell 0.8% to 787 pence after the energy services company estimated to deliver EBITA growth in the range of 10% to 15% in fiscal 2013 slightly ahead of 2012 and outlook for 2014 remains unchanged.

Nokian Tyres Plc declined 6.9% to 34.93 after the Finland-based tires maker said sales and operating profit in the third-quarter inched up from year ago period.

The company added weak ruble exchange rate and softer market demand negatively impacted tire sales in Russia by 25 million on net sales and about 14 million on operating profit in full-year 2013.

In 2013, Net sales and operating profit will show some decline compared to 2012 but the company estimated to return to profitable growth in 2014, the company said in a statement.

Petrofac Limited slipped 1.6% to 1,379 after the UK based oil and gas developer successfully priced its debut bond offering and raised $750 million through senior notes due 2018.

The annual interest coupon was set at 3.4% per year and will be paid half-yearly until the maturity period.

Tate & Lyle Plc increased 1.6% to 750.50 pence after the U.K. based food and beverage ingredients provider expects first-half operating profit to be lower than last year.

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