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Market Update

Europe Earnings: Dufry, Fortum, John Wood, Metro, Peugeot, Sports Direct

Author: Nigel Thomas
Last Update: 10:34 AM ET December 12 2013

3:40 PM Frankfurt Dufry agreed to acquire 49% stake of Hellenic Duty Free for 328 million. Fortum agreed to sell its power distribution grid for 2.55 billion. John Wood dropped on weak outlook. Metro profit tumbled 94%. Peugeot to take 1.1 billion impairment charges in the current year.

In London trading, FTSE 100 index slipped 0.9% or 55.11 to 6,453 and in Frankfurt the DAX index dropped 0.8% or 68.01 to 9,009.

In Paris, CAC 40 index fell 0.4% or 15.41 to 4,071.

Dufry AG increased 1% to 151.20 francs after the Switzerland-based travel retailer agreed to acquire 49% stake of Hellenic Duty Free, the operator of duty free shops at Greek airports from rival Folli Follie for 328 million or $452 million.

Fortum Oyj jumped 3.1% to 17.36 after the Finland-based electricity provider agreed to sell its power distribution grid in Finland to a consortium of led by First State Investments and Borealis Infrastructure for 2.55 billion.

The deal is expected to complete in the first quarter of 2014.

John Wood Group Plc plunged 10.1% to 716.50 pence after the U.K.-based energy service provider expect that 2013 EBITA will be lower than in 2012.

The company blamed project delays in offshore fields and weakness in Canada operations. The company also expects a reduction in engineering EBITA in 2014 of around 15%.

Metro AG gained 1.2% to 34.65 after the Germany-based retailer reported sales in the nine-month ending in September dropped 2.2% to 46.3 billion from 47.4 billion a year ago.

Profit for the period tumbled 94.4% to 9 million compared to 160 million and earnings per share plunged to 0.03 from 0.49 a year earlier.

Peugeot SA plunged 8% to 10.58 after the France-based automaker said it plans to write-down 1.1 billion of its overseas operations in the current fiscal year.

Sports Direct International Plc plummeted 11.1% to 685.50 pence after the U.K.-based sports and leisure products retailer reported revenue in the first-half ending on October 27 climbed 23.5% to 1.35 billion from 1.09 billion a year ago period.

Profit in the period soared 17.4% to 107.3 million compared to 91.4 million and diluted earnings per share jumped to 18.99 pence from 16.05 pence a year earlier.

Group gross profit for the period surged 29.2% to 579.8 million from 448.6 million a year ago.

Ziggo NV soared 6.3% to 32.80 after the largest cable and broadband Internet provider is in merger talks with Liberty Global Plc.

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