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Market Update

Europe Earnings: Essar Energy, Fidessa, Hammerson, MorphoSys, SGL

Author: Nigel Thomas
Last Update: 10:39 AM ET February 17 2014

3:40 PM Frankfurt Essar Energy received takeover offer worth 900 million. Fidessa net jumped 5%. Hammerson profit in the year soared 262.6 million. MorphoSys received a milestone payment from Novartis for clinical trials. SGL Carbon and BMW plan to invest 100 million to double the production.

In London trading, FTSE 100 index climbed 1.2% or 79.80 to 6,743.42 and in Frankfurt the DAX index rose 0.1% or 8.33 to 9,670.73.

In Paris, CAC 40 index fell 0.04% or 1.91 to 4,338.23.

Essar Energy Plc soared 5.4% to 69.53 pence after the India-based energy company received 70 pence per share takeover offer from its majority owner Essar Global Fund worth about 900 million or $1.51 billion.

Fidessa Group Plc gained 1.2% to 2,348 pence after the U.K-based multi-asset trading software company said revenue in the year ending in December rose 1% to 279.02 million from 278.63 million a year ago.

Profit in the year jumped 4.6% to 31.82 million compared to 30.41 million and earnings per share climbed to 83.5 pence from 80.9 pence a year earlier.

Hammerson Plc climbed 3.3% to 561.50 pence after the U.K-based real estate investment company reported revenues in the year ending in December surged to 231.4 million from 61.9 million a year earlier.

Profit in the year soared 262.6 million compared to 91.6 million a year ago, largely on the valuation increase across real estate portfolio.

Adjusted pre-tax profit totaled 168.9 million from 152.5 million a year ago period and gross rental income jumped to 321.2 million from 297.6 million a year ago.

MorphoSys AG jumped 2.9% to 65.35 after the Germany-based biotechnology company received a milestone payment from Switzerland-based Novartis AG for the clinical trial application of anti-inflammatory treatment.

SGL Carbon SE surged 12% to 30.53 after the German newspaper Handelsblatt reported German car maker BMW and the company plan to invest more than 100 million to double the joint production of carbon fiber with a capacity of 3,000 tons to 6,000 metric tons per year.

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