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Market Update

Europe Movers: Bayer, Kingfisher, GVC Holdings, IG Group, Pennon

Author: Sarla Buch
Last Update: 1:57 PM ET September 20 2016

4:00 PM Frankfurt Bayer forecasted higher sales and earnings in all businesses. Kingfisher profit rose 1% and lifted annual profit forecast. GVC Holdings net swung to a loss but revenues surged. IG Group first-quarter revenues jumped 5%. Pennon estimated operating profit of 100 million.

In London trading, FTSE 100 index jumped 34.97 or 0.5% to 6,848.87 and in Frankfurt the DAX index gained 45.18 or 0.4% to 10,418.53.

In Paris, CAC 40 index edged up 3.30 to 4,397.49.

Bayer AG gained 1.6% to 93.09 after the Germany-based diversified conglomerate forecasted higher sales and earnings in all businesses.

Chairman Werner Baumann today lifted fiscal sales estimate and said five recently launched pharmaceutical products are expected to achieve more than 10 billion from previously reported to 7.5 billion.

At Crop Science, Bayer estimated substantial increase in margin after closing the planned acquisition of Monsanto.

Pro forma sales of the combined business of the Crop Science Division and Monsanto reported to 23.1 billion in the fiscal year 2015.

Kingfisher Plc slumped 1.6% to 370.80 pence after the U.K.-based home improvement retailer reported sales in the first-half ending in July jumped 4.7% from a year ago to 5.75 billion.

In the period, comparable sales in Screwfix business surged 14.7% and comparable sales in B&Q segment jumped 4.6% but in France comparable sales fell 1.6%.

Net profit in the period increased 0.9% from a year ago to 321 million compared to the 318 million and diluted earnings per share rose to 14.1 pence from 13.6 pence.

However, Kingfisher also plans to return 600 million to shareholders in next three years through share buybacks and lifted annual profit forecast of 500 million by 2021.

GVC Holdings Plc soared 6.4% to 767.50 pence after the Isle of Man-based sports betting and gaming operator said revenues in the first-half ending in June surged 223.1% from a year ago to 390.6 million

Net in the period swung to a loss from a year ago to 84 million compared to the profit of 16.8 million and diluted loss per share swung to 0.334 from diluted earnings per share of 0.26.

IG Group Holdings Plc dropped 2.5% to 903 pence after the U.K.-based online trading services provider said total revenues in the first-quarter ending in August jumped 5.1% from a year ago to 111.4 million.

IG Group said revenues in Europe, Australia and in the rest of the world regions soared 13%, 9% and 18% respectively while revenues in the UK & Ireland regions declined 1.8%.

Pennon Group Plc increased 0.7% to 895.50 pence after the U.K.-based water and wastewater services provider estimated operating profit in the first-half ending in September in-line with expectations of about 100 million.

The utility services provider schedule to release its first-half results on November 25.

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