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Market Update

Europe Movers: Givaudan, Mothercare, Telecom Plus, XP Power

Author: Nigel Thomas
Last Update: 1:11 PM ET October 10 2014

4:00 PM Frankfurt Givaudan nine-month sales fell 0.2% to 3.3 billion francs. Mothercare shareholders approved higher discount for 100 million rights issue. Telecom Plus surged on annual outlook.

In London trading, FTSE 100 index slumped 1.4% or 86.62 to 6,345.23 and in Frankfurt the DAX index declined 2% or 181.98 to 8,823.04.

In Paris, CAC 40 index dropped 1.4% or 59.48 to 4,081.97.

Givaudan SA rose 0.1% to 1,496 francs after the Switzerland-based fragrances and flavor products maker reported total sales in the nine-months ending in September fell 0.2% to 3.31 billion francs from 3.32 billion francs a year ago period.

The company added sales from fragrance division jumped 0.5% to 1.59 billion francs but sales from flavor division declined 0.8% to 1.73 billion francs from the same period of a year ago.

Mothercare Plc declined 4.1% to 170.86 pence after the U.K.-based maternity apparel and accessories retailer announced its shareholders approved 100 million rights issue that led to the issuance of 80 million shares at 50 pence each.

The company plans to use the proceeds to repay debt and rationalize its store network.

The company plans to close 50 to 75 loss-making stores by the fiscal year 2016 and open as many as 20 larger new stores in. The company is expected to reduce the total store count from 220 to 160.

Telecom Plus Plc surged 7.3% to 1,348 pence after the U.K.-based mobile telephony, gas, electricity and Internet service provider reaffirmed the adjusted pre-tax profit for the year to increase nearly 50% to 63 million and increase its interim dividend 19% to 19 pence a share.

XP Power Limited slipped 1.4% to 1,514 pence after the Singapore-based electrical equipment maker forecasted revenue third-quarter ending in September were 74.8 million which is level with the same period in the prior year.

Orders for the nine-months were 78.9 million, increase 1% from the prior year and net debt declined to 2 million compared to 3.5 million at the quarter ending in December 2013.

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