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Market Update

European Stocks in 5-Day Advance, Statoil Swings to Loss

Author: Nigel Thomas
Last Update: 10:58 AM ET February 06 2015

4:00 PM Frankfurt European markets advanced for the fifth day in a row after Germany and France failed to convince Russia to withdraw supporting rebels in Ukraine. Alcatel Lucent net doubled. Poundland agreed to acquire rival 99p Stores. Statoil net swung to a loss. Tate & Lyle plunged 12%.

Stocks in Europe gained for the fifth day in a row and the meeting between leaders of Germany and France and Russia failed to resolve Ukraine crisis in Moscow.

Russian President Vladimir V Putin disagreed to strong message from German Chancellor Angela Merkel and French President Francois Hollande to respect the Ukrainian border as defined before the crisis erupted in the eastern region.

Investors focused on the latest jobs data from the U.S. and bid up stocks after the release of the report.

Payrolls increased 257,000 in December following the revised gain of 329,000 in December, the U.S. Labor Department said today.

In London trading, FTSE 100 index edged down 0.94 to 6,864.99 and in Frankfurt the DAX index fell 0.6% or 59.96 to 10,845.45.

In Paris, CAC 40 index slid 0.2% or 7.59 to 4,695.71.

Alcatel Lucent SA climbed 4.5% to 3.31 after the France-based communication service provider reported revenues in the fourth-quarter ending in December dropped 2.1% to 3.68 billion from 3.76 billion a year ago period.

Net income in the quarter surged 102.2% from a year ago to 271 million compared to 134 million and diluted earnings per share jumped to 8 euro cents from 5 cents.

The company said revenues from access segment plunged 11% to 1.87 billion and declined 9% in wireless access business.

Poundland Group Plc surged 13.1% to 404.70 pence after the U.K.-based department store operator agreed to acquire rival 99p Stores in a 55 million cash and stock deal.

Statoil ASA rose 0.4% to 140.90 kronor after the Norway-based energy group said total revenues in the fourth-quarter ending in December declined 2.9% to 152.6 billion kronor from 157.1 billion kronor.

Net in the quarter swung to a loss from a year ago to 8.9 billion kronor compared to profit of 14.8 billion kronor and loss per share swung to a 2.80 kronor from earnings per share of 4.64 kronor.

The Norway controlled energy company enlarged the scope of cost cutting and also halted dividend growth after the recent plunge in oil prices.

The board of directors proposed a 1.80 kronor dividend for the quarter and 7.20 kronor per share for the year.

Sunrise Communications AG soared 7% after the second-largest Swiss wireless operator raised 2 billion Swiss francs in the largest public offering in Zurich nearly in a decade.

Tate & Lyle Plc tumbled 12.1% to 584.30 pence after the U.K.-based food and beverage ingredient provider forecasted group profits for the year to be lower than estimated 230 million to 245 million range in September.

As of December, net debt climbed to 466 million from 383 million in September quarter.

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