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Market Update

Inbev Nears SABMiller Merger; Clinigen, Smiths Group Net Jump


Author: Sarla Buch
ticker.com
Last Update: 3:21 AM ET September 28 2016

4:00 PM Frankfurt AA net swung to profit. Clinigen net more than doubled driven by two acquisitions. EDF said British Government confirmed to construct two nuclear reactors. Smiths Group profit soared 5%. AB Inbev won approval from its shareholders to merge SABMiller.

In London trading, FTSE 100 index rose 32.63 or 0.5% to 6,840.23 and in Frankfurt the DAX index increased 73.35 or 0.7% to 10,433.56.

In Paris, CAC 40 index gained 36.16 or 0.8% to 4,434.84.

AA PLC jumped 2.6% to 292.30 pence after the U.K.-based roadside assistance service provider said revenues in the first-half ending in July advanced 2.2% from a year ago to 467 million.

Net in the period swung to profit from a year ago to 44 million compared to the loss of 51 million and diluted earnings per share swung to 7.2 pence from diluted loss per share of 8.6 pence.

Clinigen Group Plc soared 4.8% to 710 pence after the U.K.-based pharmaceutical maker stated revenues in the first-half ending in June surged 84% from a year ago to 339.9 million.

Net profit in the period jumped 136.8% from a year ago to 13.5 million compared to the 5.7 million and diluted earnings per share advanced to 11.8 pence from 6.3 pence.

Clinigen said chief executive Peter George will step down in November after six years at the helm and Shaun Chilton will assume the role.

The hard-to-source pharmaceutical distributor reported adjusted gross profit surged 90%, mainly driven by two acquisitions and organic growth.

Electricite de France SA advanced 3.1% to 10.70 after France-based electricity producer and the British Government confirmed its agreement to construct two nuclear reactors by EDF and EPR at Hinkley Point.

Royal Bank of Scotland Group Plc gained 0.9% to 176.30 after the U.K.-based bank settled allegations to selling two claims of toxic mortgage-backed securities during the 2008 financial crisis to the U.S. National Credit Union Administration and agreed to pay 845.2 million or $1.1 billion.

Smiths Group Plc surged 4.2% to 1,445 pence after the U.K.-based industrial conglomerates reported revenues in the year ending in July rose 2% from a year ago to 2.95 billion.

Net profit in the period soared 5.2% from a year ago to 261 million compared to the 248 million and diluted earnings per share increased to 64.9 pence from 61.8 pence.

Anheuser Busch Inbev SA rose 1.3% 118.90 after Belgium-based beer maker won an approval from its shareholders for its $100 billion merger with the rival SABMiller Plc.

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