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Market Update

Infineon Net Surges 27%, Stagecoach Wins Rail Franchise


Author: Nigel Thomas
ticker.com
Last Update: 10:51 AM ET November 27 2014

4:00 PM Frankfurt Infineon net soared 27% to 181 million. Stagecoach and Virgin won a railway contract from the U.K. government and agreed to pay 3.3 billion. Victoria Oil & Gas surged after stock consolidated. UBM increased public offering size to 565 million.

In London trading, FTSE 100 index rose 0.3% or 17.38 to 6,746.55 and in Frankfurt the DAX index increased 0.7% or 69.13 to 9,984.69.

In Paris, CAC 40 index gained 0.5% or 20.61 to 4,394.03.

Infineon Technologies AG dropped 2.9% to 7.84 after the Germany-based semiconductor maker reported revenues in the fourth-quarter ending in September climbed 12% to 1.18 billion from 1.05 billion a year ago period.

Net profit in the quarter soared 27% from a year ago to 181 million compared to 142 million and diluted earnings per share jumped to 0.16 from 0.13.

The company forecasted revenues for the year to increase 8%, plus or minus 2 percentage points while revenues in the fiscal first-quarter estimated to declined between 5% and 9%.

Stagecoach Group Plc surged 7.8% to 398.90 pence after the U.K.-based public transport company and Virgin Group were awarded by the U.K. government to operate trains between London and Edinburgh, Scotland from East Coast franchise to Inter City Railways after five years.

Stagecoach holds 90% stake of the share capital of ICR and Virgin holds the remaining 10%.

The companies agreed to invest 140 million in eight years and also agreed to pay 3.3 billion to the government for the contract.

Shares of FirstGroup, the operator of East Cost franchise, in trade dropped as much as 2.9% to 105 pence, the lowest in fifteen months.

Victoria Oil & Gas Plc surged 4,016.5% or 53.42 pence to 54.75 pence after the oil and gas explorer passed resolutions at the Annual General Meeting to convert every 40 existing ordinary shares of 0.5 pence to one consolidated ordinary share of 20 pence.

The company said new ordinary shares will commence trade from today.

UBM Plc tumbled 18.9% to 469 pence after the U.K.-based marketing and communication service provider increased the size of its rights issue of 196.7 million to raise around 565 million.

The proceeds will be used to acquire VSS-AHC consolidated Holdings Corp or Advanstar Communications.

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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