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Market Update

New Britain Palm Oil Surges after $1.7 B Offer; N Brown, Suedzucker Fall


Author: Nigel Thomas
ticker.com
Last Update: 11:32 AM ET October 09 2014

4:00 PM Frankfurt Hays Plc net fees in the first-quarter increased 4%. N Brown profit dropped 3% from a year ago period to 33 million. New Britain Palm Oil surged 75% after Malaysia-based Sime Darby offered of $1.7 billion in cash. Suedzucker net tumbled 62% to 119 million.

In London trading, FTSE 100 index slipped 0.5% or 30.06 to 6,452.18 and in Frankfurt the DAX index increased 0.3% or 23.45 to 9,018.78.

In Paris, CAC 40 index dropped 0.4% or 18.42 to 4,149.70.

Hays Plc jumped 5% to 124.10 pence after the U.K.-based recruitment company reported net fees in the first-quarter ending in September increased 4% but operating profit declined to 7 million from the same period a year ago.

The company said net debt at the end of September dropped to 60 million compared to 97 million a year ago period.

N Brown Group Plc plunged 12.9% to 303.10 pence after the U.K.-based online home shopping site operator said total group revenue in the first-half ending in August slid 0.6% to 407.3 million from 409.6 million a year ago period.

Profit in the period dropped 2.9% from a year ago period to 33.4 million compared to 34.4 million and diluted earnings per share slipped to 11.83 pence from 12.25 pence.

New Britain Palm Oil Limited surged 75.2% to 677 pence after the Papua New Guinea-based oil palm, sugar producer received formal offer fromMalaysia-based Sime Darby Plantation Sdn Bhd for about $1.74 billion in cash.

Suedzucker Mannheim Ochsenfurt AG tumbled 12.5% to 10.28 after the Germany-based agricultural raw materials producer reported group revenue in the first-half ending in August declined 12% to 3.48 billion from 3.94 billion a year ago period.

Net income in the period plummeted 61.8% from a year ago period to 119 million compared to 312 million and diluted earnings per share slipped to 0.37 from 1.21.

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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