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Market Update

Ocado Net Swing to Loss, Nordex Wins Wind Turbine Contract in Brazil

Author: Sarla Buch
Last Update: 1:04 PM EDT July 10 2018

4:00 PM Frankfurt Cambian received preliminary takeover approach from a rival. Nordex secured largest ever single contract in Brazil. Ocado net swung to a loss. TP ICAP tumbled on weak fiscal operating profit forecast.

In London trading, FTSE 100 index rose 11.10 to 7,699.09 and in Frankfurt the DAX index gained 50.22 or 0.4% to 12,546.92.

In Paris, CAC 40 index increased 29.68 or 0.6% to 5,427.79.

Cambian Group Plc surged 32.6% to 196.52 pence after the U.K.-based behavioral health services provider said that it had received preliminary takeover approach from the rival CareTech Holdings Plc for 220 pence per share or about 405.2 million or $536.2 million

CareTech offered for 200 pence per share in cash.

Nordex SE jumped 4.1% to 10.14 after Germany-based wind turbines maker secured largest ever single contract for 191 AW125 wind turbines of 595 megawatt in Brazil.

The Nordex said installation is scheduled to start from October 2019.

Ocado Group Plc soared 5.9% to 1,071 pence after the U.K.-based online supermarket operator said revenues in the first-half ending in June soared 12.1% from a year ago to 799.9 million.

Net in the period swing to a loss of 9.3 million from profit of 7.7 million in a year ago period and diluted loss per share swung to 1.49 pence from diluted earnings per share of 1.23 pence.

Ocado said swing to loss was driven by higher administrative and distribution costs.

Petrofac Limited advanced 3.1% to 573.80 pence after the Jersey-based oilfield services provider was awarded a contract by TenneT, the Dutch-German transmission grid operator for about $200 million for the Hollandse Kust Zuid offshore grid connection.

The contract requires the project to become operational in 2021.

Petrofac said as of June 30, new order increased to $1.8 billion compared to the $1.7 billion in the same period a year ago.

TP ICAP Plc tumbled 35.8% to 269.90 pence after the U.K.-based inter-dealer brokerage services provider forecasted fiscal 2018 operating profit of about 10 million on higher headwind costs.

TP ICAP plans to reduce synergy-cost-savings estimated to 75 million by the end of 2019.

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