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Market Update

Ocado Surges on Kroger Deal, Telecom Italia and Bouygues Add Subscribers

Author: Sarla Buch
Last Update: 12:34 PM EDT May 17 2018

4:00 PM Frankfurt Bouygues net swung to profit after the telecom unit added more subscribers. Ocado surged on a technology deal with the U.S.-based The Kroger Co. Telecom Italia net jumped on a steady increase in mobile service subscribers. Suedzucker profit fell as sugar prices continued to drift lower.

In London trading, FTSE 100 index advanced 46.54 or 0.6% to 7,781.74 and in Frankfurt the DAX index jumped 102.19 or 0.8% to 13,098.28.

In Paris, CAC 40 index increased 38.15 or 0.7% to 5,605.69.

Bouygues SA fell 0.9% to 41.15 after France-based industrial conglomerate reported sales in the first-quarter ending in March were flat from a year ago at 6.8 billion.

Net in the quarter swung to profit 12 million from a loss of 41 million in a year ago period.

In the quarter, Bouygues Telecom added 453,000 net new customers which helped the company increase its margin to 23.9% from 22.3% in a year ago period.

Ocado Group Plc surged 50.2% to 276.94 pence after the U.K.-based online grocery retailer today signed a partnership agreement with the U.S.-based largest independent grocery retailer The KrogerCo. Under the license, Kroger will use Ocado''s technology in its grocery and other food-distribution activities.

As part of the agreement, Kroger will subscribe up to 33.1 million new shares or 5% stake in the Ocado, at a value of 183 million.

Telecom Italia SpA fell 0.4% to 0.77 after Italy-based telephony and mobile services provider said total revenues in the first-quarter ending in March rose 0.6% from a year ago to 4.7 billion.

Net profit in the quarter jumped 8% to 216 million from 200 million in a year ago period.

The communication services provider said domestic mobile active customers increased 1.7% to 27.4 million users.

Suedzucker AG fell 1.6% to 14.31 after Germany-based sugar producer reported revenues in the year ending in March soared 7.8% from a year ago to 6.9 billion.

Net profit in the quarter dropped 4% to 205.1 million from 213.6 million in a year ago period and diluted earnings per share decreased to 1 from 1.05.

The sugar refiner said profit was hurts by steep decline in sugar prices and plans to exports to compensate the losses.

The sugar producer forecasted fiscal 2019 revenues between 6.8 billion and 7.1 billion and operating profit in the range of 100 million to 200 million.

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