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Market Update

Passenger Count Rises at EasyJet,Smurfit Kappa Rejects International Paper Bid


Author: Sarla Buch
ticker.com
Last Update: 10:09 AM EST March 06 2018

4:00 PM Frankfurt easyJet passenger numbers and load factor in February jumped. Smurfit Kappa rejected unsolicited proposal from the U.S.-based International Paper Company. Evonik explore all options for Methacrylates business. Just Eat net swung to a loss on 50 million investment plan.

In London trading, FTSE 100 index advanced 57.26 or 0.8% to 7,173.24 and in Frankfurt the DAX index gained 76.75 or 0.6% to 12,167.15.

In Paris, CAC 40 index increased 34.66 or 0.7% to 5,201.88.

easyJet Plc slipped 1.5% to 1,573 pence after the U.K.-based low-cost airline operator said passenger numbers in February rose 4% to 5.55 million while the load factor increased 93% from 92% in a year ago month.

Evonik Industries AG declined 3.1% to 29.19 after Germany-based specialty chemicals producer reported revenues in the year ending in December soared 13% from a year ago to 14.4 billion.

Net income in the year plunged 15% to 717 million from 844 million in a year ago period and diluted earnings per share slumped to 1.54 from 1.81.

Evonik forecasted fiscal 2018 slightly higher sales from fiscal 2017 and operating profit between 2.4 billion and 2.6 billion.

The chemical producer estimated that prices of its specific raw materials to be slightly higher and raw material index will be also slightly higher than a year ago period.

Evonik said that the board will explore all options for the future development of the methacrylates businesses, including possible partnerships or a complete exit.

Just Eat Plc plummeted 10.4% to 763.20 pence after the U.K.-based online takeaway food services provider reported revenues in the year ending in December surged 45% from a year ago to 546.3 million.

Net in the year swung to a loss of 103.5 million from profit of 71.4 million in a year ago period and diluted loss per share swung to 15.2 pence from diluted earnings per share of 10.5 pence.

Just Eat estimated fiscal 2018 revenue between 660 million and 700 million and operating profit in the range of 215 million to 235 million.

Smurfit Kappa Group Plc surged 21.2% to 3,082 pence after the U.K.-based corrugated packaging maker said it had rejected an unsolicited proposal from the U.S.-based International Paper Company and advised shareholders to take no action.

The proposal failed to attract shareholder interest and the company announced record operating profit in 2017 of 1.2 billion and plans to improve market position and strengthen integrated model between 2018 and 2021.

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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