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Market Update

Petra Profit Falls on Weaker Margins, Siemens Gamesa Wins China Order

Author: Sarla Buch
Last Update: 11:42 AM EDT September 18 2017

4:00 PM Frankfurt – Dairy Crest said strong demand for its cheese products are expected to lift half-year profit. Hiscox estimated claims of $150 million in Hurricane Harvey. PwC profit fell blamed election and Brexit. Petra Diamonds profit fell but revenues soared.

In London trading, FTSE 100 index increased 21.47 or 0.3% to 7,236.94 and in Frankfurt the DAX index advanced 46.51 or 0.4% to 12,565.28.

In Paris, CAC 40 index gained 13.42 or 0.3% to 5,227.33.

Dairy Crest Group Plc increased 1.5% to 618.50 pence after the U.K.-based dairy products maker estimated double-digit volume growth in the first-half ending in September and added higher cream prices and reduced promotional activity on Country Life.

The cheese maker forecasted profit in the half-year may be ahead from a year ago period as Cathedral City, Clover and Frylight continue to show rising unit sales.

Dairy Crest confirmed it is on track to deliver a reduction in net debt for the full year.

Hiscox Ltd dropped 2.4% to 1,221 pence after the U.K.-based underwriter estimated net claims of about $150 million linked to Hurricane Harvey in Houston, Texas and said the company still has to estimate losses from Hurricane Irma in Florida.

PricewaterhouseCoopers LLP, the U.K.-based privately held tax and accounting services provider reported revenues in the year ending in June jumped 5% from a year ago to £3.6 billion.

Net profit in the year dropped 0.8% to £822 million from £829 million in the same period a year.

“Slowdown in some sectors due to uncertainties related to the EU Referendum result and the US Presidential and UK General elections,” said chairman and senior partner Kevin Ellis.

Petra Diamonds Limited plunged 6.1% to 78.89 pence after the Jersey-based diamond miner said revenues in the year ending in June soared 11% to $477 million.

Net income in the year declined 69% to $20.7 million from $66.8 million in a year ago period and diluted earnings per share increased to 3.43 cents to 10.14 cents.

Diamond producer said it resumed operations at Williamson mine in Tanzania after the domestic government inquiries.

Slack Technologies, Inc, Canada-based privately held messaging application developer raised $841 million from Japan-based SoftBank Group Corp and other investors Vision Fund and Accel, valuing the startups at $5.1 billion. The news was reported by Reuters.

Siemens Gamesa Renewable Energy SA gained 0.9% to €11.15 after Spain-based renewable energy equipment maker secured an order for 150 wind turbines from China with an overall capacity of 300 megawatts at the Xilinhot complex, in Inner Mongolia without disclosing of financial terms.

Siemens Gamesa said its plans to install the first turbine in the second-quarter of 2018 and turbines to be operational by the end of next year.

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