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Market Update

Petrobras Sells Ethanol Stake to Tereos, Bovis Lifted Outlook

Author: Sarla Buch
Last Update: 10:51 AM ET December 29 2016

4:00 PM Frankfurt Bovis Homes lifted fiscal year operating profit forecast. Gategroup agreed to acquire Servair from Air France KLM. Petrobras sell its stake in sugar andethanol producer Guarani for $202 million.

In London trading, FTSE 100 index edged up 2.82 to 7,108.18 and in Frankfurt the DAX index slipped 27.72 or 0.2% to 11,447.31.

In Paris, CAC 40 index fell 11.24 or 0.2% to 4,836.77.

Bovis Homes Group Plc rose 0.2% to 812.50 pence after the U.K.-based home-builder forecasted revenues in the year ending in December in the range of 1.04 billion and 1.06 billion and operating profit between 160 million to 170 million.

However, Bovis Homes reported operating profit in the last year of 160.1 million and average sales price in 2016 is expected to increase around 10%.

The home-builder estimated between 3,950 and 4,000 homes to be delivered in the year, lower from the previous forecast.

Gategroup Holding AG gained 0.3% to 52.80 Swiss francs after Switzerland-based airline catering services provider agreed to acquire Air France KLM''s catering business provider Servair for 237.5 million or $248.3 million and will takes control from January 1.

Gategroup forecasted after the acquisition of Servair revenues in fiscal 2017 of about 4.4 billion francs.

Petroleo Brasileiro SA Petrobras slipped 0.8% to 14.66 BRL after Brazil-based state-run oil refiner said it agreed to sell its stake in domestic sugar and ethanol producer Guarani for $202 million to France-based sugar group Tereos Sucres.

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