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Market Update

Rio Tinto Rejects Glencore Offer, Spirent Plunges 22%

Author: Nigel Thomas
Last Update: 11:03 AM ET October 07 2014

4:00 PM Frankfurt Rio Tinto rejected merger offer from Glencore. Spirent tumbled after the company lowered revenue outlook. St. Ives sales rose 2.5%. Tricorn plunged after revenue in the second-half declined 6%.

In London trading, FTSE 100 index slumped 0.8% or 51.41 to 6,512.24 and in Frankfurt the DAX index dropped 1% or 90.11 to 9,119.40.

In Paris, CAC 40 index declined 1.4% or 60.37 to 4,226.15.

Rio Tinto Plc climbed 4.8% to 3,140 pence after the U.K.-based mining company today rejected potential merger proposal from Glencore Plc.

Spirent Communications Plc tumbled 21.8% to 77.14 pence after the U.K.-based communication and network service provider lowered revenue forecast for the third-quarter of about $110 million and revenue for the fourth-quarter in the range of $120 million to $125 million from $115.4 million for a year ago period.

St. Ives Plc slipped 1.3% to 197.41 pence after the U.K.-based marketing and printing service provider said revenue in the year ending in August jumped 2.5% to 330.7 million from 322.7 million a year ago period.

Net profit in the year surged 136.4% from a year ago to 10.5 million compared to 4.5 million and diluted earnings per share increased to 8.32 pence from 3.60 pence.

Tricorn Group Plc plunged 13.5% to 13.62 pence after the U.K.-based industrial conglomerates expected revenue for the second-half form continuing operations to declined 6% to about 22.20 million but may climb 8% from a year ago period.

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