4:00 PM Frankfurt – Royal Dutch Shell plans to exit from oil and gas operations from as many as 10 countries but continue to operate in 13 nations. Sports Direct soared after successfully defending U.K. inquiry. RIT Capital terminated merger discussion with Alliance Trust.
In London trading, FTSE 100 index gained 16.38 or 0.3% to 6,285.43 and in Frankfurt the DAX index advanced 173.18 or 1.7% to 10,295.12.
In Paris, CAC 40 index jumped 56.51 or 1.3% to 4,479.98.
Alliance Trust Plc
fell 0.9% to 511.50 pence after the U.K.-based RIT Capital Partners Plc, the investment trust owned by Rothschild, terminated merger discussion to create a £5 billion investment trust.
Iomart Group Plc
advanced 3.3% to 275.50 pence after the U.K.-based cloud infrastructure and services provider said revenues in the year ending in March soared 16% from a year ago to £76.3 million.
Net income in the year surged 25% from a year ago to £11 million compared to £8.8 million and diluted earnings per share increased to 10.17 pence from 8.24 pence.
Royal Dutch Shell Plc
jumped 2.3% to 1,740.50 pence after the U.K.-based oil and gas refiner plans to exit from its oil and gas operations from as many as 10 countries.
Chief Executive Officer, Ben van Beurden, said today that as planned, asset sales are expected to be $30 billion by 2018.
“We have earmarked up to 10% of Shell’s oil and gas production, including 5 to 10 country exits, for disposal,” added van Beurden.
The company is expected “to make significant progress on the first $6 billion to $8 billion of divest program in 2016” and reduce operating costs and the oil refiner expects to reach a run-rate of $40 billion of underlying operating costs by the end of 2016
The oil explorer will continue to be active in 13 nations where it is making good returns including Brazil, Australia and the United States and medium-term priorities on deep water projects in Brazil, Gulf of Mexico and chemicals divisions in the United States and in China.
Sports Direct International Plc
soared 5.8% to 384.70 pence after the U.K.-based sports retailer and billionaire founder Mike Ashley successfully defended working and business practices and lack of compliance in the past.