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Market Update

Vedanta Profit Surges, WPP Plunges on Lower Fiscal Outlook

Author: Sarla Buch
Last Update: 12:04 PM ET August 23 2017

4:00 PM Frankfurt – Maersk Tanker signed equity agreement with CargoMetrics to improve its tanker operations. Osram agreed to acquire the U.S.-based Digital Lumens. Vedanta Resources revenues surged on higher commodity prices and demand. WPP tumbled on lowered fiscal revenues forecast.

In London trading, FTSE 100 index fell 10.57 to 7,371.17 and in Frankfurt the DAX index slipped 44.39 or 0.4% to 12,185.14.

In Paris, CAC 40 index decreased 14.48 or 0.3% to 5,117.37.

AP Moeller Maersk A/S slipped 0.9% to 12,690 Danish kronor after Denmark-based shipping services provider’s unit Maersk Tankers said it had signed an equity agreement with the U.S. hedge fund CargoMetrics to access the exclusive analytical models and algorithms to improve its tanker operations.

Air Berlin Plc decreased 1% to €0.394 after the Ireland-based low-cost airliner Ryanair said that it may bid for the insolvent Germany-based budget airline.

Hansteen Holdings Plc advanced 2.3% to 129.70 pence after the U.K.-based real estate developer said revenues in the first-half ending in June surged 140% from a year ago to £28 million.

Net income in the period surged three-fold to £148.4 million from £50.4 million in a year ago six-month period and earnings per share jumped to 19.7 pence from 6.8 pence.

Hansteen said profit from discontinued operations soared £135.1 million from £26 million in the same period a year ago.

Osram Licht AG fell 0.3% to €68.93 after Germany-based lighting fixtures maker today agreed to acquire the U.S.-based software provider Digital Lumens for undisclosed financial terms.

Vedanta Resources Plc gained 1.7% to 790 pence after the U.K.-based diversified miner reported revenues in the first-quarter ending in June surged 32% to $3.1 billion and operating profit soared 48% to $777.8 million from a year ago period.

The miner said growth was driven by higher zinc production, commodity prices and rising steel production in China.

The company said mined metal content of zinc output at its Indian unit jumped 84% to 233,000 tons and overall output in July hit monthly record to 74.02 million tons.

WPP Plc tumbled 10.2% to 1,427.50 pence after the U.K.-based largest advertising services provider reported revenues in the first-half ending in June jumped 13.3% from a year ago to £7.4 billion.

Net income in the period more than doubled to £634 million from £282 million in a year ago six-month period and earnings per share soared to 46.6 pence from 18.9 pence.

WPP lowered fiscal 2017 revenues forecast to about plus or minus 1% largely because of the cyber-attack on June 27 resulting in significant loss in revenues in July.

Separately, the world’s largest advertising services provider today agreed to acquire Singapore-based advertising and graphic designer Design Bridge Ltd for undisclosed financial terms.

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