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Market Update

Vodafone Italy Buys 5G Spectrum, Norsk Hydro Shuts Down Brazil Plant

Author: Sarla Buch
Last Update: 11:32 AM EDT October 03 2018

4:00 PM Frankfurt – ITE Group acquired the mining event managed by Euromoney. Norsk Hydro plans to shut down alumina refinery in Brazil. Tesco declined after weaker-than-expected profit. Vodafone Italian unit purchased spectrum for €2.4 billion.

In London trading, FTSE 100 index increased 44.80 or 0.6% to 7,519 and in Frankfurt the DAX index slipped 51.45 or 0.4% to 12,287.58.

In Paris, CAC 40 index advanced 30.99 or 0.6% to 5,498.88.

ITE Group Plc declined 5.7% to 70.90 pence after the U.K.-based exhibitions and conferences organizer forecasted fiscal 2018 revenues to jump 10% to £175 million from £153 million in the same period a year ago.

Separately, today the event’s organizer agreed to acquire the business and assets of Mining Indaba from Euromoney Institutional Investor Plc for £30.1 million on a cash-free, debt-free basis.

The transaction is expected to close before the end of this month.

Norsk Hydro ASA tumbled 11.2% to 43.67 kronor after Norway-based bauxite and alumina producer said its plans to shut down production from its Alunorte alumina refinery in Brazil.

“We will continue to work constructively with the authorities to lift the embargo and to resume operations in order to re-establish Alunorte as the world’s leading alumina refinery,” said executive vice president Bauxite and Alumina John Thuestad.

Tesco Plc declined 8.8% to 214.40 pence after the U.K.-based grocery retailer reported revenues in the first-half ending in July jumped 12% from a year ago to £31.7 billion.

Net profit in the period rose 2% to £564 million from £553 million in a year ago period and diluted earnings per share slumped to 4.37 pence from 5.13 pence.

The grocer said sales in Europe fell 1.5% and in Asia declined 6.9%. Profit in Central Europe slumped 3.3% and in Asia plunged 29% to £100 million.

In the U.K. and Ireland, the retailer said operating profits in the period soared 47.6% to £685 million of which £97 million was from the acquisition of Booker and comparable sales jumped 14.7%.

Topps Tiles Plc surged 10.6% to 69.35 pence after the U.K.-based ceramic and porcelain tiles retailer forecasted fiscal 2018 revenues to increase 1.5% or about £215 million and pretax profits between £14.6 million and £15.2 million.

Vodafone Group Plc jumped 2.4% to 163.66 pence after the U.K.-based telecom services provider said its Italian unit purchased spectrum that would enable the company to deploy new 5G mobile technology for a total cost of €2.4 billion.

However, Vodafone said spectrum of 3700 megahertz to 80 MHz for €1.7 billion will be available from January 1, 2019 with the license duration of 19 years and 700 MHz- 2 to 10 MHz for €683 million will be available from July 2022.

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