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Market Update : 
Carillion Tumbles 33%; Almirall Plunges on Inventory Build Up
Author: Sarla Buch
123jump.com
Last Update: 12:00 PM ET July 10 2017



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Almirall plunged after Spain based drug maker lowered fiscal revenue forecast. Carillion tumbled on profit warning and the construction contractor wrote down 845 million. Orkla agreed to sell remaining 50% stake in aluminum products subsidiary.

 
4:00 PM Frankfurt Almirall plunged after Spain based drug maker lowered fiscal revenue forecast. Carillion tumbled on profit warning and the construction contractor wrote down 845 million. Orkla agreed to sell remaining 50% stake in aluminum products subsidiary.

In London trading, FTSE 100 index rose 34.48 or 0.5% to 7,385.36 and in Frankfurt the DAX index gained 69.65 or 0.6% to 12,457.95.

In Paris, CAC 40 index increased 29.83 or 0.6% to 5,174.71

Almirall SA plunged 24.4% to 9.84 after the Spain-based therapeutic drugs maker forecasted operating profit in fiscal 2017 in the range of 140 million to 170 million.

The drug maker lowered estimate because of the inventory issues linked to the patient assistance program. Gross and net sales are expected to decline in the low double-digits.

Carillion Plc tumbled 33.5% to 127.80 pence after the construction services provider said revenues in the first-half ending in June were nearly flat from a year ago at 2.6 billion and operating profit is expected to decline between 15% to 20% from a year ago.

Carillion lowered full-year revenue forecast to between 4.8 billion and 5 billion from the previous estimate of more than 5 billion after it withdrew from Qatar, Saudi Arabia and Egypt.

The construction services provider wrote down contracts in the Middle East and U.K. by 845 million or $1.09 billion.

G4S Plc fell 0.9% to 324.40 pence after the U.K.-based security services provider secured four-year contract valued 30 million to provide latest electronic monitoring equipment and software for the Ministry of Justice in France.

Orkla ASA jumped 2.4% to 86 Norwegian kroner after the Norway-based consumer goods supplier agreed to sell remaining 50% stake in its aluminum products subsidiary Sapa to domestic rival Norsk Hydro ASA for about 27 billion kroner $3.2 billion in cash on a debt-free basis.

The transaction is expected to close in the fiscal 2017.

On July 4, Orkla said it had divested its Lilleborg''s professional laundry business to the Belgium-based hygiene and cleaning products and services provider Christeyns.

Shire Plc slipped 1.4% to 4,265.50 pence after the rare diseases drugs maker filed for a new drug application with the U.S. drug regulator, seeking approval for its recombinant factor VIII gene therapy candidate, SHP654 for the treatment of patients with Hemophilia A.


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