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Market Update : 
Skanska Net Declines 12% on Write down, SEB Profit Surges
Author: Sarla Buch
Last Update: 10:27 AM ET July 14 2017

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4:00 PM Frankfurt Acacia Mining agrees to pay higher royalty rate for gold mining to Tanzanian government. Hays said net fees in the fourth-quarter jumped 7%. Skanska profit declined on write down. SEB Sweden-based bank said first-half profit surged.

In London trading, FTSE 100 index slid 8.08 to 7,405.36 and in Frankfurt the DAX index fell 44.80 or 0.3% to 12,596.96.

In Paris, CAC 40 index edged up 2.93 to 5,238.33.

For the week, FTSE 100 index increased 0.8%, the DAX index advanced 1.7% and the CAC 40 index jumped 1.6%.

Acacia Mining Plc slipped 1% to 279.10 pence after the U.K.-based gold miner agreed with new Tanzanian natural resources law to pay royalty rate of 6% from 4% on metallic minerals including gold, copper and silver, in addition to recently imposed 1% clearing fee on exports.

Ashmore Group Plc fell 0.7% to 348.30 pence after the U.K.-based asset and investment manager said asset under management in the fourth-quarter ending in June advanced 5% from a year ago to $58.7 billion after positive investment performance in its fixed income and equities investments.

Hays Plc gained 0.4% to 168.10 pence after the U.K.-based recruitment services provider said net fees in the fourth-quarter ending in June jumped 7% from a year ago.

Hays estimated fiscal 2017 operating profit to be marginally ahead of consensus estimate of 209.5 million on strong growth in Europe and in Asia Pacific and net cash position improved to 110 million.

Skanska AB declined 5.8% to 194.50 Swedish kronor after Sweden-based construction services provider reported operating profit in the second-quarter ending in June declined 11.8% from a year ago to 1.5 billion kronor.

Operating profit in the first-half slumped 8.3% to 3.3 billion kronor from a year ago period.

The construction services provider said it will write downs 780 million kronor in the U.S. and U.K. operations, consisting 420 million kronor in the U.S. civil operations and 360 million kronor in the U.K. operations.

Skandinaviska Enskilda Banken AB gained 1.4% to 107.50 Swedish kronor after Sweden-based banking and financial services provider reported total income in the first-half ending in June soared 6% from a year ago to 22.6 billion kronor.

Net profit in the period surged from a year ago to 8.8 billion kronor from 2.2 billion kronor and diluted earnings per share jumped to 4.05 kronor from 1.01 kronor.

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