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Caribbean Global Market Update

Anglo American Lifts Production Outlook, Euronext to Buy Oslo Exchange

Author: Sarla Buch
Last Update: 12:42 PM EST December 24 2018

4:00 PM Frankfurt Anglo American lifted fiscal 2019 production forecast in Brazil after winning the regulatory approval for production expansion. Euronext intends to acquire Oslo stock exchange. Playtech declined after new Italian tax on gambling may reduce its fiscal operating profit.

In London trading, FTSE 100 index decreased 35.18 to 6,685.99 and in Frankfurt the DAX index rose 22.72 0.2% to 10,633.82.

In Paris, CAC 40 index slumped 67.99 or 1.5% to 4,626.39.

Anglo American Plc fell 0.7% to 1,739.20 pence after the U.K.-based metals miner lifted fiscal 2019 production forecast in the Minas-Rio iron ore operation in Brazil after the company received regulatory approval for the step 3 license areas of the project.

The miner lifted fiscal 2019 iron ore production between 18 million tons to 20 million tons from the earlier estimate of 16 million tons to 19 million tons and the unit costs at Minas-Rio to drop to between $28 per ton and $31 per ton from the earlier estimate of $30 per ton to $33 per ton.

Euronext NV rose 0.2% to 47.54 after the Netherlands-based stock exchange operator said it intends to acquire Norway-based rival Oslo stock exchange for 145 kroner or $16.58 per share or about 625 million or $711 million after winning of the shareholders approvals.

However, Euronext said that there cannot be certainty of transaction to complete.

Findel Plc increased 1.5% to 202 pence after Credit Suisse Group AG reduced its stake below the notifiable threshold from previous stake of 11.5% in the U.K.-based multi-channel retailer.

However, today the retailer said Morgan Stanley now holds 5.9% stake in the home shopping services provider.

Playtech Plc plunged 6.7% to 370 pence after the U.K.-based gambling software developer forecasted fiscal 2019 new Italian tax on gambling may reduce its operating profit to anywhere between profit of 20 million to a loss of 25 million.

As on December 23, the Italian Senate passed the government''s 2019 budget, including the law to increase taxation on various types of gambling activities.