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Caribbean Global Market Update

Greencore Soars on Stock Buy Back Plan, Bourbon Corp in Search of New Partner

Author: Sarla Buch
Last Update: 11:50 AM EST December 20 2018

4:00 PM Frankfurt Bourbon declined after the shipping company said it is looking for a new financial partner. Consus Real Estate net swung to profit on strong revenues. Greencore plans to buy back up to 509 million of its shares.

In London trading, FTSE 100 index fell 19.66 or 0.3% to 6,746.28 and in Frankfurt the DAX index slumped 146.66 or 1.4% to 10,619.55.

In Paris, CAC 40 index declined 76.32 or 1.6% to 4,701.13.

Bourbon Corporation SA declined 4.3% to 4.05 after France-based shipping services provider looking for new financial partners to ensure its development and implement of strategic plan still under way.

Consus Real Estate AG slipped 1.3% to 7.58 after Germany-based commercial and residential property developer said revenues in the nine-month period ending in September surged from a year ago to 349.2 million.

Net in the period swung to profit 3 million from a loss of 4.1 million in a year ago period and diluted earnings per share dropped to 0.55 from 9.46.

Capgemini SE slumped 3.3% to 88.14 after France-based professional consulting services provider announces that as of December 1 its number of shares dropped 0.7% or 1,190,012 to 167,293,730 shares from 168,483,742 shares on January 1, 2018.

Greencore Group Plc soared 7.6% to 178.55 pence after the U.K.-based sandwich maker said its plans to buy back up to 509 million of stocks and return to shareholders by the way of a tender offer at 195 pence per share, representing a premium of 17.5% to the closing price of December 19 as the share buybacks program during the year is completed.

Indivior Plc jumped 3.4% to 114.70 pence after the U.K.-based prescription drugs maker said that the company plans to launch cheaper version of opioid addiction treatment drug but sales of Sublocade have been slower than expected and the company is also facing severe competition from generic rivals.

The drug maker reaffirmed fiscal 2018 revenues forecast between $990 million and $1.02 billion and net income in the range of $230 million to $255 million.