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Caribbean Global Market Update

U.S. Targets Danske Bank for Laundering, Intu Soars on Buyout Expectations

Author: Sarla Buch
Last Update: 11:17 AM EDT October 05 2018

4:00 PM Frankfurt – Centamin tumbled after the gold miner reported improving production but fell short of investors’ expectations. Danske Bank faces U.S. criminal investigation involving money laundering at its Estonia branch. Intu Properties surged on buyout offer.

In London trading, FTSE 100 index slumped 80.69 or 1.1% to 7,337.65 and in Frankfurt the DAX index declined 127.84 or 1% to 12,117.18.

In Paris, CAC 40 index decreased 52.60 or 0.9% to 5,359.59.

Centamin Plc tumbled 18.8% to 88.28 pence after the Jersey-based gold miner said total gold production in the third-quarter ending in September surged 27% to 117,720 ounces from second-quarter but tumbled 25% from a year ago period.

However, the gold producer said September was the strongest month with production of 48,511 ounces.

Centamin forecasted fourth-quarter production of 145,000 ounces and annual production of about 480,000 ounces.

Danske Bank A/S plunged 7.6% to 146.55 Danish krone after the U.S. Department of Justice started criminal investigation of Denmark-based lender for massive money-laundering scandal of €200 billion or $230 billion involving its Estonian branch.

Danske Bank said it had “received requests for information from the U.S. Department of Justice for criminal investigation relating to the bank’s Estonian branch.”

As a result of the investigation, the board of directors decided to stop the current share buy-back program of 85 million valued at 10 billion krone scheduled to end on February 1, 2019.

The lender said at the end of the 39th week, the program had repurchased 33.03 million shares at a transaction value of about 6.8 billion krone.

Intu Properties Plc surged 25.3% to 186.20 pence after the U.K.-based shopping centers operator surged on the expectations of a buyout offer.

However, the company today confirmed that it had not received any buyout offer from its major shareholders involving the U.K. based billionaire John Whittaker.

On October 4, Peel Group, Olayan Group and Brookfield Property Group said they are considering a possible cash offer of €2 billion or $2.6 billion.

Rio Tinto Plc declined 3.1% to 3,779.50 pence after the U.K.-based miner yesterday said that it had opened a new mine at Hope Downs with its joint venture partner, Hancock Prospecting Pty Ltd.

""This investment will ensure sustainable production levels and clear demonstration of Western Australia and the joint venture partnership,"" said iron ore chief executive officer of Rio Tinto Chris Salisbury.