Auriga Falls as Fungicide Sales Seen Dropping: Copenhagen MoverChristian Wienberg
Auriga Industries A/S, the biggest Danish maker of chemicals for plant protection, fell in Copenhagen trading after its largest peer Syngenta AG said late European crop planting has weighed on demand for fungicides.
Auriga fell as much as 0.9 percent to 166.50 kroner and declined to 167 kroner at 10:05 a.m. local time. Trading volume was 8.6 percent of the three-month daily average. The stock underperformed the Nasdaq OMX Copenhagen all-share index which gained 0.7 percent.
Syngenta today reported sales and profits that missed analyst estimates and said a cold and wet European spring reduced the number of crop protection applications. Lemvig, Denmark-based Auriga, which is due to publish second-quarter earnings on Aug. 22, has beaten analyst sales estimates in nine of its last 12 quarterly reports, according to data compiled by Bloomberg.
“The report from Syngenta indicates a potential soft second quarter from Auriga,” Nordea Markets, a unit of Stockholm-based Nordea Bank AB, said in a note to clients today.
Basel, Switzerland-based Syngenta reported net income of $1.41 billion for the first half of the year, missing analyst estimates of $1.49 billion. The company’s shares fell as much as 4.2 percent in Zurich trading.