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Market Update

Adidas Net Surges; Allianz, Hugo Boss Net Plunge, RBS Net Loss Widens


Author: Sarla Buch
ticker.com
Last Update: 12:11 PM ET August 05 2016

4:00 PM Frankfurt Allianz net tumbled 15%. Adidas profit surged 75%. Bellway said sales in the year surged 27%. Hugo Boss net plunged 66%. Lafargeholcim net plummeted 49%. RBS net loss widened to 2.04 billion.

European markets extended gains after a week of volatile trading dominated by better-than-expected but still weak corporate earnings and oil prices dropping to recent lows.

In London trading, FTSE 100 index gained 44.91 or 0.7% to 6,784.82 and in Frankfurt the DAX index advanced 113.81 or 1.1% to 10,341.76.

In Paris, CAC 40 index jumped 63.27 or 1.5% to 4,409.09.

For the week, FTSE 100 index rose 0.9%, the DAX index edged up 0.06% and the CAC 40 index slipped 0.7%.

Allianz SE slumped 3% to 124.40 after the Germany-based financial services provider reported gross premiums written in the first-half ending in June slipped 2.3% from a year ago to 41.14 billion.

Net income in the period tumbled 14.6% from a year ago to 3.28 billion compared to the 3.84 billion and diluted earnings per share dropped to 7.04 from 8.45.

adidas AG gained 0.4% to 145.60 after the Germany-based athletic and sports products maker said net sales in the first-half ending in June soared 15% from a year ago to 9.19 billion.

Net income in the period surged 74.7% from a year ago to 641 million compared to the 367 million and diluted earnings per share jumped to 3.13 from 1.87.

Adidas forecasted net income in the year in the range of 975 million to 1 billion.

Bellway Plc jumped 4.1% to 2,112 pence after the U.K.-based home builder said revenues in the year ending in July 31 surged 27% from a year ago to 2.2 billion and order book comprising 4,644 homes, valued at about 1,117.1 million from a year ago.

The home builder said number of home completions in the year soared 12.5% to 8,721 homes with an average selling price increase of 13% from a year ago to 252,700.

Hugo Boss AG, the Germany-based luxury clothing maker said net sales in the first-half ending in June slipped 4% from a year ago to 1.26 billion.

Net income in the period plunged 66% from a year ago to 49.5 million compared to the 146.2 million and diluted earnings per share slumped to 0.72 from 2.12.

The chief executive officer Mark Alexander Langer reaffirmed company plan to close 20 stores.

Lafargeholcim Ltd jumped 5.1% to 48 Swiss francs after the Switzerland-based building materials maker stated net sales in the first-half ending in June dropped 6.2% from a year ago to 13.34 billion francs.

Net income in the period plummeted 48.9% from a year ago to 293 million francs compared to the 573 million francs and diluted earnings per share increased to 5 cents from break even.

Royal Bank of Scotland Group Plc plunged 7.1% to 178.40 pence after the U.K.-based banking and financial services provider said net interest income in the first-half ending in June dropped 2% from a year ago to 4.33 billion.

Net loss in the period widened from a year ago to 2.04 billion compared to the 179 million and diluted loss per share jumped 17.6 pence from 2.2 pence.

RBS confirmed that the bank will no longer separate its Williams & Glyn business, the unit reported wider first-half losses of 1.3 billion on new litigation charges.

To compensate customers, the bank set aside additional 450 million against the aggressive selling of payment protection insurance and provisioned 180 million to redress its Irish tracker mortgages business.

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Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc