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Market Update

Allianz Net Surges on Lower Claims, Tod’s Net Drops 26%


Author: Nigel Thomas
ticker.com
Last Update: 11:36 AM ET August 08 2014

4:00 PM Frankfurt – Allianz net climbed 11% to €1.8 billion on 10% increase of revenue. Banca Monte dei Paschi net loss widened to €179 million but revenue climbed 8%. Bellway revenue surged 33% to £1.5 billion. Catlin net 131% to $273 million. TOD''S profit surged 26% to €56 million.

In London trading, FTSE 100 index dropped 0.6% or 39.83 to 6,557.54 and in Frankfurt the DAX index declined 0.6% or 56.41 to 8,982.56.

In Paris, CAC 40 index slumped 0.3% or 14.14 to 4,135.69.

Allianz SE rose 0.3% to €121.70 after the Germany-based financial services provider reported total revenue in the second-quarter ending in June soared 10% to €29.5 billion from €26.8 billion a year ago period.

Net income in the quarter climbed 10.5% from a year ago to €1.76 billion compared to €1.59 billion and diluted earnings per share jumped to €3.84 from €3.47.

Banca Monte dei Paschi di Siena SpA declined 7.2% to €1.06 after the Italy-based bank reported net interest income in the second-quarter ending in June climbed 8% to €526.2 million from €487.2 million a year ago period.

Net loss in the quarter narrowed to €178.9 million from a year €278.2 million and diluted earnings per share dropped to €1.67 from €2.29.

Bellway Plc slid 0.3% to 1,473 pence after the U.K.-based residential construction company said housing revenue in the period ending in July surged 33% to £1.46 billion compared to £1.09 billion a year ago.

The company said group sales in the period soared 21.2% to 6,851 homes from 5,652 homes and average selling price of homes sold increased 10% from a year ago period to £213,000.

Catlin Group Ltd climbed 4.5% to 508 pence after the Bermuda -based property and casualty insurer stated gross premiums written in the first-half ending in June jumped 10.9% $3.66 billion from $3.30 billion a year ago period.

Net income in the period advanced 131.3% from a year ago to $273 million compared to $118 million and earnings per share increased to 70 cents from 32 cents.

TOD''S SpA tumbled 8.4% to €78.05 after the Italy-based leather goods producer said group sales in the first-half ending in June dropped 2.7% to €477.7 million from €491.2 million a year ago period.

Net income in the quarter dropped 25.8% from a year ago to €56.2 million compared to €75.7 million and diluted earnings per share declined to €1.83 from €2.47.

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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