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Market Update

Allianz Reaffirms Outlook; Credit Agricole, Siemens, Swiss Re Net Plunge


Author: Sarla Buch
ticker.com
Last Update: 11:01 AM EDT August 03 2018

4:00 PM Frankfurt – Allianz reaffirmed 2018 profit target. Credit Agricole profit declined but revenues advanced. Dufry reported lower-than-expected results. Mondi profit jumped on higher prices. Siemens beats expectations. Swiss Re reported disappointing results.

In London trading, FTSE 100 index jumped 81.92 or 1.1% to 7,658.54 and in Frankfurt the DAX index increased 68.41 or 0.5% to 12,614.74.

In Paris, CAC 40 index gained 14.48 or 0.3% to 5,476.34.

Allianz SE gained 1.2% to €187.86 after Germany-based insurer reported total revenues in the first-half ending in June fell 0.5% from a year ago to €54.1 billion.

Net profit in the period rose 0.5% to €4.03 billion from €4.01 billion in the same period a year ago and diluted earnings per share increased to €8.78 from €8.44.

The insurer forecasted fiscal operating profit between €10.6 billion and €11.6 billion.

Credit Agricole SA jumped 3.7% to €12.39 after France-based corporate and investment banking services provider said group revenues in the first-half ending in June advanced 3.1% from a year ago to €16.7 billion.

Net profit in the period declined 5.4% to €3.5 billion from €3.7 billion in the same period a year ago.

Dufry AG plunged 5.3% to 122.05 Swiss francs after Switzerland-based travel retailer revenues in the first-half ending in June soared 8.1% from a year ago to 4 billion francs.

Net loss in the period narrowed to 9.6 million francs from 24.9 million in the same period a year ago and diluted loss per share decreased to 0.18 francs from 0.46 francs.

Mondi Plc soared 6.6% to 2,208.50 pence after the U.K.-based packaging and paper revenues in the first-half ending in June jumped 4.2% from a year ago to £3.7 billion.

Net income in the period fell 1.3% to £369 million from £374 million in the same period a year ago and diluted earnings per share rose to 72.4 pence from 72 pence.

Mondi said pretax profit in the period soared 6% to £490 million from a year ago period.

""Mondi delivered a strong performance and benefited from good demand across our packaging businesses as well as higher average selling prices,” said chief executive officer Peter Oswald.

Siemens AG slipped 1.7% to €112.26 after Germany-based industrial automation and conglomerate reported revenues in the third-quarter ending in June slumped 4% from a year ago to €20.5 billion.

Net profit in the quarter plunged 14% to €1.2 billion from €1.4 billion in the same period a year ago and diluted earnings per share dropped to €1.36 from €1.67.

Siemens said as of June 30, new orders surged 16% to €22.8 billion driven by higher volume from large orders.

In a conference call with investors, president and chief executive officer Joe Kaeser said the company’s Mobility division will split as a legally separate entity until the merger with Alstom is finalized.

Yesterday, Siemens announced that it had acquired the U.S.-based low-code application developer Mendix for about €600 million or $730 million.

Swiss Re AG slumped 2.4% to 87.86 Swiss francs after Switzerland-based reinsurance services provider said revenues in the first-half ending in June surged 8.3% from a year ago to $19.6 billion.

Net income in the period tumbled 16.7% to $1 billion from $1.2 billion in the same period a year ago and diluted loss per share slumped to $3.07 from $3.47.

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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