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Market Update

Anglo American Net Loss Widens; Rolls-Royce Net Tumbles, L'Oreal Profit Surges


Author: Nigel Thomas
ticker.com
Last Update: 11:11 AM ET February 13 2015

4:00 PM Frankfurt – Anglo American reported net loss widened to $2.5 billion. Centrica’s subsidiary British Gas agreed to acquire AlertMe for £44 million. Ardian agreed to buy JLT''s 26.2% stake in Milestone. Rolls-Royce net tumbled 96% to £58 million. ThyssenKrupp net swung to profit to €50 million.

European markets traded higher after politicians and finance ministers sounded positive tone on Greece and Ukraine but differences remain deep.

Talks among Greece and European leaders appear to turn friendlier as all parties involved avoid confrontation and seek a compromise.

German Chancellor Angela Merkel and Greek Prime Minister Alexis Tsipras struck a friendlier tone in looking for a solution to the debt problem of Greece.

Prime Minister Tsipras is still looking for debt write down and tie future loan payments with the primary budget surplus.

Greece is looking for additional €8 billion in loans and disbursement of €1.3 billion of profit generated in trading Greek bonds but under the revised debt terms.

ASE Index in Athens rose as much as 5% and government bond jumped three percentage points in trading today.

In London trading, FTSE 100 index gained 0.7% or 45.74 to 6,873.85 and in Frankfurt the DAX index rose 0.4% or 38.16 to 10,957.81.

In Paris, CAC 40 index increased 0.8% or 35.94 to 4,762.14.

Anglo American Plc jumped 2.7% to 1,196.50 pence after the U.K.-based mining company reported group revenues in the year ending in December plunged 7.7% to $27.07 billion from $29.34 billion a year ago period

Net loss in the year widened from a year ago to $2.51 billion compared to $961 million and diluted loss increased to $1.96 from 75 cents.

Group underlying EBIT tumbled 25% to $4.9 billion mainly due to sharply weaker commodity prices.

The miner said as of December, net debt climbed to $12.9 billion from $10.7 billion in December 2013 with $15.1 billion of liquidity.

Centrica Plc slid 0.1% to 287.20 pence after the U.K.-based integrated energy company’s subsidiary British Gas agreed to acquire AlertMe, a UK-based connected home energy management products and service provider for about £44 million.

The transaction is expected to close by the end of the first-quarter.

Jardine Lloyd Thompson Group plc edged up 0.05% to 960 pence after the U.K.-based insurance company announced that Ardian agreed to buy JLT''s 26.2% stake in Milestone, the holding company of Siaci St Honoré, JLT''s French associate.

The transaction is expected to close by the end of April.

Rolls-Royce Holdings Plc climbed 4% to 941.50 pence after the U.K.-based defense aerospace company reported revenues in the year ending in December dropped 6% to £13.74 billion from £14.64 billion a year ago period.

Profit for the year tumbled 96% from a year ago to £58 million compared to £1.38 billion and diluted earnings per share declined to 3.68 pence from 72.44 pence.

The company forecasted revenue for fiscal 2015 in the range of £13.4 billion from £14.4 billion and pretax-profit between £1.40 billion from £1.55 billion.

ThyssenKrupp AG declined 3.6% to €22.78 after the Germany-based carbon steel product maker reported net sales in the first-quarter ending in December climbed €10.04 billion from €9.09 billion a year ago period.

Net in the quarter swung to profit from a year ago to €50 million compared to a loss of €65 million and earnings per share swung to €0.09 from a loss per share of €0.12.

L''Oreal SA dropped 2.6% to €153.85 after the France-based cosmetic group reported revenues in the year ending in December rose 1.8% to €22.53 billion from €22.12 billion a year ago period. Comparable store sales in the year jumped 3.7%.

Net profit in the year surged 65.9% from a year ago to €4.91 billion compared to €2.96 billion and diluted earnings per share jumped to €8.39 from a loss per share of €4.87.

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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