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Market Update

Associated British Foods, Munich Re Net Soar; Burberry Net Plunges 40%


Author: Sarla Buch
ticker.com
Last Update: 2:32 AM ET November 09 2016

4:00 PM Frankfurt Associated British Foods net surged 59%. Alstom net swung to profit after revenues jumped 8%. Burberry net plunged 40%. E.ON net loss narrowed despite write down of assets related to spin-off. Munich Re net surged 30%.

In London trading, FTSE 100 index gained 57.68 or 0.8% to 6,900.81 and in Frankfurt the DAX index rose 1.31 or 0.2% to 10,484.42.

In Paris, CAC 40 index edged up 0.51 to 4,477.74.

Associated British Foods Plc dropped 3.5% to 2,541 pence after the U.K.-based food processor and retailer reported revenues in the year ending on September 17 jumped 5% from a year ago to 13.4 billion.

Net income in the period surged 59.1% from a year ago to 821 million compared to the 516 million and diluted earnings per share advanced to 103.4 pence from 66.8 pence.

The retailer said operating profit in the year increased 3% to 1.12 billion from a year ago period.

Alstom SA soared 6.8% to 25.36 after France-based rail transport equipment maker said revenues in the first-half ending in September jumped 8% from a year ago to 3.6 billion.

Net in the quarter swung to profit from a year ago to 128 million compared to the loss of 57 million and diluted earnings per share swung to 22 cents from diluted loss per share of 31 cents

Burberry Group Plc slipped 1.9% to 1,452 pence after the U.K.-based luxury goods wholesaler and retailer reported revenues in the first-half ending in September dropped 4% from a year ago to 1.2 billion.

Net income in the period plunged 39.7% from a year ago to 72 million compared to the 119.5 million and diluted earnings per share slumped to 16.2 pence from 26.7 pence.

The luxury goods retailer said pre-tax profit in the quarter declined 34% to 102 million, however, but as of September 30, net cash increased to 529 million from 459 million and operating expenses soared 11% to 692.6 million compared to a year ago period.

E.ON SE fell 0.05% to 6.41 after Germany-based energy solutions provider said net sales in the nine-month ending in September plunged 12% from a year ago to 28.2 billion.

Net loss in the period narrowed from a year ago to 3.9 billion compared to the 6.1 billion and diluted loss per share dropped to 2.02 from 3.14.

The energy solutions provider wrote down approx 6.1 billion related to spin-off of its conventional power and trading operations, Uniper SE in September.

E.ON forecasted operating profit in the year between 2.7 billion and 3.1 billion after operating profit in the nine-months declined 13% to 3.64 billion.

J Sainsbury Plc declined 5.2% to 242.10 pence after the U.K.-based retail banking and supermarkets and convenience stores operator reported revenues in the first-half ending in September increased 2% from a year ago to 12.6 billion.

Net income in the period soared 13.3% from a year ago to 299 million compared to the 264 million and diluted earnings per share rose to 13.7 pence from 12.9 pence.

Sainsbury estimated operating profit in the full-year to meet the consensus 573 million and reaffirmed cost savings target of 500 million by fiscal 2018.

Munich Re slumped 2.6% to 169.60 after Germany-based reinsurer said revenues in the third-quarter ending in September slid 1.1% from a year ago to 12.3 billion.

Net profit in the period surged 30.3% from a year ago to 685 million compared to the 520 million and diluted earnings per share increased to 4.30 from 3.14.

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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