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Market Update

Aviva Profit Boosted by UK Operation, JCDecaux Rides China Market Growth


Author: Sarla Buch
ticker.com
Last Update: 10:23 AM EST March 08 2018

4:00 PM Frankfurt Aviva plans to buy-back of up to 500 million of stocks after profit surged 92%. JCDecaux said strong revenue growth was driven by China market. Linde profit jumped on improved operating margin. Rallye net swung to a loss despite operating profit in the year soared 20%.

In London trading, FTSE 100 index increased 26.75 or 0.4% to 7,184.59 and in Frankfurt the DAX index rose 56.97 or 0.5% to 12,302.79.

In Paris, CAC 40 index jumped 59.58 or 1.1% to 5,247.40.

Aviva Plc slid 0.2% to 506.80 pence after the U.K.-based insurance and asset management services provider said gross written premiums in the year ending in December soared 8.7% from a year ago to 27.6 billion.

Net income in the year surged 91.6% to 1.6 billion from 859 million in a year ago period and diluted earnings per share jumped to 31.73 pence from 21.13 pence.

The insurer said its 2017 operating profit rose by 2% to 3.1 billion and plans to spend 2 billion, including 900 million in debt reduction, share buy-back of up to 500 million and 600 million for bolt-on acquisitions.

JCDecaux SA declined 3.2% to 29.94 after France-based outdoor advertising services provider said revenues in the year ending in December rose 2.4% from a year ago to 3 billion.

Net income in the year tumbled 13.8% to 193.7 million from 224.7 million in a year ago period and diluted earnings per share slumped to 0.91 from 1.06.

The advertising services provider said revenue growth in the second-half was driven by demand in China.

As of December 31, 2017, group net debt decreased to 384.4 million compared to 418.6 million in the same period a year ago.

Linde AG gained 0.7% to 174.70 after Germany-based industrial gases manufacture reported revenues in the year ending in December increased 1% from a year ago to 17.1 billion.

Net income in the year surged 15.7% to 1.5 billion from 1.3 billion in a year ago period and diluted earnings per share jumped to 7.56 from 6.50.

The industrial gases producer said profit increase was driven by strong operating margin in its gases business, which increased 20 basis points to 28.5% from a year ago period.

Linde forecasted fiscal 2018 revenues to increase up to 4% and operating profit to jump up to 5% and revenues in the engineering division between 2.2 billion and 2.6 billion.

The chemical and industrial company reaffirmed that the completion of merger with Praxair is still planned for the second-half of this year and the company plans to book 150 million charges from proposed merger.

Rallye SA plunged 6.9% to 13.90 after France-based retail food and sporting goods services provider reported revenues in the year ending in December jumped 4.9% from a year ago to 38.6 billion.

Domestic same-store sales in the year increased 0.8%, driven by Franprix, Monoprix and Casino Supermarkets segments and online sales jumped 10%.

Net in the year swung to a loss of 92 million from profit of 1.2 billion in a year ago period.

Rallye said trading profit in the year soared 20.4% to 1.24 billion from 1.03 billion in a year ago period.

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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