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Market Update

BMW, UBS Net Surge; Standard Chartered Plans 3.3 B Offering


Author: Nigel Thomas
ticker.com
Last Update: 10:00 AM ET November 03 2015

4:00 PM Frankfurt Associated British Foods net tumbled 33% and net debt was cut by more than half. BMW profit soared 21% on 14% increase in revenues. Hugo Boss net plunged 9%. Standard Chartered swung to a loss and plans to raise 3.3 billion through a rights issue. UBS Profit surged.

In London trading, FTSE 100 index fell 10.76 or 0.2% to 6,351.04 and in Frankfurt the DAX index decreased 35.73 or 0.3% to 10,915.27.

In Paris, CAC 40 index slid 8.65 or 0.2% to 4,907.56.

Associated British Foods Plc fell 0.4% to 3,421 pence after the U.K.-based diversified food maker and retailer reported group revenues in the year ending in September dropped 1% from a year ago to 12.8 billion.

Profit in the year tumbled 33.1% from a year ago to 524 million compared to 783 million and diluted earnings per share decreased to 67.3 pence from 96.5 pence.

As of September 30, the owner of discount fashion retailer Primark and British Sugar said net debt reduced to 194 million from 446 million in the same period a year ago.

Bayerische Motoren Werke AG slipped 1.4% to 93.03 after the Germany-based auto maker said revenues in the third-quarter period ending in September surged 14% from a year ago to 22.35 billion.

Net profit in the quarter soared 20.5% from a year ago to 1.58 billion compared to 1.31 billion and diluted earnings per share increased to 2.39 from 1.98.

The company said revenues increase was mainly due to the increase in passenger car sales by 6.9% to 545,062 units and the motorcycles segment posted a new record for the quarter with sales volume up by 16.3% to 33,993 units and revenues jumped to 22.7 % to 454 million.

BMW said worldwide sales of BMW, MINI and Rolls-Royce brand vehicles in the quarter increased 6.9% to 545,062 units.

Hugo Boss AG decreased 1.2% to 92.59 after the Germany-based luxury fashion apparel retailer stated revenues in the nine-month-period ending in September soared 9% from a year ago to 2.06 billion.

Net profit in the quarter plunged 9.1% from a year ago to 234.6 million compared to 258 million and diluted earnings per share slumped to 3.40 from 3.74.

Standard Chartered Plc plunged 9.7% to 644.40 pence after the international banking group said revenues in the third-quarter ending in September plunged 18% from a year ago to $3.68 billion.

Net in the quarter swung to a loss from a year ago to $139 million compared to profit of $1.53 billion.

The impairments on loans and other provisions remained flat at $1.2 billion and income from retail clients declined 16% to $1.3 billion compared to a year ago period.

Separately, the bank plans to raise 3.3 billion or $5.1 billion in new capital through a rights issue and reduce 15,000 jobs and reduce cost by $2.9 billion between fiscal 2015 and 2018.

The bank will offer 7-for-2 at the price of 465 pence per share in London, a 34.8% discount to the last closing price of the bank.

UBS AG declined 4.6% to 19.11 Swiss francs after the Switzerland-based financial services provider reported revenues in the third-quarter ending in September jumped 4.2% from a year ago to 7.17 billion francs.

Net profit in the quarter surged 171.7% from a year ago to 2.07 billion francs compared to 762 million francs and diluted earnings per share increased to 0.54 francs from 0.20 francs.

UBS said operating profit in the quarter swung to 788 million francs compared to a loss of 554 francs and for the nine-month period more than doubled to 5.25 billion francs from 2.06 billion francs in the same period a year ago.

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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