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Market Update

Commerzbank, Heineken Net Soar; HSBC Sells Brazilian Unit


Author: Nigel Thomas
ticker.com
Last Update: 12:27 PM ET August 03 2015

4:00 PM Frankfurt – Commerzbank profit more than doubled. Exor agreed to acquire PartnerRe for about $6.9 billion. Heineken profit soared 81% to €1.1 billion. HSBC agreed to sell its Brazilian unit to Banco Bradesco for $5.2 billion.

In London trading, FTSE 100 index slid 13.91 or 0.2% to 6,682.40 and in Frankfurt the DAX index increased 125.86 or 1.1% to 11,434.95.

In Paris, CAC 40 index gained 30.15 or 0.6% to 5,112.76.

Commerzbank AG jumped 3% to €12.14 after the Germany-based bank reported total revenues before loan loss provisions in the first-half ending in June soared 14% to €5.1 billion.

Net profit in the period more than doubled from a year ago to €646 million compared to €300 million and diluted earnings per share gained to €0.55 from €0.26.

Dechra Pharmaceuticals plc slipped 1.5% to 970 pence after the U.K.-based veterinary pharmaceutical company agreed to acquire 63.3% stake in Croatia-based in Genera d.d. from Marijan Hanžekovic for €23.66 per share, a 42.5% premium to the closing price of Friday.

EXOR SpA gained 0.9% to €46.28 after the Italy-based investment company agreed to acquire Bermuda-based insurance company PartnerRe Ltd at $137.50 a share in cash or valued $6.9 billion.

Heineken N.V soared 5% to €75.35 after the Netherland-based brewing and selling of beer maker reported group revenues in the first-half ending in June climbed 7.2% to €10.93 billion or €10.20 billion in a year ago period.

Net profit in the period surged soared 80.7% from a year ago to €1.14 billion compared to €631 million and diluted earnings per share jumped to €1.59 from €1.34.

The company said beer volume in the first-half increased 1% to 98.2 million hectoliters and Heineken premium volume jumped 4.7% to 14.9 million hectoliters.

HSBC Holdings Plc gained 0.6% to 58 pence after the U.K.-based financial services provider said revenues in the first-quarter ending in June climbed 5.7% to $32.94 billion from $31.17 billion in a year ago period.

Net profit in the period slipped 1.3% from a year ago to $9.62 billion compared to $9.75 billion and diluted earnings per share decreased to 48 cents from 50 cents.

The bank agreed to sell its Brazilian unit to Banco Bradesco SA for about $5.2 billion and plans to reduce the annual costs by up to $5 billion and also set aside $1.3 billion to cover estimated currency rigging.

The bank said its plans to conclude on whether to move its global headquarters by the end of this year. The bank has been looking to move its global headquarter out of London, U.K. and may shift it to Hong Kong.

Intertek Group Plc surged 11.9% to 2,739 pence after the U.K.-based quality solutions provider said revenues in the first-half ending in June jumped 3.5% to £1.06 billion from £1.02 billion in a year ago period.

Net profit in the period climbed 16.1% from a year ago to £104.8 million compared to £90.3 million and diluted earnings per share increased to 60.3 pence from 51.3 pence.

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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