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Market Update

Daimler Operating Net Rises Despite Higher Charges, DNB Loan Losses Rise

Author: Sarla Buch
Last Update: 9:28 PM ET July 12 2016

4:00 PM Frankfurt ASOS said four-month sales soared 30% from a year ago. Daimler AG said second-quarter operating profit increased 5.6%. DNB ASA said second-quarter profit dropped 10.4% on larger loan losses. UniCredit SpA said it plans to divest 10% stake in online bank FinecoBank SpA.

In London trading, FTSE 100 index slid 5.81 to 6,676.15 and in Frankfurt the DAX index increased 127.92 or 1.3% to 9,961.71.

In Paris, CAC 40 index jumped 68.64 or 1.6% to 4,333.17.

ASOS Plc jumped 2.6% to 4,412 pence after the online fashion retailer said retail total group revenues in the fourth-month ending in June soared 30% from a year ago to 514.6 million.

The retailer said sales in the U.K. region jumped 28% to 203.1 million and international sales surged 31% to 297.4 million.

Daimler AG soared 4.4% to 57.63 after the Germany-based vehicle maker said operating profit in the second-quarter advanced 5.6% to 3.97 billion, excluding 500 million in Takata air-bag recalls as well as expenses of 400 million related to legal proceedings that were not specified.

DNB ASA plunged 7.8% to 94 Norwegian Kroner after the Norway-based financial services provider reported total interest income in the second-quarter ending in June declined 10.4% from a year ago to 12.9 billion kroner.

Profit in the quarter plunged 9.8% from a year ago to 4.6 billion kroner compared to 5.1 billion kroner and diluted earnings per share dropped to 2.74 kroner from 3.05 kroner.

The bank reported higher-than-expected impairments of 2.32 billion kroner from 667 million kroner from a year ago, a larger loan loss mainly due to the ongoing slump in key oil sector in Norway.

Chief Executive Rune Bjerke said ""we maintain our guidance that total impairment losses for 2016, 2017 and 2018 will be below 18 billion kroner or $2.13 billion.""

Galliford Try Plc surged 7.7% to 949.94 pence after the U.K.-based home builder and construction group forecasted full-year results in-line with expectations after sales soared 27% to 380 million from 300 million a year ago.

The construction company reduced its net debt to 2 million from 17 million with a cash position of more than 160 million and order book of 3.50 billion.

UniCredit SpA surged 13.9% to 2.11 after the Italy-based financial services provider agreed to divest its 10% stake in online bank FinecoBank SpA at a price of 5.40 per share or 328 million, and reduced its holding to about 55.4%.

The closing of the placement will take place on July 14, 2016.

Sources: Data collected by 123jump.com and Ticker.com from company press releases, filings and corporate websites. Market data: BATS Exchange. Inc