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Market Update

Deutsche Bank Loss Highlights Difficulties, DFS Net Swings to Profit

Author: Nigel Thomas
Last Update: 1:27 PM ET October 08 2015

4:00 PM Frankfurt Deutsche Bank estimated net loss for the third-quarter of about 6.2 billion. Dunelm sales soared 12%. DFS Furniture net swung to profit to 5 million. Inmarsat estimated annual revenues of $1.3 billion. Mondi operating profit for the third-quarter surged 27%.

In London trading, FTSE 100 index rose 23.13 or 0.4% to 6,359.07 and in Frankfurt the DAX index gained 30.87 or 0.3% to 10,002.46.

In Paris, CAC 40 index increased 7.80 or 0.2% to 4,676.43.

Deutsche Bank AG rose 0.3% to 25.57 after the Germany-based investment bank reported that it will book net loss for the third-quarter of about 6.2 billion for a write down related to its corporate banking unit.

The bank said the core of the anticipated loss is due to higher regulatory requirements cost to get rid of its former subsidiary, Postbank

The bank also took approx $673 million write down linked to China based Hua Xia where it controls 19.99%

The bank is scheduled to release its third-quarter results on October 29.

Dunelm Group Plc jumped 3.2% to 923.50 pence after the U.K.-based furniture retailer reported total sales in the first-quarter ending on October 3 soared 12% from a year ago to 202.3 million.

The company said comparable sales in the quarter jumped 5.5% to 183.3 million from 163.1 million from a year ago period.

DFS Furniture Plc gained 1.3% to 312.75 pence after the U.K.-based upholstered furniture retailer stated total sales in the year ending on August 1 jumped 7% from a year ago to 913.1 million.

Net in the year swung to profit from a year ago to 4.7 million compared to a loss of 5 million and diluted earnings per share swung to 4.3 pence from the diluted loss per share of 17.5 pence.

Hays Plc plunged 6.1% to 136.70 pence after the U.K.-based recruitment company said net revenues in the first-quarter ending in September increased 3% from a year ago period.

Inmarsat Plc declined 3.8% to 939 pence after the U.K.-based mobile satellite communications services forecasted group revenues for the year in the range of $1.25 billion to $1.3 billion.

Mondi Plc fell 0.8% to 1,447 pence after the U.K.-based packaging and paper group said operating profit for the third-quarter surged 27% to 221 million from 174 million in prior year period but declined 13% from the second-quarter.

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