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Market Update

Deutsche Boerse Net Falls, Lloyds Net Plunges 19%


Author: Nigel Thomas
ticker.com
Last Update: 11:48 AM ET May 01 2015

4:00 PM Frankfurt Continental first-quarter revenues surged 14% to 9.6 billion. Deutsche Boerse profit dropped 1% despite 15% increase in revenues. Lloyds Banking net plunged 19% to 944 million. Rentokil revenues in the first-quarter rose 2% to 416 million.

In London trading, FTSE 100 index edged up 5 to 6,965.63 and in Frankfurt the DAX index increased 0.2% or 21.66 to 11,454.38.

In Paris, CAC 40 index rose 0.1% or 7.10 to 5,046.49.

For the week, FTSE 100 index decreased 1.3% and in Frankfurt the DAX index declined 2%. In Paris, CAC 40 index dropped 1.6%.

Continental AG slipped 1.2% to 210.65 after the Germany-based auto parts supplier reported sales in the first-quarter ending in March surged 14% to 9.6 billion and operating profit estimated of about 1 billion from a year ago period.

The company said integration costs and one-time expenses for Veyance of 37 million had a negative effect on the first-quarter results.

Deutsche Boerse AG jumped 2.8% to 74.31 after the Germany-based stock exchange operator reported revenues in the first-quarter ending in March climbed 15.3% to 679.8 million from 589.8 million in a year ago period.

Net profit in the quarter dropped 1% from a year ago to 235.5 million compared to 237.9 million and earnings per share slipped to 1.21 from 1.25.

Kaba Holding AG surged 9% to 616 Swiss francs after the Switzerland-based security systems provider and Germany-based Dorma Holding plan to merge to form building security and """"access products"""" markets that including door locks and keys.

Lloyds Banking Group Plc soared 7.3% to 83.03 pence after the U.K.-based financial services provider reported net interest income in the first-quarter ending in March jumped 3% to 4.64 billion from 4.53 billion in a year ago period.

Net profit in the quarter plunged 19% from a year ago to 944 million compared to 1.16 billion and earnings per share slipped to 1.2 pence from 1.6 pence.

Lloyds reported impairment charge in the quarter reduced by 59% to 177 million.

The bank said it incurred a loss related to the TSB sale of 660 million and pretax profit and the sale of TSB soared 37% to 1.87 billion.

In March, the lender agreed to sell its 9.99% stake in TSB to a Spain-based financial institute Banco de Sabadell SA.

Rentokil Initial Plc rose 1% to 135.63 pence after the U.K.-based pest control services provider said revenues in the first-quarter ending in March jumped 2.2% to 415.9 million from 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