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Market Update

Deutsche Post, Meggitt Net Rises; Aggreko, Credit Agricole Net Decline


Author: Nigel Thomas
ticker.com
Last Update: 11:59 AM ET August 05 2014

4:00 PM Frankfurt – Aggreko profit declined 8% to £97 million. Credit Agricole net tumbled 24% to €885 million. Deutsche Post profit climbed 9% to €461 million. Meggitt profit plunged 20% to £82 million. Vivendi received binding offer from Telefonica SA to acquire its subsidiary for €6.7 billion.

In London trading, FTSE 100 index slid 0.06% or 4.02 to 6,673.50 and in Frankfurt the DAX index gained 0.2% or 23.16 to 9,177.30.

In Paris, CAC 40 index rose 0.2% or 7.32 to 4,224.54.

Aggreko Plc gained 1.6% to 1,749 pence after the U.K.-based power and temperature control solution provider reported group revenue in the first-half ending in June rose 1% to £768 million from £760 million a year ago period.

Profit in the period declined 8% from a year earlier to £97 million compared to £105 million and diluted earnings per share dropped to 36.45 pence from 39.27 pence.

Credit Agricole SA jumped 2.6% to €10.56 after the France-based bank reported revenue in the first-half ending in June rose 1.2% to €7.95 billion from a year ago period.

Net income in the period tumbled 24% from a year ago to €885 million compared to €1.17 billion.

The bank said it had been deceived by the family behind the Banco Espirito Santo group of companies and would back any legal action by a Portuguese bank that booked €708 million in costs related to its 14.6% stake in BES.

Deutsche Post AG increased 2.7% to €23.84 after the Germany-based logistics services provider reported revenue in the first-half ending in June rose 0.7% to €13.70 billion from €13.61 billion a year ago period.

Net profit in the period climbed 9.2% from a year earlier to €461 million compared to €422 million and diluted earnings per share increased 12.1% to €0.37 from €0.33.

Meggitt Plc declined 4.7% to 479.80 pence after the U.K.-based aircraft parts maker said revenue in the first-half ending in June increased 1% to £782.7 million from £778.7 million a year ago period.

Profit in the period plunged 20.2% from a year earlier to £81.6 million compared to £102.3 million and diluted earnings per share slumped to 10 pence from 12.8 pence.

Separately, today the company awarded a contract from The Boeing Company to design, develop, manufacture and support the fire protection system for the 737 MAX engine and auxiliary power unit fire protection.

Vivendi SA climbed 3.4% to €19.56 after the France-based broadband services provider received binding offer from Telefonica SA and Telefonica Brasil SA to acquire its subsidiary GVT in Brazil for a total enterprise value of approximately €6.7 billion or $9 billion.

Vivendi would get 11.96 billion reais or $5.3 billion in cash and shares in Telefonica’s Brazil unit or right to acquire a stake of about 8% in Telecom Italia SpA from Telefonica.

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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