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Market Update

Europe Earnings: Allianz, IAG, Rolls-Royce, Total, Telecom Italia

Author: Nigel Thomas
Last Update: 10:39 AM ET November 08 2013

4:25 PM Frankfurt – Allianz net jumped 5% to €1.53 billion. Balfour Beatty won rail contracts for £148 million in Singapore. Intl Airlines Group said third-quarter revenue climbed 7%. Rolls-Royce lifted earnings outlook. Total fell after investor sold its stake. Telecom Italia profit surged 27%.

In London trading, FTSE 100 index fell 0.5% or 33.87 to 6,663 and in Frankfurt the DAX index slipped 0.6% or 57.27 to 9,024.

In Paris, CAC 40 index declined 1.2% or 51.20 to 4,230.

Allianz SE rose 0.8% to €124.05 after the Germany-based financial services provider reported total revenue in the third-quarter ending in September slid 0.2% to €25.1 billion from €25.2 billion a year ago.

Net income for the quarter jumped 5.4% to €1.53 billion compared to €1.45 billion and diluted earnings per share increased to €3.14 from €2.98 a year earlier.

The bank said third-party net outflows in the third quarter were €26.7 billion compared to net inflows of €31.5 billion from the same period of a year earlier.

On September 30, total assets under management dropped €1,811 billion from €1,852 billion a year ago period.

Balfour Beatty Plc gained 2% to 280.90 pence after the U.K.-based infrastructure developer said its 50% owned subsidiary Gammon Construction won rail contracts worth £148 million in Singapore.

International Consolidated Airlines Group surged 5.8% to 369.20 pence after the parent of Iberian Air and British Airways said passenger unit revenue in the third-quarter climbed 6.7% and operating profit increased €690 million from €270 million a year ago.

The airline company added revenue for the nine month period jumped 3.9% to €14.11 billion.

Rolls-Royce Holdings Plc jumped 2.9% to 1,203.41 pence after the U.K.-based power system provider lifted earnings outlook for the defense unit after it booked additional contracts from the U.S. government.

The company today secured $50.7 million MissionCare contract from the U.S. Navy.

For the full year, the company expected modest growth in underlying revenue and “good growth” in underlying profit.

Total SA slipped 1.3% to €43.76 after the Switzerland-based investment company Pargesa Holding SA confirmed that Groupe Bruxelles Lambert sold 8.2 million shares of France-based oil and gas explorer for €360 million.

Telecom Italia SpA plunged 7.1% to 66.8 cents Italy-based communication company completed the placement of its €1.3 billion convertible bond due November 2016 with an annual coupon of 6.125% and an initial maximum conversion price set at 122.5%, to raise cash that including sale of Argentine unit.

In a separate report, the communication company received offer of sales from Fintech Investments Ltd. valued $960 million.

The company reported revenue in the third-quarter ending in September dropped 8.8% to €6.63 billion from €7.27 billion a year ago.

Net profit for the quarter surged 27.4% to €505 million compared to €696 million a year earlier.

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