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Market Update

HSBC, Immofinanz Net Drop, Co-operative Group Sells Unit to Wellcome


Author: Nigel Thomas
ticker.com
Last Update: 11:05 AM ET August 04 2014

4:00 PM Frankfurt Co-operative Group agreed to sell its farms business to Wellcome Trust for 249 million. HSBC profit declined 11% to 1.5 billion. Immofinanz net surged 63% to 180 million. Keller Group net swung to a loss 5.1 million while revenue soared 22% to 788 million.

In London trading, FTSE 100 index rose 0.2% or 14.33 to 6,693.51 and in Frankfurt the DAX index fell 0.2% or 21.25 to 9,188.83.

In Paris, CAC 40 index increased 0.6% or 25.27 to 4,228.05.

The Co-operative Group Plc, the U.K.-based retail and consumer services provider agreed to sell its farms business to charitable group the Wellcome Trust for 249 million to reduce the debt and invest in its core businesses.

HSBC Holdings Plc gained 1.5% to 639 pence after the U.K.-based financial service provider reported revenue in the second-quarter ending in June dropped 6.7% to 4.69 billion compared to 5.03 billion a year ago period.

Profit in the period declined 10.7% from a year earlier quarter to 1.50 billion compared to 1.68 billion and diluted earnings per share rose to 11.7 pence from 10.1 pence.

Immofinanz AG declined 2.9% to 2.24 after the Austria-based real estate developer reported rental income in the year ending in April plunged 7.2% to 506.7 million from 546.2 million a year ago period.

Net profit in the year surged 62.8% from a year ago to 180.4 million compared to 110.8 million and diluted earnings per share climbed 71% to 0.18 from 0.11.

Keller Group Plc climbed 3.8% to 909 pence after the U.K.-based engineering and construction company said revenue in the first-half ending in June soared 22% to 788.2 million from 644.6 million a year ago period.

Net swung to a loss to 5.1 million compared to 9.1 million profit in the year ago period and diluted loss per share were 8.2 pence from earnings of 13.4 pence.

Morgan Sindall Group Plc slid 0.06% to 788.80 pence after the U.K.-based construction company stated revenue in the revenue in the first-half ending in June fell 2% to 998 million from 1.01 billion a year ago period.

Profit in the period soared from a year earlier to 11.3 million compared to 2.3 million and diluted earnings per share jumped to 26 pence from 5.4 pence.

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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