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Market Update

Hannover Re Earnings Take Hurricane Hit, M&S Steps Up Closures


Author: Sarla Buch
ticker.com
Last Update: 9:59 AM EST November 08 2017

4:00 PM Frankfurt HeidelbergCement profit rebounds on cost controls. Hannover Re earnings drop on catastrophic losses. Marks & Spencer said it will step up apparel store closures and slow down stand-alone food store expansion. Symrise jumped on strong growth in pet food and strong demand in new flavor segment.

In London trading, FTSE 100 index edged up 7.43 to 7,520.54 and in Frankfurt the DAX index slid 4.06 to 13,383.23.

In Paris, CAC 40 index fell 11.51 or 0.2% to 5,469.13.

HeidelbergCement AG jumped 5.1% to 89.13 after Germany-based building materials manufacturer reported revenues in the nine-month ending in September soared 19% from a year ago to 13 billion.

Net profit in the period surged 31% to 768 million from 585 million in a year ago nine-month period and diluted earnings per share advanced to 3.87 from 3.06.

Hannover Rueck SE gained 0.4% to 108.45 after Germany-based reinsurance services provider said revenues in the nine-month ending in September jumped 8.3% from a year ago to 13.5 billion.

Net profit in the period tumbled 30.7% to 548.9 million from 791.9 million in a year ago nine-month period and diluted earnings per share dropped to 4.55 from 2.52.

J D Wetherspoon Plc increased 0.5% to 1,251 pence after the U.K.-based pubs and restaurants operator said total sales in the first-quarter ending on October 29 jumped 4.3% and comparable sales soared 6.1% and operating margin in the quarter surged 8.6% from 3.5% in the same period a year ago.

Marks & Spencer Group Plc gained 1% to 331.10 pence after the U.K.-based food, apparel and home products retailer reported group revenues in the first-half ending in September rose 2.6% from a year ago to 5.1 billion.

Net income in the period surged to 84.6 million from 15.9 million in a year ago six-month period and diluted earnings per share advanced to 5.2 pence from 1 pence.

M&S reported pre-tax profits jumped to 118 million from 25.1 million in the same period a year ago.

Symrise AG advanced 3.7% to 70.31 after the Germany-based fragrances, flavorings, cosmetic and ingredients maker said revenues in the nine-month period ending in September increased 3.9% from a year ago to 2.3 billion.

Operating profit in the period rose 2.3% to 337.2 million from 329.5 million in a year ago nine-month period and diluted earnings per share advanced to 3.87 from 3.06.

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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