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Market Update

Legal & General, Worldpay Net Soar; Munich Re, Standard Life Net Plunge


Author: Sarla Buch
ticker.com
Last Update: 3:03 AM ET August 09 2016

4:00 PM Frankfurt Legal & General profit and revenues surged. Munich Re net plunged 25%. Randstad agreed to acquire Monster Worldwide for $429 million. Standard Life net tumbled 81% but revenues jumped 36%. Worldpay net surged on 10% jump in revenues.

European markets extended gains on the back of heavier than normal trading in oil and commodities markets.

In London trading, FTSE 100 index gained 45.77 or 0.7% to 6,854.90 and in Frankfurt the DAX index advanced 260.96 or 2.5% to 10,692.87.

In Paris, CAC 40 index jumped 52.22 or 1.2% to 4,467.78.

Legal & General Group Plc plunged 5.5% to 206.10 pence after the U.K.-based investment and insurance services provider said gross written premiums in the first-half ending in June surged 73.2% from a year ago to 5.5 billion.

Net income in the period jumped 23.9% from a year ago to 668 million compared to 539 million and diluted earnings per share advanced 11.23 pence from 9.05 pence.

Munich Re soared 8.2% to 160.40 after the Germany-based reinsurance services provider reported gross written premiums in the first-quarter ending in June declined 4.2% from a year ago to 24.44 billion.

Net profit in the period plunged 24.5% from a year ago to 1.40 billion compared to the 1.86 billion and diluted earnings per share slumped to 8.69 from 11.12.

Randstad Holding NV gained 0.8% to 39.78 after the Netherlands-based staffing services provider agreed to acquire online placement services provider Monster Worldwide Inc for $3.40 per share in cash, or about $429 million.

The transaction is expected to close in the fourth-quarter of 2016.

Standard Life Plc surged 6.9% to 340.50 pence after the U.K.-based investment services provider said total revenues in the first-half ending in June jumped 35.8% from a year ago to 7.70 billion.

Net income in the period tumbled 81.3% from a year ago to 226 million compared to 1.21 billion and diluted earnings per share dropped 11.4 pence from 56.6 pence.

Worldpay Group Plc jumped 3% to 310.50 pence after the U.K.-based payments services provider said net revenues in the first-half ending in June soared 10% from a year ago to 2.1 billion.

Net income in the period surged from a year ago to 58.6 million compared to 3.1 million and diluted earnings per share increased 2.9 pence from 0.2 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