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Market Update

Maersk Net Declines 88%; Deutsche Wohnen, Talanx Net Soar

Author: Sarla Buch
Last Update: 11:36 AM ET August 12 2016

4:00 PM Frankfurt AP Moeller Maersk net plunged 88% on 17% as average container freight rate declined 24% and 26% lower oil price. Deutsche Wohnen net surged 15%. Nationwide net swung to a profit 401 million. Talanx net soared 29%.

In London trading, FTSE 100 index slid 2.75 to 6,911.51 and in Frankfurt the DAX index slipped 33.15 0.3% to 10,710.69.

In Paris, CAC 40 index fell 5.50 to 4,498.75.

For the week, FTSE 100 index increased 1.7%, the DAX index advanced 3.3% and the CAC 40 index jumped 2%.

AP Moeller Maersk A/S soared 4.9% to 9,085 Kronor after the Denmark-based oil container shipping services provider said revenues in the first-half ending in June plummeted 17.4% from a year ago to $17.4 billion.

Net income in the period plunged 88% from a year ago to $312 million compared to the $2.61 billion and diluted earnings per share slumped to $37 from $121.

The group said profit was weaker than expected predominantly due to 24% lower average container freight rates and 26% lower oil price and operating expenses dropped by $808 million mainly due to lower bunker prices.

Deutsche Wohnen AG fell 0.3% to 34.65 after the Germany-based property developer reported profit in the first-half ending in June surged 14.8% from a year ago to 623 million.

The real estate developer said profit soared after gross rental income in the period jumped 11% to 347.8 million from 313.3 million a year ago.

Nationwide Building Society, the U.K.-based privately held building society first-quarter ending in June net income swung to 401 million compared to a loss of 3 million and operating profit of about 368 million after recognising a gain of 100 million on the stake disposal in Visa Europe.

The building society said gross mortgage lending surged 26% to 8.6 billion and member deposits in the first quarter of 2.6 billion on the 21% increase new current account openings to more than 139,000.

Talanx AG declined 4% to 26.53 after the Germany-based insurance and financial services provider reported gross written premiums in the first-half ending in June dropped 2.4% from a year ago to 16.4 billion.

Net profit in the period soared 28.9% from a year ago to 401 million compared to the 311 million and diluted earnings per share increased to 1.59 from 1.23.

The insurer forecasted net income in the year of about 750 million.

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