Luxe and China Drive L

Sarla Buch
03 Nov, 2017
New York City

AXA revenues declined after weak sales in life and savings business. L''Oreal luxury brand sales jump in China. Smith & Nephew revenues increased. Societe Generale third-quarter profit tumbled 21%.

[R]4:00 PM Frankfurt – AXA revenues declined after weak sales in life and savings business. L''Oreal luxury brand sales jump in China. Smith & Nephew revenues increased. Societe Generale third-quarter profit tumbled 21%.[/R]

In London trading, FTSE 100 index slid 6.24 to 7,549.08 and in Frankfurt the DAX index rose 13.42 to 13,453.29.

In Paris, CAC 40 index edged down 1.89 to 5,508.61.

For the week, FTSE 100 index gained 0.5%, the DAX index jumped 3.6% and the CAC 40 index rose 0.1%.

AXA SA slumped 2.8% to €25.47 after France-based banking, and insurance services provider reported group sales in the nine-month period ending in September fell 0.5% from a year ago to €75.4 billion.

The insurer said revenues in the life and savings segment dropped 0.9% to €43.8 billion and revenues in the property and casualty business slid 0.2% to €28.3 billion but revenues in the asset management jumped 6.4% to €2.9 billion.

AXA said as of September 30, asset under management was nearly flat at €1.19 trillion from €1.20 trillion in the December 30.

L''Oreal SA fell 0.5% to €191.50 after France-based beauty products maker reported group sales in the nine-month period ending in September jumped 5.8% from a year ago to €19.5 billion.

L''Oreal said sales in the “New Markets”, which posted double-digit growth, with strong performances in Asia Pacific, particularly in China, achieved sustained growth, driven by strong online sales.

Smith & Nephew Plc increased 1.2% to 1,400 pence after the U.K.-based medical devices maker said total revenues in the nine-month ending in September rose 1% from a year ago to $3.5 billion.

The surgical equipment maker said revenue growth in the U.S. increased 2% and revenues in the emerging markets soared 9%.

Societe Generale SA declined 3.7% to €45.88 after France-based financial services provider reported net banking income in the nine-month ending in September plunged 8% from a year ago to €17.6 billion.

Net income in the period tumbled 21.4% to €2.7 billion from €3.5 billion in a year ago nine-month period and diluted earnings per share slumped to €2.98 from €3.94.

The bank had booked €300 million provision for litigation against bribes disputes to secure the business in Libya.

Tenaris SA edged up 0.1% €12.99 after the Luxembourg-based steel producer said net sales in the in the nine-month period ending in September soared 14% from a year ago to $3.7 billion.

Net income in the period surged to $385 million from $21 million in a year ago nine-month period and diluted earnings per share jumped to 33 cents from 2 cents.