Banks, Financial

Banking app targets millennials who want help budgeting

Graduate debt, rent and high living costs have made it hard for millennials to save for a house, a pension or even a holiday. For Ollie Purdue, a 23-year-old law graduate, this was reason enough to launch Loot, a banking app targeted at tech-dependent 20-somethings who want help to manage their money and avoid falling […]

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Eurozone inflation climbs to highest since April 2014

A welcome dose of good news before next week’s big European Central Bank meeting. Year on year inflation in the eurozone has climbed to its best rate since April 2014 this month, accelerating to 0.6 per cent from 0.5 per cent on the back of the rising cost of services and the fading effect of […]

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Wealth manager Brewin Dolphin hit by restructuring costs

Profits at wealth manager Brewin Dolphin were hit by restructuring costs as the company continued to shift its focus towards portfolio management. The FTSE 250 company reported pre-tax profits of £50.1m in the year to September 30, down 17.9 per cent from £61m the previous year. Finance director Andrew Westenberger said its 2015 figure was […]

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Travis Perkins and Polymetal to lose out in FTSE 100 reshuffle

Builders’ merchant Travis Perkins and mining company Polymetal face relegation from the FTSE 100 after their recent performances were hit by political events. The share price of Travis Perkins has dropped 29 per cent since the UK voted to leave the EU in June, as economic uncertainty has sparked concerns among some investors about the […]

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RBS share drop accelerates on stress test flop

Stressed. Shares in Royal Bank of Scotland have accelerated their losses this morning, falling over 4.5 per cent after the state-backed lender came in bottom of the heap in the Bank of England’s latest stress tests. RBS failed the toughest ever stress tests carried out by the BoE, with results this morning showing the lender’s […]

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Categorized | Equities

Stronger Carrefour lifts European stocks

Posted on August 29, 2013

Equity markets were broadly higher on a big day for results in Europe, helped by a strong showing for the region’s biggest retailer.

Carrefour, which is the world’s number two retailer after Walmart, reported first-half operating profit up nearly 5 per cent to €766m, broadly in line with expectations, as earnings in its biggest market of France jumped 75.4 per cent.

    “The improvement in France gives much credibility to the bull-case that a great deal of self-help is available to the business and swift recoveries in earnings possible,” said Alastair Johnston at Citigroup.

    Carrefour shares climbed 5.6 per cent to €24.06.

    Zurich Insurance was among the biggest fallers after chief executive Josef Ackermann stepped down following the death of colleague Pierre Wauthier, chief financial officer, this week. Its shares were down 2.5 per cent to SFr228.80.

    The FTSE Eurofirst 300 climbed 0.8 per cent to 1,207.52. In Germany, the number of unemployed rose unexpectedly but, after falling 3.3 per cent in the previous two days, the Xetra Dax pushed 0.5 per cent higher to 8,194.55.

    French media, television and telecoms group Vivendi climbed 1.6 per cent to €15.60 as it added new customers in the second quarter, saw a decreased rate of customers leaving and a slower rate of profit decline than in previous quarters.

    Domestic rival Bouygues, which rose nearly 10 per cent on Wednesday following its first-half results, came back to earth with a 3.8 per cent drop to €24.37.

    Earlier this year, Bouygues entered into talks with Vivendi’s SFR mobile unit about sharing some of their network resources.

    “Bouygues has now outperformed both the European construction and telecoms sector,” said Frederic Boulan at Nomura. “We would be reluctant to chase the shares at these levels considering the recent rally.”

    Shares in beverages producer Pernod Ricard fell 1.9 per cent to €89 after it reported full-year sales growth below market expectations as the slowdown in China took its toll.

    Continental, the German tyre and car parts maker, climbed 3.9 per cent to €116.35 as the motor sector recovered following recent losses.