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    DLG   GB00BY9D0Y18

DIRECT LINE INSURANCE GROUP PLC

(DLG)
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European stocks dip from record highs after 8-day bull run

11/09/2021 | 05:34am EST

* STOXX 600 hovers below record highs

* Renault gains after Nissan's outlook boost

* Insurers Munich Re, Direct Line dip after results

Nov 9 (Reuters) - European shares retreated from record highs on Tuesday, although strong corporate earnings and hopes of a recovery kept losses limited as investors awaited fresh cues from economic data due this week.

The pan-European STOXX 600 closed 0.2% lower at 482.71 points, holding just below its record peak hit last week.

Insurers were among the biggest drags on continental European markets, falling 0.8%. German group Munich Re fell 2.5% after warning of more COVID-related losses in its reinsurance business.

British insurer Direct Line also slipped 4.2% after reporting lower-than-expected growth in quarterly premiums.

Bank stocks tracked declines in bond yields, while basic resources stocks shed 1.1%.

Renault rose 3.8% to the top of France's CAC 40 after its Japanese partner Nissan reported a quarterly profit and hiked its full-year forecast.

The STOXX 600 had marked eight straight sessions of gains, with France's CAC 40 and Germany's DAX breaching new records in the first week of this month on the back of strong corporate earnings and the European Central Bank's dovish stance.

A survey showed investor sentiment in Germany, the euro zone's biggest economy, rose unexpectedly in November on hopes that inflation will ease next year and economic growth will pick up.

"The equity rally has been impressive," said Ankit Gheedia, head of BNP Paribas' equity and derivatives strategy for Europe.

"How long companies can keep profit margins elevated is going to be the key indicator for when the bull market is over, and, so far, all signs suggest profit margins should stay supported in the medium-term."

Investors are now awaiting inflation data from the euro zone's largest economy, as well as industrial production data for the bloc, later in the week.

Retail stocks were the best performers for the day, rising 1.2%, while declining bond yields helped real estate stocks gain 0.6%.

Among gainers, German agriculture and pharmaceutical firm Bayer climbed 1.5% after posting higher quarterly adjusted earnings that beat analysts' forecasts.

French supermarket group Carrefour rose 2.9% after pledging 3 billion euros between 2022 and 2026 for its digital push.

Wall Street stocks also retreated from recent highs, as caution kicked in ahead of the release of U.S. inflation data on Wednesday. While the Federal Reserve has already outlined plans to taper stimulus, a high inflation reading could prompt it to bring forward policy tightening.

Polish e-commerce platform Allegro fell 11.2% after reiterating its 2021 targets despite reporting a quarterly profit beat. (Reporting by Anisha Sircar in Bengaluru; Editing by Subhranshu Sahu, Anil D'Silva and Giles Elgood)


© Reuters 2021
Stocks mentioned in the article
ChangeLast1st jan.
BAYER AG 0.80% 50.37 Delayed Quote.6.38%
CARREFOUR -0.06% 17.41 Real-time Quote.8.01%
DIRECT LINE INSURANCE GROUP PLC 0.37% 298.9 Delayed Quote.6.77%
MUNICH RE 1.38% 264.15 Delayed Quote.0.06%
NISSAN MOTOR CO LTD 0.92% 605.4 Delayed Quote.7.93%
RENAULT 3.01% 33.325 Real-time Quote.6.01%
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Analyst Recommendations on DIRECT LINE INSURANCE GROUP PLC
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Financials
Sales 2021 3 020 M 4 071 M 4 071 M
Net income 2021 341 M 460 M 460 M
Net Debt 2021 - - -
P/E ratio 2021 11,8x
Yield 2021 8,36%
Capitalization 3 926 M 5 283 M 5 293 M
Capi. / Sales 2021 1,30x
Capi. / Sales 2022 1,27x
Nbr of Employees 10 807
Free-Float 97,5%
Chart DIRECT LINE INSURANCE GROUP PLC
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Direct Line Insurance Group plc Technical Analysis Chart | DLG | GB00BY9D0Y18 | MarketScreener
Technical analysis trends DIRECT LINE INSURANCE GROUP PLC
Short TermMid-TermLong Term
TrendsBullishNeutralNeutral
Income Statement Evolution
Consensus
Sell
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Mean consensus BUY
Number of Analysts 17
Last Close Price 297,90 GBX
Average target price 354,47 GBX
Spread / Average Target 19,0%
EPS Revisions
Managers and Directors
Penelope Jane James Chief Executive Officer & Executive Director
Neil David Manser Chief Financial Officer & Executive Director
Danuta Gray Chairman
Sebastian Richard Edward James Independent Non-Executive Director
Richard Churchill Ward Senior Independent Non-Executive Director
Sector and Competitors