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Market Update

Air France Strike to Cost €320 M, Swisscom to Sell Fastweb in Italy


Author: Nigel Thomas
ticker.com
Last Update: 12:18 PM ET October 08 2014

4:00 PM Frankfurt – Anglo American plans to sell its three copper mines and a smelter in Chile worth $1 billion. Air France KLM forecasted profit for the year may decline by €500 million. Swisscom plans to divest its Fastweb Italian broadband unit worth up to €5 billion.

In London trading, FTSE 100 index slid 0.2% or 18.71 to 6,476.87 and in Frankfurt the DAX index fell 0.7% or 68.38 to 9,017.83.

In Paris, CAC 40 index slipped 0.6% or 24.49 to 4,184.65.

Anglo American Plc dropped 2.2% to 1,344 pence after the U.K.-based mining company plans to sell its three copper mines and a smelter of Chile worth $1 billion before the end of this year. And said production of iron ore in 2015 are expected between 11 million tons and 15 million tons.

Air France KLM SA slumped 2.6% to €6.50 after the France and Holland based airline forecasted EBITDA profit for the year may decline by €500 million or $632 million mainly due pilot’s strikes lading in cancellations of hundreds of flights.

The airline company said pilot strike for 14-days in the third-quarter is expected to cost between €320 million and €350 million.

FirstGroup Plc declined 3.4% to 111.16 pence after the U.K.-based passenger transport service provider did not win new ScotRail franchise.

The company said first-half result was in-line with expectations and progress in bus transformation plans will continue and expected strong second-half, despite the loss of a contract to run a rail service in Scotland.

Swisscom AG climbed 4% to 554.50 francs after media reported that the Switzerland-based communication service provider plans to divest its Fastweb Italian broadband unit worth up to €5 billion or $6.3 billion.

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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