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Market Update

BG and Ophir Discover Gas in Tanzania, Ted Baker Net Soars

Author: Nigel Thomas
Last Update: 11:32 AM ET October 02 2014

4:00 PM Frankfurt Balfour Beatty divests 50% stake in hospitals projects for 62 million. DQ Entertainment surged after the company signed a six-year content distribution agreement with China-based Ciwen Kids. BG Group and Ophir Energy discovered gas off the coast of Tanzania. Ted Baker net soared.

In London trading, FTSE 100 index slipped 0.7% or 47.52 to 6,510 and in Frankfurt the DAX index dropped 1% or 90.45 to 9,291.58.

In Paris, CAC 40 index declined 1.6% or 70.28 to 4,294.99.

Balfour Beatty Plc declined 3.1% to 179.40 pence after the U.K.-based construction company said it would divest 50% stake in public-private partnership in hospitals projects for 61.5 million or $100 million.

Yesterday, the company announced it would take additional losses of 75 million in U.K. based construction projects and issued its fifth profit warning in two years.

DQ Entertainment Plc surged 13.1% to 9.90 pence after the U.K.-based animated TV contents producer signed six-year content distribution agreement with China-based Ciwen Media Group China and increase its reach in Hong Kong and Macau.

Ophir Energy Plc jumped 2.4% to 226.30 pence after the U.K.-based oil and gas explorer said BG Group Plc has withdrawn from the Block 3 gas license in Tanzania and plans to increase its stake to 80% form 20% in the Block 4 after the discovery of 1.03 trillion cubic feet of natural gas.

Ted Baker Plc rose 0.4% to 1,869.18 pence after the U.K.-based apparel retailer said group revenue in the first-half ending in August climbed 17.4% to 182.2 million from 155.2 million a year ago period.

Profit in the period soared 32.4% from a year ago to 11.4 million compared to 8.61 and diluted earnings per share jumped to 25.8 pence from 19.6 pence.

Xtract Resources Plc soared 17% to 0.20 pence after the U.K.-based oil and gas explorer agreed to sell the Mejillones phosphate deposit to Mines Global for 400,000. The project was acquired in Chile in February 2014.

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