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Market Update

BHP Billiton to Spinoff Assets; Balfour Beatty Rejects Merger Proposal

Author: Nigel Thomas
Last Update: 12:23 PM ET August 15 2014

4:00 PM Frankfurt Alpha Pyrenees net loss widened to 10 million. BHP Billiton plans to spin off non-core assets to simplify the portfolio. Carillion dropped after Balfour Beatty again rejected second merger proposal. H & M Hennes sales in July soared 17%.

In London trading, FTSE 100 index increased 0.8% or 50.84 to 6,736.10 and in Frankfurt the DAX index gained 0.6% or 56.79 to 9,281.89.

In Paris, CAC 40 index jumped 0.9% or 38.66 to 4,244.09.

Alpha Pyrenees Trust Limited plunged 19.4% to 3.22 pence after the U.K.-based investment company said revenue in the first-half ending in June declined to 7 million from 8.09 million pounds a year ago period.

Net loss in the period widened from a year ago to 10 million compared to 2.67 million and diluted loss per share swung to 1.3 pence from earnings per share of 0.2 pence.

BHP Billiton Plc jumped 2.2% to 2,069.50 pence after the U.K.-based mining company plans to spin-off its non-core assets to simplify the portfolio of assets collected over a decade.

The company announcements did not spell out details but investors set expectations of more announcements at the time of earnings release next week.

Carillion Plc dropped 2.6% to 337.60 pence after the construction company Balfour Beatty Plc rejected second merger proposal from the company.

Deutsche Lufthansa AG increased 1.9% to 12.92 on speculation that the surcharge on air travel may be revoked by the German government for the purchase of fuel efficient aircrafts.

H & M Hennes & Mauritz AB gained 1.5% to 292.30 kronor after the Sweden-based clothing retailer reported sales in July soared 17% compared to a year ago month.

The fashion retailer said August sales and revenues for the third-quarter will be released on September 15 and results for the nine-month will be released on September 25.

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