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Market Update

Europe Earnings: Afren, Akerc, Endomines, Siemens

Author: Nigel Thomas
Last Update: 11:02 AM ET July 05 2013

3:20 PM Frankfurt Afren agreed to acquire additional stake of 23.3% in First Hydrocarbon Nigeria for $105.4 million. Endomines lowered annual gold production target range. Siemens pulled out the bidding for Britain''s multi-billion pound Crossrail project.

In London trading, FTSE 100 index fell 0.2% or 12.42 to 6,409 and in Frankfurt the DAX index declined 1.5% or 118.78 to 7,876.

In Paris, CAC 40 index slid 0.4% or 14.71 to 3,795.

Afren Plc gained 1.6% to 137.20 pence after the UK based oil and gas explorer agreed to acquire additional stake of 23.3% valued $105.4 million from Capital Alliance Energy Nigeria, Earl Act Global Investments and First Hydrocarbon Nigeria to increasing portfolio of onshore assets.

Aker Solutions rose 1.3% to 83.25 krone after the Norway based subsidiary of oilfield products maker will deliver managed pressure drilling systems and riser gas handling services to Repsol Sinopec Brasil. Both are agreed not to disclose the value of the order.

The contract booked as a new order in the second quarter of 2013.

Endomines AB plunged 8.5% to 4.94 kronor after the Sweden based gold producer expects production of gold in the second quarter nearly of 168.1 kg and for the year lowered its target to a range between 800 kilograms and 900 kilograms compared to earlier range of 900 kilograms to 1,000 kilograms.

Siemens AG slipped 1.1% to 78.03 after the Germany based industrial conglomerate pulled out of the bidding for Britain''s multi-billion pound Crossrail project but will continue the delivery of signaling and communications /control systems.

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