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Market Update

Europe Earnings: Air France, Gable Holding, ProSiebenSat 1, Tullow

Author: Nigel Thomas
Last Update: 10:41 AM ET September 06 2013

4:00 PM Frankfurt – Air France said August traffic climbed 4.9%. Gable Holding profit in first-half jumped 10% as revenue surged 77%. Telegraaf Media sold entire stake of ProSiebenSat 1 Media for €230.8 million. Tullow Oil discovered oil in Barents Sea offshore of Norway.

In London trading, FTSE 100 index increased 0.5% or 31.55 to 6,564 and in Frankfurt the DAX index gained 0.6% or 48.91 to 8,284.

In Paris, CAC 40 index jumped 0.8% or 30.65 to 4,037.

Air France KLM SA gained 1.6% to €6.02 after the France-based airline company reported solid traffic growth for August, with passenger numbers up 4.9% and number of seats available up 2.3%. Cargo traffic declined 1.3% from a year ago.

Gable Holding Inc dropped 2.6% to 64.75 pence after the UK based investment company said premium written in the first-half period ending in June surged 77% to £27.3 million from £15.4 million a year ago.

Profit for the period climbed 10% to £3.3 million compared to £3 million and diluted earnings per share jumped 2.75 pence from 2.61 pence a year earlier.

The company added profit-before-tax for the first-half soared 25% to £4 million from £3.2 million a year ago period.

ProSiebenSat 1 Media AG slipped 1.5% to €30.62 after the Telegraaf Media Groep sold its entire stake in Germany-based free-to-air broadcaster for €230.8 million or £194.14 million. The news was first reported in Dutch media outlets.

Earlier this week, KKR & Co. and Permira Advisers LLP sold 25 million shares of ProSiebenSat.

The Sage Group Plc fell 1% to 348.60 pence after Morgan Stanley lowered its view on the UK based software developer.

Tullow Oil Plc jumped 3.1% to 1,065 pence after the UK based oil and gas explorer discover oil in Barents Sea offshore, the first ever oil discovery in the Hoop-Maud Basin of Norway. The company encountered between 50 meters and 60 meters net light oil pay in good quality.

Telefonaktiebolaget LM Ericsson climbed 3.2% to 82.65 kronor after Credit Suisse raised its view on Sweden-based telecom carrier’s stock.

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