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Market Update

Europe Earnings: BG Group, Christian Dior, Glaxo, IGas, Munich Re


Author: Nigel Thomas
ticker.com
Last Update: 10:16 AM ET September 09 2013

4:00 PM Frankfurt – BG Group declined after energy explorer lowered 2014 production estimates. Christian Dior may buy back as much as 550,000 shares. Epistem plunged 17% on weak fiscal outlook. Glaxo sells its two brands to Japan based Suntory Beverage for £1.35 billion in cash.

In London trading, FTSE 100 index slid 0.3% or 22.50 to 6,525 and in Frankfurt the DAX index rose 0.07% or 5.41 to 8,281.

In Paris, CAC 40 index dropped 0.3% or 13.48 to 4,036.

BG Group Plc declined 5.2% to 1215 pence after the UK based oil and gas producer retreated in projects in Egypt and Norway and reduced its production estimate in the second-half of next year by approx 17,000 barrels of oil equivalent per day.

Christian Dior SA climbed 3.5% to €136.75 after the France-based consumer goods producer likely to buy as much as 550,000 shares.

Epistem Holdings Plc plunged 17.3% to 455 pence after the UK based biotechnology expects full-year revenues in year ending in June of £5.4 million and a loss after tax of £1.2 million.

GlaxoSmithKline Plc slid 0.8% to 1,638.50 pence after the UK based healthcare group sold its nutritional drinks brands Lucozade and Ribena to Japan based Suntory Beverage & Food Ltd. for £1.35 billion in cash. The transaction is expected to complete by the end of the year.

In fiscal 2012, annual sales of Glaxo’s these two brands were about £0.5 billion and consolidated sales in fiscal 2012 of Japanese firm Suntory Beverage were more than £12 billion with total number of 29,000 employees across Japan, Europe, Asia Pacific and the Americas.

IGas Energy Plc slipped 2.9% to 107.57 pence after the UK based onshore hydrocarbon producer agreed to acquire British private oil and gas explorer Caithness Petroleum Limited for total consideration of £8.95 million.

Munich Re jumped 3.3% to €136.75 after Germany-based reinsurer expects prices for natural catastrophe covers to hold steady in next year after a decline in this year. Bank of America lifted its view on the stock.

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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