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Market Update

Europe Earnings: CCG, Hays, Melrose Ind, N Brown, SSE, WH Smith

Author: Nigel Thomas
Last Update: 10:59 AM ET October 10 2013

4:00 PM Frankfurt Melrose sold Crosby and Acco to private equity group KKR for 627 million. N Brown revenue climbed 8% but net income was flat. WH Smith profit plunged 9% as sales declined 5%.

In London trading, FTSE 100 index gained 1% or 62.49 to 6,400 and in Frankfurt the DAX index jumped 1.4% or 117.93 to 8,635.

In Paris, CAC 40 index climbed 1.5% or 63.49 to 4,191.

CGG SA jumped 4.6% to 16.23 after the France-based oilfield surveyor update vessel-production rate in the third-quarter surged 94% from 90% a year earlier. The company said vessel availability rate in the quarter was 89% compared to a 93% of a year ago.

Hays Plc gained 2.4% to 118.40 pence after the UK based recruitment group said net fees in the first-quarter ending in September rose 2% from a year ago period. Cash performance in the quarter fell to 97 million from 105.2 million during the second quarter.

Melrose Industries Plc, industrial conglomerate sold Crosby and Acco to private equity group Kohlberg Kravis Roberts for 627.3 million and lower its debt.

N Brown Group Plc dropped 3.2% to 473.10 pence after the UK based internet and catalogue home shopping company said total group revenue in the first-half climbed 8% to 409.6 million from 379.3 million a year ago period.

Profit for the period was nearly flat at 34.4 million compared to 34.6 million and diluted earnings per share slipped 12.25 pence from 12.42 pence a year ago.

SSE Plc slid 0.4% to 1,448 pence after the UK based electric and gas supplier today increase its tariffs of electricity and gas by 8.2% from November 15 equating to nearly 2 per week for a dual fuel customer.

WH Smith Plc climbed 5.4% to 880 pence after the newspaper agent reported total sales in the year ending in August declined 5% to 1.19 billion from 1.24 billion a year ago.

Profit for the year plunged 9% to 87 million compared to 80 million and diluted earnings per share climbed 68.5 pence from 59.7 pence a year earlier.

The newspaper agent said pre-tax profit for the year jumped 6% to 108 million.

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