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Market Update

Europe Earnings: Centamin, Oerlikon, Redrow, Subsea 7, Taylor Wimpey


Author: Nigel Thomas
ticker.com
Last Update: 10:54 AM ET July 04 2013

3:20 PM Frankfurt Oerlikon sold its natural fibers businesses to Jinsheng of China for 470 million Swiss francs. Redrow said group revenue for the year climbed 26% to 604.8 million. Subsea 7 secured contract worth $400 million from Petroleo Brasileiro.

In London trading, FTSE 100 index climbed 3% or 186.24 to 6,416 and in Frankfurt the DAX index jumped 2.2% or 172.17 to 8,001.

In Paris, CAC 40 index advanced 2.7% or 100.11 to 3,802.

Centamin Plc surged 19.6% to 37.27 pence after the UK based gold producer and operator of Sukari mines of Egypt. Egyptian military yesterday ousted Muhammad Morsi as President of the nation and installed an interim government and scheduled new election.

The company and Egyptian government are in a dispute about the license of Sukari mines.

Oerlikon Corporation AG jumped 3.1% to 11.65 after the Switzerland based textile machinery maker sold its natural fibers businesses to the Jinsheng Group of China for 470 million francs.

Redrow Plc climbed 5.9% to 235.20 pence after the UK based home builder said group revenue for the year ending in June climbed 26% to 604.8 million from 478.9 million a year earlier.

The number of homes legally completed increased 15% to 2827 and private legal completions increased 16% to 2474 with average selling price of 227,300 from 204,100 a year ago.

Subsea 7 SA gained 3.1% to 107 kroner after the UK based offshore oilfield services provider secured contract worth $400 million from Petroleo Brasileiro SA.

Taylor Wimpey Plc jumped 6% to 102.80 pence after the UK based home builder estimated operating profit margin for the first-half to 13% from 11.2% in the same period a year ago.

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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