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Market Update

Europe Earnings: Dixons Retail, Gecina, Sainsbury, Lloyds, Man Group

Author: Nigel Thomas
Last Update: 10:46 AM ET June 09 2014

4:00 PM Frankfurt Metrovacesa agreed to sell 27% stake in Gecina at 92 per share. Lloyds will sell its 25% shares in TSB. Man Group agreed to acquire the U.S.-based Pine Grove Asset Management. Sanderson net slipped.

In London trading, FTSE 100 index gained 0.2% or 15.07 to 6,873.28 and in Frankfurt the DAX index edged up 0.08% or 8.09 to 9,995.08.

In Paris, CAC 40 index inched lower 0.40 to 4,580.72.

Dixons Retail Plc slipped 1.3% to 48.96 pence on media reports that EE, the U.K.s largest mobile service provider, is ready to cut-off of relation with Carphone Warehouse Group Plc, in a move that threatens the retailer''s 3.6 billion merger with Dixons.

Gecina SA fell 0.7% to 110.15 after the France-based real estate developer confirmed that Spain-based Metrovacesa SA agrees to sell its stake of 27% in the company at 92 per share.

Transaction is expected to be completed by end of September.

J Sainsbury Plc gained 0.8% to 328.30 pence after the U.K.-based grocery retailer plans to begin selling clothing online from August.

Lloyds Banking Group Plc dropped 1.8% to 78.70 pence after the U.K.-based bank plans to sell its 25% shares in TSB Banking segment between 220 pence and 290 pence.

The bank said the investors will get one free share for each of 20 shares they purchased totaling no more than 2,000 and hold the stock for the period of one year after the listing.

Lloyds is required to sell its remaining stake in TSB before the end of 2015.

Man Group Plc slid 0.1% to 102.20 pence after the U.K.-based investment company agreed to acquire the U.S.-based fund of hedge fund manager Pine Grove Asset Management for an undisclosed amount.

Pine Grove has about $1 billion under management and a broad base of institutional clients in the U.S. The transaction is expected to close in the third quarter.

Sanderson Group Plc surged 8.6% to 71.66 pence after the U.K.-based retail and manufacture software provider said revenue in the first-half ending in March jumped 5.3% to 7.94 million from 6.37 million a year ago period.

Profit in the period slipped 1.3% to 0.72 million compared to 0.80 million and diluted earnings per share slid to 1.3 pence from 1.7 pence a year earlier.

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