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Market Update

Europe Earnings: Gem Diamonds, Lloyds Bank, Royal Mail, Swedish Match

Author: Nigel Thomas
Last Update: 11:27 AM ET October 11 2013

4:25 PM Frankfurt – Gem Diamonds sold rare 12.47 carat blue diamond and 82 carat white diamond for a total of $7.5 million. Lloyds Bank sold its Australian operations to Westpac Banking of nearly £0.9 billion. Royal Mail surged 36% on its first day of trading. Swedish Match lowered its earnings outlook.

In London trading, FTSE 100 index increased 0.8% or 53.25 to 6,484 and in Frankfurt the DAX index rose 0.3% or 22.53 to 8,708.

In Paris, CAC 40 index inched up 0.01% or 0.33 to 4,218.

Gem Diamonds Limited increased 1.2% to 152.75 after the UK based diamond producer sold tender of a rare 12.47 carat blue diamond and an 82 carat exceptional quality white diamond recovered from Letseng mine for a record price of $603,000 and a total of $7.5 million.

Centrica Plc gained 0.1% to 363.10 pence after the UK based utility purchased 1,200,000 ordinary shares at an average price of 363.25 pence per share to be held in treasury.

Lloyds Banking Group Plc gained 1.4% to 75.94 pence after the UK based financial service provider sold its Australian operations to Westpac Banking Corporation for a total consideration of nearly £0.9 billion or $1.55 billion.

The gross assets in the transaction are about £5.2 billion or $8.8 billion.

Royal Mail Group Ltd surged 36% to 450 pence on the first day of its trading on London Stock Exchange.

Swedish Match AB declined 3.8% to 222.10 kronor after the Sweden-based tobacco products maker said it expects operating profit in the third-quarter in the range of 50 million kronor to 60 million kronor, lower than a year ago period.

The company added U.S. cigars and chewing-tobacco unit’s earnings will drop in the third quarter.

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