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Market Update

Europe Earnings: Hunting, Monitise, Siemens, Thyssenkrupp, Telecom Italia

Author: Nigel Thomas
Last Update: 11:01 AM ET July 01 2013

3:20 PM Frankfurt – Hunting soared on positive outlook. Siemens sold remaining 50% stakes in Nokia Siemens to Nokia for €1.7 billion. Thyssenkrupp plan to sell its European steel business.

In London trading, FTSE 100 index jumped 1.4% or 88.11 to 6,304 and in Frankfurt the DAX index gained 0.4% or 33.05 to 7,992.

In Paris, CAC 40 index increased 0.9% or 36.19 to 3,775.

Hunting Plc surged 7% to 783.50 pence after the U.K. based oil and gas services provider in a trading updates said its first half results will remains positive on the rising activities in the Gulf of Mexico and continued investment in the oil-focused shale basins.

Monitise Plc soared 5.1% to 36.25 pence after the UK based mobile banking service provider entered in a partnership with Mobile Money for Telefónica Digital to develop and manage new and existing mobile payment and commerce services for its customers.

Siemens AG gained 2.5% to €79.60 after the Germany based industrial giant agreed to sell its 50% stake in joint venture Nokia Siemens Networks to Nokia The purchase price for Siemens'' stake is €1.7 billion of which €1.2 billion will be paid in cash at the closing of the transaction.

The transaction is expected to close during the third quarter of 2013.

Thyssenkrupp AG increased 1.9% to €15.39 after the Germany based steel producer is said to be examining the possibility of selling its European steel business and RAG trust may acquire a stake in the company.

Telecom Italia SpA slipped 1.1% to €0.54 after the Italy based telecommunication denied media reports that the company is in talks with Qatari funds to sell the stake in its fixed-line business after it completes the spin-off the business.

In June, the board of director already approved a plan to spin-off its fixed-line network into a new company.

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