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Market Update

Europe Movers: Cairn, Lundin, Mecom, Pirelli, Technip, Virgin Media

Author: Nigel Thomas
Last Update: 10:20 AM ET April 08 2013

3:00 PM Frankfurt Lundin discovered crude in the North Sea. Mecom reported advertising revenues in Dutch operations declined 28%. Pirelli delayed its business forecast. Technip secured an engineering contract for 500 million.

In London trading, FTSE 100 index rose 0.3% or 21.9 to 6,272 and in Frankfurt the DAX index edged up 0.2% to 14.8 to 7,674.

In Paris, CAC 40 index gained 0.5% or 19.8 to 3,683.

BDO LLP, the UK based accountant said comparable retail sales at malls and department stores in March decreased 0.9% from a year ago on weak apparel sales driven by cold weather.

Cairn Energy Plc jumped 2.3% to 279.30 pence after the UK based oil and gas explorer said in regulatory filling that activist investor David Einhorn, hedge fund manager of Greenlight Capital Inc., raised holdings in the company for up to 3%.

Lundin Petroleum AB climbed 3.7% to 145.80 kronor after the Sweden based explorer said Luno II well showed a potentially significant oil bearing sands in the North Sea.

Mecom Group Plc tumbled 31.7% to 57.22 pence after the UK based publisher reported advertising revenues in its Dutch operations declined by 28% from a year ago and advertising revenues for two-months to April will be lower than in the previous two months.

Pirelli & C SpA plunged 5.6% to 7.76 after the Italy based tire maker delayed its business forecast to November from May for the period of 2013 to 2017.

At present, in 2012-2014 period, the company expects average yearly revenue growth of 10%, 8% excluding Russia and compared with 2011 EBIT with a margin between 15% and 16% in 2014.

Technip jumped 2.6% to 83.91 after the France based oilfield services provider secured contract for the engineering, construction, installation for the Moho Nord development project in Congo worth as much as 500 million or $651 million.

Virgin Media Inc rose 0.4% to 3,215 pence after the broadband service provider signed up O2 as a wholesale partner for WiFi on London underground service for O2 customers to access from June as free. O2 joins EE and Vodafone as a wholesale partner for Virgin Media for WiFi service for majority of Tube passengers.

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