Europe Earnings: BG Group, Christian Dior, Glaxo, IGas, Munich Re

Nigel Thomas
09 Sep, 2013
New York City

BG Group declined after energy explorer lowered 2014 production estimates. Christian Dior may buy back as much as 550,000 shares. Epistem plunged 17% on weak fiscal outlook. Glaxo sells its two brands to Japan based Suntory Beverage for

[R]4:00 PM Frankfurt – BG Group declined after energy explorer lowered 2014 production estimates. Christian Dior may buy back as much as 550,000 shares. Epistem plunged 17% on weak fiscal outlook. Glaxo sells its two brands to Japan based Suntory Beverage for £1.35 billion in cash.[/R]

In London trading, FTSE 100 index slid 0.3% or 22.50 to 6,525 and in Frankfurt the DAX index rose 0.07% or 5.41 to 8,281.

In Paris, CAC 40 index dropped 0.3% or 13.48 to 4,036.

BG Group Plc declined 5.2% to 1215 pence after the UK based oil and gas producer retreated in projects in Egypt and Norway and reduced its production estimate in the second-half of next year by approx 17,000 barrels of oil equivalent per day.

Christian Dior SA climbed 3.5% to €136.75 after the France-based consumer goods producer likely to buy as much as 550,000 shares.

Epistem Holdings Plc plunged 17.3% to 455 pence after the UK based biotechnology expects full-year revenues in year ending in June of £5.4 million and a loss after tax of £1.2 million.

GlaxoSmithKline Plc slid 0.8% to 1,638.50 pence after the UK based healthcare group sold its nutritional drinks brands Lucozade and Ribena to Japan based Suntory Beverage & Food Ltd. for £1.35 billion in cash. The transaction is expected to complete by the end of the year.

In fiscal 2012, annual sales of Glaxo’s these two brands were about £0.5 billion and consolidated sales in fiscal 2012 of Japanese firm Suntory Beverage were more than £12 billion with total number of 29,000 employees across Japan, Europe, Asia Pacific and the Americas.

IGas Energy Plc slipped 2.9% to 107.57 pence after the UK based onshore hydrocarbon producer agreed to acquire British private oil and gas explorer Caithness Petroleum Limited for total consideration of £8.95 million.

Munich Re jumped 3.3% to €136.75 after Germany-based reinsurer expects prices for natural catastrophe covers to hold steady in next year after a decline in this year. Bank of America lifted its view on the stock.