Europe Earnings: BP, CCG, Cable and Wireless, Dixons, Rexel

Nigel Thomas
17 Dec, 2013
New York City

CGG plunged 17% after the seismic surveyor lowered its fiscal outlook. Cable and Wireless climbed on report AT&T is one of the bidders. Dixons Retail said net loss narrowed and revenue jumped 6%. Rexel slid after a major investor sold its entire 7% in the distributor.

[R]3:40 PM Frankfurt – CGG plunged 17% after the seismic surveyor lowered its fiscal outlook. Cable and Wireless climbed on report AT&T is one of the bidders. Dixons Retail said net loss narrowed and revenue jumped 6%. Rexel slid after a major investor sold its entire 7% in the distributor.[/R]

In London trading, FTSE 100 index fell 0.3% or 21.19 to 6,501 and in Frankfurt the DAX index slid 0.3% or 32.17 to 9,131.

In Paris, CAC 40 index dropped 0.9% or 37.28 to 4,083.

BP Plc slipped 1.5% to 466.40 pence after the Financial Times reported that lawyers representing businesses seeking compensation for losses incurred from the 2010 Gulf of Mexico spill.

The company and Oman approved agreement for 30-year gas production and sales sharing deals to develop Oman-based Khazzan gas project at an estimated investment of $16 billion.

CGG SA tumbled 16.8% to €12.06 after the France-based seismic survey company slashed its profit target and expects revised earnings-before-interest-and-taxes for the year to drop between $400 million and $420 million from earlier forecasted of $470 million.

Cable and Wireless Communications Plc climbed 3.8% to 50.84 after the U.K.-based telecommunications service provider was the subject of merger rumors.

The company sold its non-core telecom assets and to focus on Caribbean and Central American businesses and raised approx $1.4 billion from disposals.

Dixons Retail Plc declined 4.6% to 48.96 pence after the U.K.-based consumer electronics retailer reported revenue in the first-half ending in October jumped 6% to £3.43 billion from £3.25 billion a year ago.

Net loss for the period narrowed to £83.5 million compared to £102.8 million and earnings per share fell to 2.3 pence from 2.7 pence a year earlier.

National Express Group Plc gained 1.6% to 266.90 pence after the U.K.-based transport service provider said total revenue for the year is expected to increase 10%.

The company added core express coach revenue in the fourth quarter is expected to increase 9% and grow 6% in the full-year.

Rexel SA fell 0.8% to €18.27 after the France-based electrical parts distributor confirmed Ray Investment completed the stake sale of 7% or 20 million shares at €17.90 per share.