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Market Update : 
Europe Earnings: Cineworld, Lufthansa, Hilton Food, SAP, Tullow Oil
Author: Nigel Thomas
123jump.com
Last Update: 11:15 AM ET January 10 2014



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Cineworld Group plans to acquire Cinema City International for 900 million. Lufthansa said December traffic increased and restructuring costs to fall this year. Hilton Food said performance was in-line with expectations. SAP said revenue rose 2% and operating profit jumped 13%.

 
3:40 PM Frankfurt Cineworld Group plans to acquire Cinema City International for 900 million. Lufthansa said December traffic increased and restructuring costs to fall this year. Hilton Food said performance was in-line with expectations. SAP said revenue rose 2% and operating profit jumped 13%.

In London trading, FTSE 100 index jumped 0.8% or 53.67 to 6,745 and in Frankfurt the DAX index gained 0.5% or 45.88 to 9,467.

In Paris, CAC 40 index climbed 0.5% or 22.07 to 4,247.

Cineworld Group Plc surged 12.4% to 440.56 pence after the U.K.-based leisure and recreation provider confirmed it is in talks to acquire Warsaw-listed Cinema City International for 900 million or $1.48 billion. The deal creates chain with approx 2,000 screens across Europe.

Deutsche Lufthansa AG soared 8.2% to 60.69 after the Germany-based airline reported a rise in December traffic and said fuel and restructuring costs are expected to fall this year.

The company forecasted fuel costs of 6.9 billion or $9.39 billion in 2014 from an estimated 7.1 billion in 2013.

The airline estimated restructuring costs of 200 million in 2013, 80 million in 2014 and 20 million in 2015.

Hilton Food Group Plc gained 1.1% to 460 pence after the U.K.-based food processing company reported group''s performance was in-line with the board''s expectations.

SAP AG slipped 1.7% to 60.69 after the Germany-based business-management software maker reported total revenue in the fourth-quarter ending in December grew 2% to 5.10 billion from 5.02 billion a year ago.

Operating profit for the quarter climbed 13% to 1.80 billion compared to 1.59 billion a year earlier.

Tullow Oil Plc climbed 7.8% to 910.50 pence on media speculation that Norway-based Stat-oil may bid the company.


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