Date: Tuesday 13 Jul 2010
Travel group Thomas Cook announced yesterday the €30m purchase of Öger Travel, a family-run German firm that mainly sells package holidays to Turkey, a popular destination for Germans. Thomas Cook is already the second-largest travel group in Germany but is less strong in Turkey.The shares have taken a thumping since the spring and are now selling on less than seven times this year’s earnings, with a yield approaching 6%. The fall is probably overdone; but concerns over the European travel industry remain says the Times.
News that the Toroa well in the South Falklands Basin contains about as much useable oil as the average deep fat fryer inevitably focused attention on the other operators drilling there, but has few implications for others such as Rockhopper Exploration. Rockhopper’s Sea Lion well is on the North Falklands Basin, geologically entirely different from the south and in shallower waters. Those with a taste for excitement should retain some exposure to Rockhopper, although it could be a rough ride says the Times.
Contractor and housebuilder Kier’s full-year profits will be towards the upper end of market expectations, which provided the impetus for yesterday’s 3.4% price jump. On almost nine times’ this year’s earnings, probably up with events says the Times. 
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