Europe Movers: Heineken, Peugeot, SocGen, Storerbrand

Barry Randall
13 Feb, 2013
New York City

Banks were in focus after Societe Generale reported December quarter loss. BNP Paribas is scheduled to release earnings tomorrow. Storerbrand ASA dropped 9% on lower than expected earnings. PSA Peugeot said it will cut 900 million euros of costs. Heineken reported earnings above expectations.

Banks were in focus after Societe Generale SA and Storebrand ASA reported earnings.

SocGen declined 3.6% after it reported December quarter loss of €476 million compared to €100 million profit in the quarter a year ago. The bank wrote down goodwill of €392 million.

The lender also guided that it plans to meet the capital requirement in core Tier 1 ratio under Basle III between 9% and 9.5% by the end of this year.

The bank also issued 45 euro cents dividend a share, representing 26% payout of profit, after skipping the dividend in 2011.

BNP Paribas is scheduled to report its earnings tomorrow.

Heineken NV increased 5.5% to €54.79 after the third largest global brewer reported full-year earnings ahead of expectations.

Heineken NV the Netherlands based beer maker reported full year revenue increase of 7.4% to €18.4 billion compared to €17.1 billion. Net profit surged 106% to €2.95 billion from €1.43 billion and diluted earnings per share climbed 9% to €2.94 compared to €2.70 from a year ago.

PSA Peugeot Citroen soared 6% after the French automaker reported €5 billion loss in 2012 and said it will look for €900 million of additional spending cuts in 2013.

Peugeot Citroen is one of the most heavily shorted stocks across Europe with more than 16% of its outstanding shares lent to sellers.