Market Updates
Europe Movers: Casino Guichard, Credit Suisse, Generali, Volkswagen
Bridgette Randall
14 Mar, 2023
Frankfurt
Energy explorers and refiners were among the decliners after Brent crude and natural gas prices extended losses to the fifth session in a row.
BP Plc declined 0.5% but Shell, TotalEnergies and Repsol gained between 1% and 1.5%.
Resource stocks were on the defensive following the decline in copper and iron ore prices by 1%.
Glencore, Antofagasta and Anglo American fell between 1% and 3%.
Volkswagen AG decreased 1.6% to €128.40 and the German automobile maker said it plans to invest €180 billion between 2023 and 2027 in "in the most attractive profit pools and regions, with more than two-thirds allotted for electrification and digitalization."
Total vehicle sales declined 7% to 8.3 million worldwide in 2022.
Group revenue in the full-year 2022 increased 12% to €279 billion and earnings after-tax increased 2.6% to €15.8 billion.
The automotive group reported an annual dividend of €8.70 per common share, an increase from €7.50 a year ago.
Credit Suisse AG declined as much as 4.5% before closing down 0.8% to Sfr 2.24 after the troubled Swiss-lender admitted "material weaknesses" in its financial reporting processes.
Casino Guichard Perrachon SA increased 7.3% to €8.35 after the French discount grocery chain said it plans to sell additional stake in the Brazil-based cash and carry chain Assai.
The company plans to sell its 13% stake or 174 million shares through a secondary public offering and raise between €550 million and €600 million.
Assicurazioni Generali SpA advanced 2.4% to €18.34 after the Italian insurance company reported record operating profit in 2022.
Annual Returns
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