Europe Movers: Essentra, Infineon Technologies, Mercedes Benz, Nordex, UBS

Bridgette Randall
29 Mar, 2023
Frankfurt

Essentra Plc increased 5.4% to 187.0 pence after the components and systems maker launched a stock repurchase program. 

The company said revenue in 2022 increased 12% to £338 million from £302 million and net loss expanded to £31 million from £5 million and loss per share rose to 10.3 pence from 1.6 pence from a year ago. 

The company announced a plan to return £150 million capital to shareholders, consisting of £90 million in special dividend (29.8 pence per share) and £60 million through a stock repurchase plan. 

Mercedes Benz Group AG decreased 2.1% to €70.36 after Kuwait Investment Authority plans to reduce its stake in the luxury automaker. 

Kuwait's sovereign wealth fund plans to sell 20 million shares at average price of Є69.27 and raise about Є1.4 billion. 

After the sale, the sovereign fund will still hold about 53 million shares or 4.8% stake in the company. 

Infineon Technologies AG increased 6.9% to €35.88 after the German chipmaker raised its outlook for the fiscal second quarter and full-year 2023. 

Nordex SE advanced 1.3% to €12.78 after the German wind turbine maker won contracts to supply and install 14 wind turbines with a total capacity of 78 MW in Greece. 

Two wind farms with a total of 10 turbines are to be built in Boeotia in Central Greece, while one wind farm with four turbines is to be installed in Achaia in the north-west of the Peloponnese in western Greece.   

After commissioning the three wind farms will produce more than 232 GWh of electricity a year, equivalent to the consumption of 60,000 Greek households, and reducing the emission of around 100,000 tons of CO2 a year. 

UBS Group AG increased 3.7% to Sfr 18.40 after the Swiss-bank rehired Sergio Ermotti as chief executive to lead the recent takeover of Credit Suisse. 

Ermotti served as chief executive for nine years to October 2020 and is currently Chairman of reinsurance company Swiss Re. 

Ermotti will replace current CEO Ralph Hamers on April 6 and Hamers will advise the company during the transition, said the company in a press statement.