Europe Movers: LVMH, Mercedes Benz, Petrofac, Resource Stocks, Volvo

Bridgette Randall
12 Apr, 2023
Frankfurt

Resource companies led the gainers for the second day this week after the dollar eased and commodities prices advanced. 

Antofagasta and Glencore advanced between 1% and 2% and BP Plc and Shell Plc advanced between 0.5% and 0.7%. 

Petrofac Limited declined 13% to 63.05 pence after the oilfield services provider estimated full-year 2022 operating loss between $150 million and $170 million driven by an operating loss between $240 million and $260 million in its engineering and construction division. 

Volvo AB Class B share increased 7.4% to kr208.65 after the vehicle and industrial equipment company reported record first-half profit on higher revenue and margins. 

LVMH Moet Hennessy Louis Vuitton SE decreased 0.4% to €836.60 after the luxury products maker said revenue in the first quarter increased 17% to €21 billion. 

Fashion and leather goods sales advanced 18% to €10.7 billion and the Selective Retailing group, which includes Sephora and DFS shops at airports, surged 30% to €3.9 billion. 

"Europe and Japan, which enjoyed strong growth momentum, benefited from robust demand from local  customers and international travelers; the United States, a market which continues to grow, had a steady  performance. Asia experienced a significant rebound following the lifting of health restrictions," said the company in its quarterly statement released Wednesday. 

Mercedes Benz AG increased 0.7% to €69.34 after the luxury automaker reported moderate increase in sales. 

Mercedes Benz car sales increased 3% in the first quarter to 503,500 units driven by an 89% jump in battery electric vehicles to 51,600 units.  

Battery electric vehicle sales reached 10% of overall sales compared to 6% in the year ago quarter.