Europe Movers: Ashtead, BP, Ferrexpo, HSBC, Restaurant Group

Bridgette Randall
02 May, 2023
Frankfurt

BP Plc declined 4.8% to 508.70 pence after the energy company reported a decline in profit driven by lower crude oil and natural gas prices. 

The company declared an ordinary share dividend of 61.6 cents per share and announced to purchase $1.75 billion of its shares prior to the release of its second quarter results around the first week in July. 

The company also slowed its pace of stock repurchase to $4.0 billion, at the lower end of its $14 billion to $18 billion in capital expenditure in 2023, based on the $60 a barrel Brent crude price forecast. 

Net profit attributable to shareholders declined to $8.2 billion from $10.2 billion in the fourth quarter of 2022 but ahead of $20.4 billion in losses a year ago.  

HSBC Holdings plc increased 5.3% to 604.40 pence after the UK and China based lender tripled its quarterly profit. 

Ashtead Group plc increased 3% to 4,713.0 pence after the subsea equipment rental company announced a stock repurchase plan.  

The company plans to acquire $500 million of its own shares in the period starting today and ending on April 30, 2024. 

Restaurant Group Plc jumped 17.1% to 47.40 pence after the company said business between January and April of 2023 "continued to be very encouraging." 

Comparable sales in the first quarter ending on April 2 soared 37% at concessions or stores located at airports, increased at Pubs and 2% at Wagamama. 

In the first four months to April, comparable sales increased 31% at Concessions, 4% at Wagamama and increased 6% at Pubs. However, comparable sales declined 3% at restaurants included in leisure. 

Ferrexpo Plc increased 1.8% to 110.0 pence after the company said chief executive Jim Norton will step down after nine years leading the iron ore pellet maker.