Europe Movers: JD Sports, Porsche Automobil, Prosus, Naspers, Wise

Bridgette Randall
27 Jun, 2023
New York City

European markets erased morning gains after rate hike worries resurfaced. 

Major averages in Paris and Frankfurt turned lower after European Central Bank President Christine Lagarde reiterated the central bank's commitment in lowering inflation to 2%. 

Resource stocks were in focus on hopes that China will offer more targeted stimulus measures to revive faltering economic recovery soon. 

However, fears of higher rates also negatively impacted the metals and mining sector stocks. 

The DAX index increased 0.03% to 15,818.32,  the CAC-40 index declined 0.05% to 7,180.93 and the FTSE 100 index dropped 0.3% to 7,433.84.

The yield on 10-year German Bunds inched lower to 2.29%, French bonds traded lower to 2.83%, the UK gilts edged down to 4.31% and Italian bonds decreased to 3.94%.

Antofagasta Plc declined 0.4% to 1,464.50 pence and Glencore plc dropped 0.2% to 436.55 pence. 

Wise Plc soared 633.20 pence after the company reported a surge in profit in the financial year 2023 ending in March. 

Revenue in the year jumped 51% to £846.1 million from £559.9 million and profit before-tax soared 234% to £146.5 million from £43.9 million a year ago. 

Active customer base increased 34% to 10 million and transaction volume increased 37% to £104.5 billion. 

Prosus NV increased 5.5% to €66.49 and Naspers Limited jumped 8.3% to €31.60 after the company received an approval from South African regulators to eliminate cross holding structure. 

Sanofi SA declined 0.4% to €53.50 despite the drugmaker reporting positive results from its phase 2B study of Amlitelimab in adults with moderate-to-severe Atopic Dermatitis, a condition that causes dry, itchy and inflamed skin. 

JD Sports Fashion Plc declined 5.6% t0 138.40 pence after the specialty retailer reported a slowdown in sales in May. 

Porsche Automobil Holding SE declined 1.4% to €53.50 and the company signed a 5-year revolving credit for €2.5 billion to improve its liquidity position.