Europe Movers: 3i Group, Burberry, H&M, IWG, Renault, Serco

Bridgette Randall
29 Jun, 2023
New York City

The DAX index increased 0.1% to 15,968.48, the CAC-40 index jumped 0.8% to 7,342.16 and the FTSE 100 index decreased 0.2% to 7,482.67.

The yield on 10-year German Bunds inched higher to 2.34%, French bonds traded lower to 2.87%, the UK gilts edged up to 4.33% and Italian bonds increased to 4.02%.

H & M Hennes & Mauritz AB jumped 16% to SEK 182.60 after the Swedish apparel retailer reported stronger-than-expected results in the quarter ending in May. 

Net sales in the quarter increased 6% to SEK 57,626 million and operating profit declined to SEK 4.7 million from SEK 4.9 million and currency-adjusted inventories declined 20% from a year ago.  

Renault SA jumped 6.3% to €38.73 after the French automaker lifted its annual operating margin outlook following the success of recently launched new vehicles. 

For the full-year 2023, the company lifted its operating margin range to between 7% and 8% from the previous estimate of 6% or better and automotive  "operational free cash flow" equal to or more than €2.5 billion compared to the previous estimate  "superior or equal to €2 billion previously."

In the first-half 2023, the company estimated operating margin of 7% plus and operational free cash flow of €1.5 billion, including dividend of €600 million from Mobilize Financial Services. 

IWG Plc declined 4.9% to 133.20 pence after the office space provider offered a cautious outlook for the remainder of the year. 

Burberry Group Plc decreased 1.9% to 2,097.0 pence after the stock of the luxury apparel and accessories retailer traded ex-dividend. 

Serco Group Plc increased 11.3% to 158 pence after the security outsourcing services provider lifted its full-year outlook. 

The company guided revenue in the first-half to increase 13% to around £2.5 billion and underlying profit to increase at least 8% to £140 million from £130 million a year ago. 

The company guided full-year revenue growth of 4% on an organic basis to £4.8 billion and underlying trading profit of £245 million compared to £237 million in the previous year. 

3i Group Plc increased 1.5% to 1,910 pence after Action, the company invested in,  reported an increase in sales in the year so-far.