Europe Movers: BASF, Casino Enel, Guichard, Kenmare Resources, UK Homebuilders

Inga Muller
13 Jul, 2023
Frankfurt

European markets extended weekly gains on the hopes of peaking interest rates after inflation rates eased in France and in the U.S. 

The DAX index increased 0.5% to 16,110.39, the CAC-40 index advanced 0.7% to 7,383.67 and the FTSE 100 index advanced 0.4% to 7,445.35.  

The yield on 10-year German Bunds inched higher to 2.45%, French bonds traded lower to 2.99%, the UK gilts edged up to 4.45% and Italian bonds increased to 4.13%.

Enel SpA rose 1.4% to €6.32 after the Italian energy generator and electricity grid operator said its subsidiary Enel Green Power SpA has agreed to sell 50% stake in its two subsidiaries Enel Green Power Australia Pty Ltd and Enel Green Power Australia Trust. 

The company agreed to sell stakes to Inpex Corporation for €400 million.  

Homebuilders in London traded lower after Barratt Developments after the company warned of a challenging market environment and further slowdown in demand.

Barratt Developments PLC dropped 2.5% to 407.70 pence, Persimmons declined Persimmon Plc declined 0.6% to 1,044 pence and Taylor Wimpey Plc declined 1.7% to 103.10 pence. 

Casino Guichard Perrachon SA declined 5.2% to €3.15 after the estimated comparable sales in the second quarter fell 6.6% because of price cuts reflecting a tough market environment.  

Kenmare Resources plc declined 1.0% to 433.50 pence after the company lowered its full-year production estimate. 

BASF SE declined 0.6% to €46.44 after the German chemical maker lowered its full-year earnings outlook. 

The company said second quarter earnings dropped to €499 million from €2.03 billion in the quarter a year ago.