Europe Movers: Delivery Hero, Direct Line Insurance, Instem, Orsted, Prudential

Inga Muller
30 Aug, 2023
Frankfurt

European markets struggled on the worries of a rebound in inflation and looming economic slowdown after the U.S. second quarter GDP growth was revised lower to 2.0%  

The DAX index decreased 0.3% to 15,886.16, the CAC-40 index declined 0.3% to 7,350.99 and the FTSE 100 index advanced  0.4% 7,483.65.

The yield on 10-year German bonds decreased to 2.58%, French bonds traded lower to 3..10%, the UK gilts edged down to 4.45% and Italian bonds fell to 4.23%.

Prudential Plc increased 3.3% to 1,017.50 pence after the British insurance company said first-half operating profit increased 6% to $1.46 billion. 

Adjusted net profit rebounded to $947 million compared to a loss of $1.5 billion in the previous year, as the insurance company sold more insurance products to mainland Chinese visitors in Hong Kong.

Sales of new insurance products soared 39% to $1.5 billion after sales in Indonesia  advanced 42%, Africa 31%, Philippines 13% and   Malaysia 12% but declined 5% in Singapore and 18% in Vietnam. 

The company increased its interim dividend by 9% to 6.26 U.S. cents. 

Instem Plc soared 40% to 825.0 pence after the UK-based software company agreed to be acquired by the U.S.-based private equity firm. 

Orsted AS dropped 24% to DKK 424.80 after the Danish renewable energy firm issued an impairment alert of up to DKK 5 billion (or $730 million) in its U.S. portfolio.   

Direct Line Insurance Group Plc decreased a fraction to 160.70 pence after the home and automobile insurer announced the appointment of Adam Winslow, a senior executive at rival Aviva. 

Delivery Hero SE dropped 7.4% to €33.12 after the online food delivery service company reported operating and net loss in the first-half.