Europe Movers: Accor, FirstGroup, LVMH, Marston's, Pagegroup, Travis Perkins

Inga Muller
11 Oct, 2023
Frankfurt

European market indexes struggled to get traction and bond yields edged lower 

The DAX index decreased 0.01% to 15,423.79, the CAC-40 index fell 0.6% to 7,121.63 and the FTSE 100 index advanced 0.1% to 7,636.36.

The yield on 10-year German bonds decreased to 2.70%, French bonds traded lower to 3.27%, the UK gilts edged down to 4.32% and Italian bonds rose to 4.68%.

FirstGroup plc added 4.4% to 153.0  pence after the UK-based bus and rail group lifted its annual profit outlook. 

Marston's Plc declined 4.3% to 27.60 pence despite the pub operator reporting an 11% rise in sales in the fiscal year ending in September. 

Travis Perkins Plc dropped 5.7% to 759.60 pence after the U.K.'s largest distributor of building materials said annual earnings are likely to be below its forecast. 

"With commodity deflation expected to continue and the exit rate from the third quarter indicating further challenging conditions for the balance of the year," the company said in a regulatory filing. 

The company forecasted its adjusted operating profit in the range of £175 million to £195 million for the full-year.

Pagegroup dropped 4.0% to 407.0 pence after the UK-based recruitment company said its annual profits are likely to fall by a third because of ongoing macroeconomic headwinds in the UK, U.S. and Asia. 

Accor SA advanced 1.4% to €31.98 after the French hospitality group launched a €400 million stock repurchase plan. 

LVMH dropped 6.0% to €689.90 after the French luxury goods maker reported lower sales growth in the third quarter, prompting worries of an end of the post-pandemic luxury boom. 

LVMH said third quarter sales growth slowed to 9% from 17% in the second quarter and wine and spirit business revenue plunged 14% from a year ago.

Luxury peers Kering SA and Hermes International declined 1.5%.