Europe Movers: Hargreaves Lansdown, McBride, Merck, Nestle, Nokia, Pernod Ricard, Sartorius, Renault

Inga Muller
19 Oct, 2023
Frankfurt

Benchmark indexes in Europe extended weekly losses and bond yields advanced to 12-year highs and the euro and the pound hovered near 6-month low. 

The DAX index decreased 0.1% to 15,077.35, the CAC-40 index fell 0.5% to 6,929.24 and the FTSE 100 index fell 0.8% to 7,523.90.

The yield on 10-year German bonds increased to 2.93%, French bonds traded higher to 3.55%, the UK gilts edged up to 4.70% and Italian bonds eased to 4.99%.

Nestle SA decreased 2.2% to CHF 99.89 after the Swiss food company's nine-month sales growth disappointed investors. 

Nokia Oyj dropped 6.0% to €3.07 after the company reported weaker-than-expected third quarter results and the company added it plans to trim its workforce. 

The company said third quarter revenue declined 20% to 4.98 billion and net income plunged 69% to  133 million. 

The company  said it plans to eliminate as many as 14,000 jobs from the current 86,000 workforce base. 

The latest job cut announcement follows the rival Ericsson's plan to cut 8,600 jobs after the U.S.-based carriers AT&T, T-Mobile and Verizon are slowing or cutting their infrastructure spending.  

Hargreaves Lansdown PLC fell 4.5% to 704.50 pence after the retail financial services provider said client acquisition growth declined in the fiscal first quarter. 

McBride Plc soared 19.5% to 38.86 pence after the U.K.-based household products maker said market momentum of the second-half fiscal 2023 continued in the fiscal 2024 first quarter. 

Merck KGaA jumped 2.4% to €149.0 after the German pharmaceutical company forecasted sales growth to return in the fiscal 024 and the growth is expected to continue beyond 2025. 

Sartorius AG decreased 1.2%to €208.0 after the German biotech company reported results for the first nine months of the year.  

Pernod Ricard SA jumped 4% to €164.90 after the French wine and spirits maker forecasted higher sales in the fiscal 2024. 

Renault SA dropped 6.7% to €33.74 after the French automaker said currency weakness in Turkey and Argentina weighed heavily on its sales growth in the third quarter.