Europe Movers: Barclays, Bunzl, Hermes, Logitech, Mining Stocks, Puma, UniCredit

Inga Muller
24 Oct, 2023
Frankfurt

Benchmark indexes rebounded in Paris and Germany but indexes lacked direction in London after bond yields edged lower. 

The DAX index increased 0.1% to 14,822.20, the CAC-40 index rose 0.5% to 6,886.58, and the FTSE 100 index eased 0.01% to 7,374.21.

The yield on 10-yetrar German bonds decreased to 2.81%, French bonds traded lower to 3.43%, the UK gilts edged down to 4.56%, and Italian bonds eased to 4.81%.

UniCredit SpA increased 1.3% to €22.99, and the Italian bank reported third-quarter earnings that were ahead of market expectations.

Logitech International SA increased 7.7% to CHF 66.22 after the Swiss computer accessories maker revised higher its annual outlook.

Anglo American, Glencore, and Antofagasta advanced between 0.6% and 0.9% after the U.S. dollar weakened and base metal prices edged higher.

Barclays Plc declined 6.5% to 135.22 pence after the U.K.-based lender warned that the financial services provider is facing margin pressures, and the bank said it plans to accelerate its plan to cut costs later in the year.

Lloyds Banking Group declined 1.9% to 40.66 pence, and NatWest Group Plc dropped 2.2% to 210.20 pence.

Puma SE soared 3.8% to €52.76 after the German sportswear maker reiterated its full-year outlook.

Hermes International SCA advanced 2.3% to €1,720.60 after the luxury goods maker reported third-quarter sales that were ahead of the market's expectations.

Bunzl Plc fell 3.8% to 2,802.0 pence after the distribution services provider said third-quarter revenue declined 4.8% at constant currency exchange rates.

"We reiterate our confidence in the group’s 2023 adjusted operating profit being moderately higher than in 2022 at constant exchange rates.

We expect Group revenue, at constant exchange rates, to be slightly lower than in 2022, with the benefit of announced acquisitions offset by some organic decline, following strong organic growth in recent years, and a small impact from UK healthcare disposal.

The operating margin in 2023 is now expected to reach the record level seen in recent years," the company said in an update to investors released Tuesday.