Europe Movers: Covestro, Eni, IAG, MTU Aero, NatWest, Remy Cointreau, Sanofi, Signify, SKF

Bridgette Randall
27 Oct, 2023
Frankfurt

European markets lacked direction and extended weekly losses after the European Central Bank paused key lending rates after ten consecutive hikes. 

The DAX index increased 0.2% to 14,764.62, the CAC-40 index fell 0.6% to 6,845.73, and the FTSE 100 index edged higher by 0.06% to 7,378.05.

SKF AB Class B increased 0.8% to 178.70 Swedish kronor after the largest industrial bearing company said it plans to exit from its non-core operations.

Covestro AG decreased 2% to €47.69 after the company confirmed it was in merger talks with Abu Dhabi National Oil Company, or ADNOC.

Sanofi SA plunged 16.9% to €83.42 after the French pharmaceutical company said it plans to split its consumer healthcare business in the fourth quarter of 2024 through a stock exchange listing in Paris.

The French pharmaceutical company reiterated its full-2023 earnings per share to grow in the "mid single-digits" at a constant currency exchange rate.

Revenue in the third quarter declined 4% to €11.95 billion, but net income soared 21.6% to €2.5 billion, or €2.01 per share.

Eni SpA rose 0.7% to €15.57, despite the Italian energy company reporting a 67% drop in third-quarter profit.

Signify NV, formerly known as Philips Lighting NV, jumped 5.7% to €24.02 after the Dutch company reported strong core earnings.

International Consolidated Airlines Group SA, or IAG, declined 0.3% to €1.64 despite the parent companies of British Air and Iberian Air reporting better-than-expected quarterly results.

NatWest Group Plc plunged 11.9% to 181.25 pence after the UK's Financial Conduct Authority said in a report that the bank may have committed potential "regulatory breaches" related to a baking account scandal that led to the ouster of its chief executive, Alison Rose.

Remy Cointreau SA plunged 8.9% to €107.40 after the French spirit and wine company lowered its sales outlook and trimmed its profit estimate.

MTU Aero Engines AG declined 2.2% to €175.75 after the German aerospace and defense company reported a rise in adjusted sales and earnings and reiterated its annual outlook.