Market Updates
Europe Movers: Melrose Industries, Prudential, PostNL, Ryanair Holdings, Scottish Mortgage, Telecom Italia
Inga Muller
06 Nov, 2023
Frankfurt
European stock markets halted a 5-day rally, bond yields drifted lower for the second week in a row, and the euro and the pound edged higher.
The DAX index decreased 0.3% to 15,149.54, the CAC-40 index fell 0.3% to 7,025.69, and the FTSE 100 index was flat at 7,417.97.
Telecom Italia SpA declined 0.3% to €0.25 after the company agreed to sell its landline business to the U.S.-based private equity group KKR LP for €19 billion.
PostNL NV dropped 11% to €1.59 after the Dutch parcel delivery company reported a quarterly loss and forecasted annual profit to fall near the low end of its previous estimate.
Ryanair Holdings plc increased 6.6% to €16.21 after the discount airline forecasted a record annual profit and indicated its plan to pay a regular dividend.
The discount carrier said its fares increased by 24% during the summer, and fares are likely to remain high for years because of limited capacity.
Europe’s largest airline by passenger numbers estimated a full-year after-tax profit to fall between €1.85 billion and €2.05 billion for its financial year ending in March, ahead of the previous record in 2018.
Scottish Mortgage Investment Trust PLC declined 0.5% to 684.48 pence after the company reported a decline in net asset value in the first half of the fiscal year.
Prudential plc decreased 0.8% to 892.60 pence after the insurance company reported a slower pace of growth in the third quarter from the previous quarter.
Melrose Industries PLC rose 3.5% to 507.0 pence after the company's unit, GKN Aerospace, signed a new agreement with GE Aerospace.
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