Europe Movers: Energy Stocks, Entain, Inditex

Inga Muller
13 Dec, 2023
Frankfurt

European stock market indexes hovered near the flatline ahead of the rate decision from the Federal Reserve later today.

The DAX index increased 0.1% to 16,810.98, the CAC-40 index rose 0.3% to 7,566.88, and the FTSE 100 index advanced 0.3% to 7,562.41.

The yield on 10-year German bonds decreased to 2.20%; French bonds traded lower to 2.74%; the UK gilts eased to 3.91%; and Italian bonds inched higher to 3.99%.

Energy exploration companies declined after crude oil prices dropped 4% in the previous session.

BP plc, Shell PLC, TotalEnergies SE, and Repsol fell around 0.3%.

Entain PLC rose 4.5% to 842.40 pence on a report that its chief executive, Jett Nygaard-Andersen, is stepping down and the board has appointed Stella David, a non-executive director, as interim chief executive until a permanent replacement has been found.

In August, the owner of Ladbrokes and Coral bookmakers set aside £585 million to cover penalties and fines related to a tax authority investigation into alleged illegal practices linked to a Turkish-facing online betting and gaming business that the company owned between 2011 and 2017.

Inditex rose 1.2% to €38.75 after the Spanish apparel retailer reported strong holiday sales and lifted its fiscal year 2023 margin outlook.

Net sales in the nine-month period ending in October increased to €25.6 billion from €23.0 billion, net income rose to €4.1 billion from €3.1 billion, and net income per share rose to €1.32 from 99 euro cents.

Gross margin increased 67 basis points from a year ago to 59.4%, and for the full-year 2023, the company estimated gross margin to increase by 75 basis points from a year ago.