Europe Movers: H&M, Munich Re, Sectra, Symrise

Inga Muller
15 Dec, 2023
Frankfurt

European stocks advanced and bond yields eased to 9-month lows after a flurry of key policy decisions from major central banks on Thursday supported a global market upswing for the second day.

The DAX index increased 0.6% to 16,848.20, the CAC-40 index rose 0.4% to 7,605.67, and the FTSE 100 index decreased 0.05% to 7,644.84.

Bond yields in the eurozone hovered near nine-month lows after the European Central Bank and the Bank of England held their interest rates steady on Thursday.

The yield on 10-year German bonds decreased to 2.04%; French bonds traded lower to 2.57%; the UK gilts eased to 3.73%; and Italian bonds inched higher to 3.72%.

Munich Re rose 1.4% to €381.70 after the Germany-based reinsurance company estimated a higher profit in 2024.

The company estimated 2024 profit to increase to €5 billion from €4.5 billion in 2023, citing stable business conditions in all business segments.

H&M rose 1.04% to SEK 178.56 after the Swedish retailer posted a 4% decline in sales in local currencies in the fiscal quarter ending in November.

Net sales in the fiscal year 2023 ending in November rose 6% to SEK 226 billion from SEK 223.5 billion in the previous year.

Excluding Russia and Belarus, sales increased by 8% in the Swedish Kronor and 1% in local currencies.

Sectra AB surged 13.4% to SEK 167.84 after the Swedish technology company reported strong interim earnings, driven by the strength in all operating units.

Net sales in the quarter ending in October soared 40.2% to SEK 787.7 million, and cloud recurring revenue soared 56.7% to SEK 93.4 million.

Net sales in the six months to October rose 31.1% to SEK 1,371.5 million, and cloud recurring revenue jumped 64.1% to SEK 179.8 million.

Symrise AG dropped 8.7% to €96.90 after the German flavor and fragrance chemical company trimmed its full-year EBITDA margin estimate.