Europe Movers: Casino Guichard, Evotec, Maersk, Pandora, Plus 500, Shell

Inga Muller
08 Jan, 2024
Frankfurt

European markets struggled to advance on the start of a new trading week amid rising geopolitical tensions in the Middle East. 

The DAX index increased 0.08% to 16,583.21, the CAC-40 index fell 0.2% to 7,404.69, and the FTSE 100 index inched lower by 0.4% to 7,662.18.

The yield on 10-year German bonds held steady at 2.16%; French bonds were nearly unchanged at 2.70%; the UK gilts edged up to 3.79%; and Italian bonds advanced to 3.86%.

Pandora increased 1.0% to DKK 956.60 after the Danish Jewelry Company reported that December quarter organic sales increased by 12% from a year ago.

Overall sales increased by 8%, surpassing the company's own forecast released in November of growth between 5% and 6%.

Revenue in the fourth quarter increased to DKK 10.8 billion, or $1.58 billion, from DKK 9.9 billion, while earnings before interest and tax rose to DKK 3.7 billion from DKK 3.2 billion.

Maersk declined 1% to DKK 13,765.0, and the company announced a significant rerouting of merchant shipments away from the Red Sea in response to the persistent threat posed by Yemen-based Houthi rebels.

Casino Guichard Perrachon declined 4.5% to €0.58, and the European Commission approved the transfer of control of the French retail company to a consortium led by Daniel Kretinsky. 

Evotec advanced 0.5% to €18.03 after the German biotech company announced progress in product development through its strategic partnership with Bristol Myers Squibb.

Oil companies were in focus after crude oil prices declined more than 1% after Saudi Arabia announced a sharp cut in oil prices and a rise in OPEC oil output.

Shell PLC decreased 1.9% to 2,523.0 pence after the company announced asset impairment charges between $2.5 billion and $4.5 billion, primarily linked to the assets in Singapore.

Plus500 increased 5.2% to 1,747.0 pence after the company reported annual results ahead of market expectations.

Revenue in 2023 increased to $725 million, operating earnings were $340 million, and the cash balance rose to $900 million.

The company said it will publish its preliminary results on February 12.