Europe Movers: ASML, Greggs, J Sainsbury, Hunting

Inga Muller
10 Jan, 2024
Frankfurt

European markets struggled to advance, bond yield held firm, and the euro edged slightly higher against the dollar in Wednesday's trading. 

The DAX index increased 0.3% to 16,741.54, the CAC-40 index rose 0.2% to 7,442.13, and the FTSE 100 index inched lower by 0.3% to 7,664.76.

The yield on 10-year German bonds edged down to 2.16%; French bonds inched lower to 2.69%; the UK gilts edged down to 3.77%; and Italian bonds decreased to 3.80%.

ASML edged up 0.06% to €654.90, and the Dutch chip-making equipment maker was in focus after TSMC, the world's largest chip-making foundry, reported better-than-expected fourth-quarter revenue.

J Sainsbury plc declined by 5% to 290.54 pence after the UK-based grocery company reported weaker-than-expected sales during the holiday period.

Total retail sales, excluding fuel, in the sixteen-week period ending on January 6 rose 6.5%, and in the six-week Christmas holiday period, sales advanced 4.9%.

Grocery sales rose 9.3% and 8.6%, and non-food sales rose 1.5% and decreased 1.3%, excluding the impact of Argos in Ireland, in the sixteen-week and six-week periods, respectively.

Greggs plc rose 6% to 2,623.95 pence after the bakery and convenience food retailer reported strong year-end sales.

Total sales in the financial year 2023 rose 19.6% to £1.8 billion from £1.5 billion, and comparable sales at the company-managed stores rose 13.7% in the year and 9.4% in the fourth quarter.

The company opened a record 220 new stores in the year, with 33 closures and 42 relocations, resulting in a net new 145 stores totaling 2,473 stores at the end of 2023.

Hunting Plc increased 2.4% to 280.50 pence after the precision engineering group reiterated its 2023 outlook and confirmed it is in alignment with market expectations.