Europe Movers: ASML, Alstom, Fresnillo, Siemens Energy, SAP, Tullow Oil

Inga Muller
24 Jan, 2024
Frankfurt

European markets advanced in cautious trading after positive corporate results supported market enthusiasm. 

The DAX index increased 1.0% to 16,792.86, the CAC-40 index rose 0.5% to 7,425.52, and the FTSE 100 index inched higher by 0.3% to 7,503.08.

The yield on 10-year German bonds edged up to 2.31%; French bonds inched higher to 2.81%; the UK gilts edged higher to 4.01%; and Italian bonds inched lower to 3.86%.

ASML Holding increased 6.3% to €751.80 after the Dutch semiconductor equipment maker reported fourth-quarter earnings ahead of market expectations.

Revenue in the quarter ending in December increased to €7.2 billion from €6.4 billion, net income advanced to €2.0 billion from €1.8 billion, and diluted earnings per share rose to €5.20 from €4.60 a year ago.

SAP SE soared 6% to €158.28 after the German information system company reported fourth-quarter results.

Revenue in the fourth quarter rose 5% to €8.5 billion from €8.0 billion, net profit soared to 1.2 billion from 326 million, and diluted earnings per share rose to €1.01 from 46 cents a year ago.

The company estimated 2024 cloud segment revenue between €17.0 billion and €17.3 billion, an increase between 24% and 27% in constant currencies.

The company said its restructuring, which will involve about 8,000 employees, is likely to cost €2 billion in 2024.

Alstom SA decreased 5.5% to €11.27 after the French train and mobility solutions provider reported weaker-than-expected fiscal third quarter sales.

Fresnillo Plc advanced 5.5% to 505.0 pence after the precious metal mining company said silver production rose in 2023.

Siemens Energy increased 7.5% to €13.35 after the company reported better-than-expected fiscal first quarter results.

Tullow Oil advanced 5.1% to 31.74 pence after the company said its 2023 energy production is expected to exceed its previous estimate.

Barry Callebaut AG advanced 1% to CHF 1,291.0 after the world's largest chocolate maker reported a slight increase in sales volume in the three months to November.

Sales volume for the quarter to November increased by 0.4% to 580,876 tons from 578,694 a year ago.

Revenue in the quarter increased by 6.2% to CHF 2.24 billion from CHF 2.14 billion a year ago.

Revenue in local currencies rose 14.1%.

Barry Callebaut reiterated its fiscal year guidance of flat volume and flat operating earnings.

During the fiscal quarter, prices of cocoa increased 68%, sugar advanced 40%, and dairy fell 26% from a year ago, respectively.