Europe Movers: CMC Markets, Porvair, Societe Generale, UniCredit, Vodafone

Inga Muller
05 Feb, 2024
Frankfurt

European markets flatlined near recent highs, the service sector in Spain and Italy expanded, and Germany's merchandise trade surplus soared after imports fell at a faster pace than exports in December.

The DAX index decreased 0.1% to 16,902.94, the CAC-40 index fell 0.2% to 7,579.41, and the FTSE 100 index inched higher by 0.1% to 7,624.42.

The yield on 10-year German bonds edged up to 2.28%; French bonds inched higher to 2.78%; the UK gilts edged lower to 3.98%; and Italian bonds inched lower to 3.84%.

UniCredit SpA soared 10% to €29.36, an 8-year high, after the largest Italian bank reported a higher-than-expected profit and announced its plan to increase shareholder payout.

Total revenue in the fiscal year 2023 increased 17.3% to 23.8 billion from 20.3 billion, net profit surged 53.8% to €8.6 billion from €5.6 billion, and earnings per share soared 74% to €4.71.

The company plans to increase its shareholder distribution to at least 90% payout net profit in 2024, with an estimated distribution of €10 billion through dividends and stock repurchases.

The bank confirmed its plan to distribute 100% of its 2023 profit in the form of €5.6 billion in stock repurchases and €3.0 billion in dividends.

Moreover, Unicredit said it completed the €1.4 billion stock repurchase commenced in October by the end of 2023. 

CMC Markets plc soared 15% to 152.84 pence after the online trading platform announced its plan to cut 200 jobs to reduce its overall operating costs.

Vodafone Group fell 0.5% to 68.25 pence, despite the wireless telecom operator reporting higher-than-expected sales in the fiscal third quarter.

Societe Generale declined 0.6% to €22.97 after the French lender announced organization changes at its headquarters that would lead to 900 voluntary departures.

Delivery Hero decreased 4.5% to €15.93 despite the German food delivery platform meeting its fiscal year 2023 targets.

Porvair plc increased 1.5% to 669.90 pence after the UK-based filtration company reported higher fiscal year 2023 earnings and the company lifted its dividend.

2023 revenue increased 2% from a year ago to £176.0 million from £172.6 million, an increase of 1% on a constant currency basis.

Profit before tax rose 7% to £20.1 million from £18.7 million, and basic earnings per share advanced 8% to 34.8 pence from 32.1 pence a year ago, respectively.