Europe Movers: BHP, Centrica, Commerzbank, Continental, Pernod Ricard, Renault, Safran, Schneider Electric, Stellantis

Inga Muller
15 Feb, 2024
Frankfurt

European markets rebounded, bond yields edged lower, and the pound edged lower after the UK economy entered into a technical recession. 

The DAX index increased by 0.6% to 17,040.08, the CAC-40 index rose 0.9% to 7,744.96, and the FTSE 100 index inched higher by 0.2% to 7,584.95.

The yield on 10-year German bonds edged down to 2.31%; French bonds inched higher to 2.81%; the UK gilts edged lower to 4.02%; and Italian bonds inched higher to 3.83%.

Commerzbank surged 3.8% to €10.88 after the German bank said it plans to return about one billion euros to shareholders after the company reported a 55% surge in its annual profit in 2023. 

The financial services company also reported fourth-quarter earnings that were ahead of market expectations. 

Schneider Electric gained 3% to €201.30 after the French company specializing in energy management lifted its dividend and estimated higher earnings and revenue in the current year. 

Renault SA jumped 6.6% to €40.19 after the French automaker and parent of Nissan returned to profitability in 2023 on the back of gains in sales and improvements in margins. 

Stellantis increased 4.3% to €23.61 after the parent company of Italian automaker Fiat announced its plan to buyback its own shares but the automaker reported a 10% decline in operating profit in the second-half due to strikes in North America. 

Continental AG increased 0.8% to €76.72, and the German tiremaker announced its plans to eliminate 7,150 jobs worldwide by 2025. 

Centrica gained 3% to 138.45 pence despite the UK-based utility reporting a decline in annual profit in 2023. 

Safran jumped 3.3% to €181.76 after the jet engine maker reported higher revenue and operating profit in 2023. 

BHP Group declined 1.5% to 2,336.0 pence after the Australia-based mining company signaled additional $3.2 billion impairment charge linked to the failure of Samarco dam in Brazil and a $2.5 billion charge in its nickel business in Western Australia. 

Pernod Ricard jumped 3.4% to €160.05 after the French spirit and wine company lowered its fiscal 2024 sales outlook but estimated demand improvement in the second-half in its key Chinese and the U.S. markets. 

Airbus SE declined 1.9% to €147.34 despite the aviation company announcing a special dividend supported by strong results in 2023.