Market Updates

Europe Movers: Accor, AXA, Lloyds Banking, Mercedes-Benz, Nestle, Repsol, Rolls Royce, WPP, Zurich Insurance

Inga Muller
22 Feb, 2024
Frankfurt

    Benchmark indexes in Paris and Frankfurt traded at new record highs after a slew of positive earnings supported market enthusiasm. 

    The DAX index increased by 1.1% to 17,310.18, the CAC-40 index rose 0.8% to 7,870.45, and the FTSE 100 index inched higher by 0.1% to 7,666.60.

    The yield on 10-year German bonds edged up to 2.45%; French bonds inched higher to 2.92%; the UK gilts edged higher to 4.11%; and Italian bonds inched higher to 3.94%.

    Zurich Insurance gained 3.3% to CHF 461.20 after the Swiss reinsurance company announced a stock repurchase plan. 

    Nestle SA declined 4.4% to CHF 94.69 after the largest packaged food maker in the world reported weaker-than-expected organic sales growth in its latest fiscal year. 

    Repsol SA increased 4.5% to €14.32 after the Spanish energy company committed to returning 4.6 billion in cash dividends to shareholders between 2024 and 2027. 

    WPP PLC declined 2.7% to 759.60 pence, despite the UK-based global advertising firm reporting full-year revenue and earnings in line with market expectations. 

    Accor SA increased 5.1% to €39.86 after the French hotel group reported a better-than-expected annual core profit. 

    Lloyds Banking Group rose 2.2% after the UK-based bank reported a rise in its annual profit. 

    AXA increased 2.8% to €32.05 after the French insurance group reported an increase in its underlying profit in the fiscal year 2023. 

    The insurance company also announced a stock buyback plan. 

    Rolls Royce soared 8.8% to 358.40 pence after the aviation and power engineering firm reported a sharp rise in its annual profit in fiscal year 2023 and estimated a higher profit in 2024. 

    Mercedes-Benz Group jumped 5.1% to €71.54 after the German automobile company lifted its dividend and estimated stable revenue in 2024. 

    Full-year 2023 revenue increased by 2% to €153.2 billion from €150.0 billion, and earnings before interest and taxes decreased to €19.7 billion from €20.5 billion. 

    Mercedes-Benz cars and vans sales increased 1.5% to 2,491,800 vehicles; battery-operated electric vehicles sales surged 61% to 240,700 units from 149,200; and eVans sales soared 51% to 22,700 units from 15,000 a year ago. 

    The company proposed to increase its dividend to €5.30 per share, up from €5.20 in 2022. 

    The company also proposed a stock repurchase plan of €3 billion, to commence immediately after the conclusion of the current stock buyback plan and be completed before the annual general meeting in 2025. 

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