Europe Movers: ABB, Allianz, Chemring, Deutsche Telekom, Lufthansa, Standard Chartered

Inga Muller
23 Feb, 2024
Frankfurt

European market indexes traded around recent highs, and the euro and bond yields advanced. 

The DAX index increased by 0.04% to 17,375.48, the CAC-40 index rose 0.2% to 7,928.72, and the FTSE 100 index inched higher by 0.1% to 7,689.65.

For the week, the DAX increased 1.7%, the CAC-40 index advanced 2.6%, and the FTSE 100 index decreased 0.4%. 

Standard Chartered rose 7.7% to 652.0 pence after the UK-based and emerging-markets-focused bank announced a $1 billion stock buyback program. 

The bank said annual profit in 2023 increased 18% to $3.47 billion from $2.95 billion a year ago. 

Credit impairment charges related to its exposure to China's commercial real estate sector declined to $282 million from $582 million in 2022, suggesting that the overall picture may be less gloomy than expected. 

Still, the bank has taken about $1.2 billion in charges related to its exposure to China's commercial property sector. 

The bank's net interest margin increased to 1.67% in 2023 from 1.41% in 2022, and the wider net margin increased net interest income by 23% to $9.6 billion. 

Allianz decreased 3% to €248.80 after the German insurance company reported slightly lower-than-expected fourth-quarter earnings. 

Chemring decreased 1.5% to 357.0 pence after the aerospace and defense group reiterated its fiscal 2024 outlook. 

ABB declined 1.7% to CHF 39.93, and the Swiss engineering company appointed Morten Wierod as its new chief executive officer.

Deutsche Telekom declined 2.5% to €21.78 after the German telecom operator reported a loss of €1.04 billion, or 21 euro cents, in the fourth quarter. 

Deutsche Lufthansa dropped 4% to €7.20 after the German airline reshuffled its board.