Europe Movers: Bunzl, Pagero, Ryanair, Stellantis, UK Home Builders

Inga Muller
26 Feb, 2024
Frankfurt

European stock markets struggled for direction, and bond yields edged higher after investors lowered rate-cut expectations in the near future. 

The DAX index increased by 0.05% to 17,428.20, the CAC-40 index fell 0.4% to 7,933.15, and the FTSE 100 index inched lower by 0.4% to 7,681.13.

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

The yield on 10-year German bonds edged up to 2.37%; French bonds inched higher to 2.83%; the UK gilts edged lower to 4.09%; and Italian bonds inched higher to 3.81%.

The euro edged higher to $1.084, the British pound inched higher to $1.264, and the U.S. dollar gained to 87.93 Swiss cents.

Pagero Group AB declined 0.2% to SEK 49.60 after Thomson Reuters Corp. announced the acquisition of the company for $800 million of 8.1 billion Swedish kronor. 

Ryanair Holdings gained as much as 1% before easing 0.9% to €20.42 on local reports that the Ireland-based discount airline may increase peak summer air fares by as much as 10%. 

Stellantis NV decreased 1.9% to €24.13, and the vehicle maker announced a deal with leasing and fleet management company Ayvens for 500,000 by 2026. 

Persimmon declined 3.7% to 1,359.75 pence, Barratt Developments fell 1.7% to 470.20 pence, and Taylor Wimpey dropped 3.7% to 140.53 pence after the antitrust regulator opened an investigation into the sector. 

Bunz plc declined 4.7% to 3,150.0 pence after the international distribution group announced plans to acquire Nisbets in the UK and Pamark in Finland. 

Bunzl agreed to acquire an 80% stake in Nisbets Group for £339 million in cash, and additional earnings may be payable based on financial performance in 2024. 

In full-year 2023, Nisbets generated revenue of £498 million and pre-tax income of £40.2 million, and the company has an asset base of £242 million. 

In January, Bunzl signed an agreement to acquire its first business in Finland, Pamark, and increase its operations in 33 countries. 

Pamark distributes cleaning and hygiene, healthcare, foodservice, and safety products to a broad range of private and public sector customers in Finland. 

The company generated revenue of €56 million, or about £49 million, in 2023.