Europe Movers: Air France KLM, Aixtron, Beiersdorf, CRH, IAG, Nordex

Inga Muller
29 Feb, 2024
Frankfurt

European markets edged higher and bond yields inched up after inflation in France and Spain eased, the jobless rate increased but retail sales dropped in Germany, and payrolls were stable in France. 

The DAX index increased by 0.4% to 17,672.06, the CAC-40 index gained by 0.8% to 7,961.29, and the FTSE 100 index inched higher by 0.2% to 7,639.69.

The yield on 10-year German bonds edged up to 2.50%; French bonds inched higher to 2.98%; the UK gilts edged lower to 4.26%; and Italian bonds inched lower to 3.95%.

International Consolidated Airlines eased 0.7% to 151.74 pence after the parent company of British Air and Iberian Airlines reported a surge in profit. 

Air France KLM dropped 8.2% to €10.47 after the international airline swung to a loss in the fourth quarter. 

Nordex jumped 4.8% to €10.10 after the German wind turbine maker narrowed its full-year net loss in the previous fiscal year. 

CRH PLC rose 7.2% to 6,646.0 pence after the Ireland-based diversified construction material maker reported a rise in pre-tax profit. 

Total revenue in 2023 increased 7% to $34.9 billion from $32.7 billion, net income from continuing operations increased 14% to $3.1 billion from $2.7 billion, and diluted earnings per share rose to $4.36 from $3.58 a year ago. 

Aixtron SE dropped 17.5% to €25.99 despite the semiconductor parts maker reporting fourth-quarter revenue ahead of market expectations. 

Beiersdorf AG decreased 2.8% to €133.90 after the maker of Nivea signaled slower revenue growth. 

The company guided the group's organic sales growth in the "mid-single-digit range" and consolidated EBIT margin "slightly above the previous year's level. 

Group's total sales in 2023 increased 10.8% to €9.5 billion, and Nivea business segment sales rose in double digits across all categories and geographies to €5.2 billion. Tesa business segment sales increased 3.2% to €1.7 billion. 

The company proposed a 43% increase in dividends to €1.0 per share and a stock buyback program of up to €500 million.