Europe Movers: Ashtead, BP, Bayer, Greggs, Spruengli, Schaeffler, Spirent, Thales

Inga Muller
05 Mar, 2024
Frankfurt

European markets were on hold ahead of the European Central Bank's rate decision on Thursday and the U.K.'s general budget on Wednesday. 

The DAX index decreased by 0.2% to 17,683.01, the CAC-40 index fell 0.2% to 7,945.10, and the FTSE 100 index inched lower by 0.1% to 7,629.88.

The yield on 10-year German bonds edged down to 2.38%; French bonds inched lower to 2.84%; the UK gilts edged lower to 4.08%; and Italian bonds inched lower to 3.77%.

Energy explorer Shell, BP. Repsol, and TotalEnergies traded volatile after crude oil extended losses for the second day in a row despite OPEC+ nations extending voluntary production quotas to June. 

The two-month-long crude oil price rally has stalled on the lack of demand growth from China and the steady supply growth in the U.S. 

Thales SA increased 8.2% to €149.70 after the defense electronics maker increased its dividend and estimated organic sales growth between 4% and 6%. 

Ashtead Group declined 5.5% to 5,412.0 pence after the power equipment rental company narrowed its full-year growth outlook, citing weak demand in North America. 

Spirent Communication soared 59% to 172.64 pence after the UK-based telecom company agreed to be acquired by telecom equipment company Vivavi Solutions for £1.01 billion. 

Bayer AG decreased 1.7% to €27.77 after the biotechnology and pharmaceutical company reported a decline in sales in the fourth quarter. 

Schaeffler AG declined 3.75 to €6.32 after the precision bearing product maker reported lower fiscal year earnings. 

Net earnings attributable to shareholders in 2023 decreased to €310 million from €557 million a year ago. 

Inchcape plc dropped 11.1% to 605.50 pence after the vehicle distribution company estimated moderate revenue growth in the current fiscal year. 

Lindt & Spruengli dropped 1.8% to CHF 105,800.0 after the Swiss chocolate maker reported higher profit despite cost headwinds in fiscal year 2023. 

Sales in 2023 increased 4.6% to CHF 5.2 billion from CHF 4.97 billion, and net income advanced 17.9% to CHF 671.4 million from CHF 569.7 million. 

The company hiked dividend per share by 7.7% to CHF 1,400 from CHF 1,300 a year ago. 

Greggs plc jumped 3.9% to 2,817.91 pence after the UK-based bakery chain reported a 13% increase in its annual profit in 2023. 

2023  total sales increased to £1.8 billion from £1.5 billion, and diluted earnings per share rose to 139.2 pence from 117.5 pence.

The company declared a regular dividend of 62 pence and a special dividend of 40 pence per share.