Europe Movers: DS Smith, Deutsche Post, Legal & General, Symrise, Tullow Oil

Inga Muller
06 Mar, 2024
Frankfurt

European markets struggled to advance ahead of the European Central Bank's rate decisions, inflation, and growth outlook. 

Eurozone annual retail sales in January declined for the sixteenth month in a row, and Germany's trade surplus rose to a record January high after exports rose and imports declined. 

The DAX index increased by 0.2% to 17,744.54, the CAC-40 index rose by 0.3% to 7,955.50, and the FTSE 100 index inched higher by 0.3% to 7,668.28.

The yield on 10-year German bonds edged down to 2.35%; French bonds inched lower to 2.81%; the UK gilts edged lower to 4.05%; and Italian bonds inched lower to 3.72%.

Legal & General Group declined 2.2% to 239.91 pence after the UK-based insurance company reported flat operating profit in 2023. 

DS Smith increased 0.5% to 321.90 pence after the paperboard and packaging company reported better-than-expected fiscal third quarter profit and the company estimated a positive outlook in the current quarter. 

Deutsche Post declined 5.8% to €39.27 after the parent company of DHL cautioned flat annual earnings in the current fiscal year. 

Symrise advanced 4.9% to €100.90 after the German flavor and fragrance company reported a better-than-expected core annual profit in 2023. 

Tullow Oil fell 0.5% to 28.11 pence after the independent energy company reported a decline in pre-tax profit on lower crude oil prices and impairment charges. 

Total revenue in 2023 declined to $1.6 billion from $1.8 billion, net income from continuing activities swung to a loss of $110 million from a profit of $49 million, and basic earnings per share were 7.6 cents a loss compared to 3.4 cents a profit a year ago. 

Energy production in the quarter increased to 55,754 from 55,170, but the realized oil price fell to $77.50 from $88.0 a year ago.