Europe Movers: Currys, Enel, EssilorLuxottica, HelloFresh, Imperial Brands, Marston's

Inga Muller
11 Mar, 2024
Frankfurt

European stock market indexes declined from record highs, and bond yields drifted lower after the European Central Bank supported the market view of a possible rate cut as early as June. 

The DAX index decreased by 0.7% to 17,686.07, the CAC-40 index fell by 0.4% to 7,999.17, and the FTSE 100 index inched lower by 0.3% to 7,637.33.

The yield on 10-year German bonds edged down to 2.26%; French bonds inched lower to 2.71%; the UK gilts edged lower to 3.95%; and Italian bonds inched lower to 3.59%.

Metals and mining companies fell after cautious comments from the Chinese minister. 

China's housing minister said on Monday that the government is prepared to let some property developers go bankrupt if they are deemed to be financially unviable. 

Anglo American declined 2.1% to 1,811.60 pence, and Glencore fell 2.2% to 391.70 pence after copper and iron ore prices eased on China's growth worries. 

Currys PLC dropped 8.7% to 59.15 pence after U.S.-based activist investment manager Elliott Investment Management said it no longer plans to make a bid for the electronics retailer. 

Marston's PLC decreased 1.1% to 29.50 pence after the UK-based pub's chairman William Rucker confirmed his plans to step down from the company's board as of July 8. 

Imperial Brands rose 2.1% to 1,728.0 pence after the company announced a stock repurchase plan of £11 billion.

HelloFresh advanced 3.7% to €7.11 after the German meal-kit company's stock plunged 40% last week following the company's weak outlook. 

Enel SpA rose 0.6% to €6.16 after the Italian energy company's subsidiary E-distribuzione announced its plans to sell some of its distribution activities for €1.2 billion to Italian regional utility A2A. 

LEG Immobilien gained 3.7% to €74.62 after the property company reported better-than-expected quarterly results. 

EssilorLuxottica decreased 2.1% to €204.45, and the Financial Times said that the company was one of the top contenders to acquire Italian eyewear maker Marcolin.