Market Updates
Europe Movers: Generali, Hill & Smith, Oracle, Persimmon, Porsche, Wacker Chemie
Inga Muller
12 Mar, 2024
Frankfurt
European stock market indexes struggled near record highs, and bond yields in the eurozone drifted lower after Germany confirmed a cooler inflation trend in February.
The DAX index increased by 0.2% to 17,786.57, the CAC-40 index fell by 0.01% to 8,018.20, and the FTSE 100 index inched higher by 0.9% to 7,742.50.
The yield on 10-year German bonds edged up to 2.29%; French bonds inched higher to 2.74%; the UK gilts edged lower to 3.92%; and Italian bonds inched higher to 3.60%.
Energy stocks advanced following the rise in crude oil prices after tensions in the Middle East.
BP plc advanced 1.6% to 479.10 pence, and Shell PLC gained 0.8% to €29.53.
Generali increased 1.9% to €22.65 after the Italian insurance company reported a record profit in 2023.
Oracle Corp. jumped 12.7% to €117.78 after the U.S.-based database company reported better-than-expected quarterly earnings.
Hill & Smith advanced 2.4% to 1,894.0 pence after the infrastructure products and services provider reported record annual sales.
Persimmon plc declined 3.3% to 1,329.0 pence after the UK-based home builder reported slightly lower-than-expected 2023 revenue earnings.
Wacker Chemie gained 6.3% to €110.30 despite the German chemical company estimating a slight decline in 2024 revenue and earnings.
Porsche Automobil SE increased 1.3% to €47.44 after the sportscar maker lifted its dividend but lowered its 2024 profitability outlook because of the launch of new electric and hybrid vehicles.
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