Europe Movers: Adidas, Advanced Medical Solutions, Inditex, Sandoz, Volkswagen

Inga Muller
13 Mar, 2024
Frankfurt

Benchmark indexes in Europe advanced, Germany's wholesale price inflation decline accelerated in January, and eurozone industrial output dropped on the weakness in capital goods production. 

The DAX index increased by 0.1% to 17,976.13, the CAC-40 index rose by 0.4% to 8,123.63, and the FTSE 100 index inched higher by 0.2% to 7,759.53.

The yield on 10-year German bonds edged up to 2.31%; French bonds inched higher to 2.76%; the UK gilts edged higher to 3.96%; and Italian bonds inched lower to 3.59%.

The euro edged higher to $1.093, the British pound inched higher to $1.278, and the U.S. dollar held steady at 87.82 Swiss cents.

Sandoz Group declined 0.1% to CHF 27.76 after the generic drug maker said core net income in 2023 declined to $953 million from $1.2 billion a year ago. 

Inditex rose 5.6% to €43.40 after the apparel retailer reported higher sales and pre-tax profit in 2023. 

Volkswagen Group decreased 0.7% to €120.0 despite the German vehicle maker reporting strong financial results in 2023. 

Investors are worried that rising competition in China and in the company's domestic market from Chinese suppliers of electric vehicles is likely to negatively impact earnings in 2024. 

Adidas AG decreased 0.5% to €193.72 after the German athletic shoe maker reported an annual loss in 2023. 

Advanced Medical Solutions Group gained 1.7% to 214.08 pence after the UK-based company agreed to acquire Peters Surgical for a maximum price of 141.4 million. 

The company agreed to make an initial cash payment of €132.5 million on a debt-free and cash-free basis and an earnout of up to €8.9 million, approximately £7.6 million, payable on delivery of US regulatory approvals, achievement of fiscal year 2024 revenue and gross margin targets, and satisfying certain inventory and tax conditions.