Europe Movers: Encavis, EasyJet, Hapag-Lloyd, Lanxess, K&S, RWE

Inga Muller
14 Mar, 2024
Frankfurt

Stock market indexes in Germany and France traded at new record intra-day highs, and crude oil prices rose to a 4-month high on rising tensions in the Middle East and lower crude oil inventories in the U.S. 

The DAX index increased by 0.2% to 18,003.06, the CAC-40 index rose by 0.9% to 8,207.69, and the FTSE 100 index inched lower by 0.1% to 7,767.24.

The yield on 10-year German bonds edged up to 2.36%; French bonds inched higher to 2.79%; the UK gilts edged higher to 4.02%; and Italian bonds inched lower to 3.56%.

K&S AG increased 5.7% to €14.03 after the Germany-based Europe's largest manufacturer of potash and salt miner reported better-than-expected annual results and guidance for the current year. 

Encavis AG soared 25% to €16.94 after the U.S.-based private equity firm KKR launched a 2.8 billion takeover offer for the German independent power generator. 

The renewable power producer operates more than 300 solar parks and wind farms in 12 countries in Europe. 

RWE AG gained 3.5% to €32.71 after the German power generator and trader reiterated its annual outlook. 

Hapag-Lloyd fell 1.1% to €132.80 after the Germany-based container shipping company issued an earnings warning for the current year.

Lanxess AG plunged 8.6% to €23.89 after the specialty chemicals maker based in Germany reported a wider fourth-quarter loss. 

EasyJet declined 2.2% to 525.20 pence after the discount airline completed the sale of a €850 million secured bond maturing in 2031 with an interest coupon of 3.75%. 

The company plans to use part of the proceeds of the offering to repay its existing debt, which will mature in 18 months. 

With the post-pandemic recovery, the company has repaid £1.6 billion and deleveraged its balance sheet. 

EasyJet bonds are expected to be rated Baa2 (with a stable outlook) by Moody's and BBB (with a positive outlook) by Standard & Poor's, with over 200 investors participating in the issue.