Europe Movers: 3i Group, Automakers, Barclays, Centamin, Nationwide Building Society, Next, Veolia, Virgin Money UK

Inga Muller
21 Mar, 2024
Frankfurt

European markets traded at new intraday record highs after the U.S. Federal Reserve reiterated its estimate to cut rates as many as three times this year. 

The Swiss National Bank led other major central banks and cut its key lending rate by 25 basis points to 1.5%, while the Norges Bank held its policy rate at 4.5%, citing elevated inflationary pressures. 

The DAX index increased by 0.5% to 18,101.10, the CAC-40 index rose by 0.05% to 8,164.23, and the FTSE 100 index inched higher by 0.9% to 7,809.41.

The yield on 10-year German bonds edged down to 2.39%; French bonds inched lower to 2.83%; the UK gilts edged lower to 4.0%; and Italian bonds inched lower to 3.64%.

Volkswagen, Renault, Porsche, and Stellantis advanced between 0.3% and 0.7% after passenger car sales jumped more than 10% in the European Union in February. 

Barclays PLC gained 2.7% to 180.50 pence after the UK-based bank is expected to announce job cuts in the investment banking division as the company looks to reduce costs in underperforming divisions. 

Next plc jumped 5% to 8,943.50 pence after the UK-based apparel retailer reported improved pre-tax income and confirmed its current-year outlook. 

3i Group advanced 5.4% to 2,665.0 pence after the private equity group said its largest portfolio company, the discount retailer Action, reported 2023 net sales increased 28% to €11.32 billion and operating earnings rose 34% to €1.62 billion from a year ago, respectively. 

Virgin Money UK jumped 2.5% to 213.10 pence after the company agreed on purchase terms with the Nationwide Building Society. 

The Nationwide Building Society jumped 1% to £135.73. 

Centamin PLC jumped 4.5% to 110.40 pence after the gold miner reported annual gold production in line with the company estimates. 

Veolia Environnement SA gained 0.6% to €29.25 after the French water works company was selected by the Greater Paris Water Authority to manage its storage and distribution of water for 12 years starting in 2025.