Europe Movers: Delivery Hero, Direct Line, Gamma Com, Henry Boot, Kingfisher, Pennon, SBB Group

Inga Muller
25 Mar, 2024
Frankfurt

European markets traded around flatline after advancing in the previous week, and investors awaited the release of consumer inflation updates from Spain, Italy, and France. 

The DAX index decreased by 0.02% to 18,203.33, the CAC-40 index rose by 0.4% to 8,120.95, and the FTSE 100 index inched lower by 0.4% to 7,897.72.

The yield on 10-year German bonds edged down to 2.34%; French bonds inched lower to 2.82%; the UK gilts edged higher to 4.0%; and Italian bonds inched higher to 3.67%.

Kingfisher plc edged up 0.2% to 234.16 pence after the UK-based home-improvement retailer reported a sharp decline in its fiscal year 2023 annual profit. 

Pre-tax profit in the fiscal year plunged 22.3% to £475 million from £611 million a year ago. 

The company also estimated first-quarter comparable same store sales declined 2.3% and the company said it remained cautious because of the lag between housing demand and home improvement demand. 

The company proposed final dividend of 8.50 pence per share, matching the previous year's rate, and total dividend of 12.40 pence, same as the last year. 

In addition, the retailer estimated pre-tax earnings in the current year between £490 million and £550 million.  

Henry Boot dropped 1% to 182.11 pence after the UK-based property developer reported fiscal 2024 pre-tax profit decreased 18% to £37.3 million from £45.6 million. 

Delivery Hero SE declined 2.1% to €26.41 after the company said chief financial officer Emmanuel Thomassin would resign from his job at the end of September. 

The company's supervisory board is looking for a replacement. 

Pennon Group decreased 2.3% to 654.50 pence after the UK-based water utility company reported fiscal year results in line with management expectations. 

Gamma Communications PLC increased 0.1% to 1,350.80 pence after the company reported an increase in pre-tax annual profit. 

Direct Line Insurance dropped 12% to 183.47 pence after the Belgian insurance company Ageas said it would not make a third takeover offer. 

SBB Group rose 6.8% to SEK3.95 after the Swedish property group said it plans to buyback its debt at a 60% discount to the original issue price.