Europe Movers: Assa Abloy, CRH, DS Smith Group, H&M

Inga Muller
27 Mar, 2024
Frankfurt

European markets inched further into record territory, and bond yields edged slightly lower, but the pound, the euro, and the Swiss franc stayed steady. 

The DAX index increased by 0.3% to 18,446.47, the CAC-40 index rose by 0.2% to 8,198.20, and the FTSE 100 index inched lower by 0.3% to 7,908.32.

The yield on 10-year German bonds edged down to 2.33%; French bonds inched lower to 2.81%; the UK gilts edged higher to 4.01%; and Italian bonds inched higher to 3.67%.

H&M jumped 13.5% to SEK 172.78 after the Swedish retailer reported better-than-expected quarterly results. 

Revenue in the quarter ending in February declined 2% to SEK 53,7 billion from SEK 54.8 billion, net income rose to SEK 1.2 billion from SEK 540 million, and earnings per share advanced to 75 cents from 33 cents a year ago. 

Assa Abloy AB decreased 1% to SEK 310.20, and the company announced the purchase of Wi-Fi service providers for hospitality and commercial real estate groups.

Nomdix and Global Reach, managed by the same management group with offices in Los Angeles and London, will become part of the company's hospitality group. 

The two companies collectively generate $30 million. 

The purchase of the company is expected to be immediately accretive.  

CRH increased 1% to 6,952.0 pence, and the building materials company confirmed it has completed the second divestment phase of its lime operations in the U.K. and Europe. 

DS Smith Group soared 7.5% to 391 pence after the paper and packaging company confirmed preliminary deal talks with International Paper that could lead to an offer of £5.7 billion or $7.2 billion. 

BP plc decreased 1.5% to 492.10 pence and Shell plc dropped 1.4% to 2,611.50 pence after crude oil prices declined for the second day in a row following the U.S. government agency weekly report showing rising crude inventories.