Europe Movers: Lonza Group, Meyer Burger, Reinshaw, Swiss Re, Topps Tiles, Wizz Air

Inga Muller
03 Apr, 2024
Frankfurt

European stock market indexes flirted near record levels after overall inflation in the Euro Area unexpectedly eased in March. 

The DAX index increased by 0.3% to 18,337.92, the CAC-40 index rose by 0.3% to 8,150.63, and the FTSE 100 index inched lower by 0.4% to 7,904.85.

The yield on 10-year German bonds edged down to 2.36%; French bonds inched higher to 2.89%; the UK gilts edged lower to 4.08%; and Italian bonds inched higher to 3.79%.

Lonza Group advanced 1.5% to CHF 540.20 before the Swiss chemical maker requested a trading halt before the pending announcement. 

Swiss Re declined 2% to CHF 113.05 after the company appointed Andreas Berger as Group Chief Executive Office effective July 1. 

Renishaw plc declined 3.3% to 4,205.0 pence after Siemens AG confirmed it has no plans to acquire the British engineering company. 

Genmab A/S fell 1.8% to DKK 2,048.0 after the Danish biotech company announced the purchase of the privately held Profound Bio for $1.8 billion. 

Wizz Air Holdings rose 0.6% to 2,132.0 pence after the discount carrier announced its March passenger traffic statistics. 

In March 2024, Wizz Air carried 4,778,980 passengers, representing a 12.0% increase from a year ago at a load factor of 90.8%, impacted by home-bound traffic during the Easter holiday.

Over the twelve-month period to March, passenger traffic surged 21.4% to 62.0 million from 51.0 million in the similar period ending in March 2023. 

Topps Tiles declined 3.9% to 42.30 pence after the UK-based tiles and supplies retailer reported lower half-year sales. 

Sales in the first half ending in March declined 5.9% to £122 million, due to comparable sales in the second quarter falling 11.3%, driven by fewer customers and smaller sales volume. 

The company also issued a profit warning, citing weak market conditions and subdued demand for renovation from individual customers. 

"Group profitability in the first half of the year will be impacted by a number of factors, including the weaker market, the timing of the holiday pay accrual, and seasonally higher energy usage in the period. 

We continue to expect the group's profits in 2024 to be weighted towards the second half as indicated in our Q1 trading update," the company highlighted in its statement to investors. 

Meyer Burger Technology AG dropped 22% to CHF 0.016 after the Swiss solar panel maker said it completed its rights offering to raise additional capital.