Europe Movers: ABF, Anglo American, Kuehne & Nagle, JD Sports, Novartis, Renault, SAP, Taylor Wimpey

Inga Muller
23 Apr, 2024
Frankfurt

European markets advanced, and the FTSE 100 index reached a new high amid earnings optimism and hopes of improving economic conditions. 

The DAX index increased by 0.7% to 17,985.75; the CAC-40 index rose by 0.3% to 8,065.63; and the FTSE 100 index inched higher by 0.3% to a new intraday record of 8,050.04.

The yield on 10-year German bonds edged down to 2.48%; French bonds inched lower to 2.97%; the UK gilts edged lower to 4.21%; and Italian bonds inched higher to 3.79%.

SAP AG increased 4.4% to €173.10 after the German software and cloud services provider reaffirmed its 2024 outlook and said cloud services revenue rose 24% to €3.93 billion. 

JD Sports Fashion PLC rose 5.4% to 125.20 pence after the company proposed to acquire the U.S.-based Hibbett for $1.08 billion. 

Anglo American declined 1.9% to 2,119.0 pence after the mining company lowered its diamond production outlook. 

Kuehne & Nagle declined 2.8% to CHF 247.30 after the Swiss logistics company reported first-quarter earnings declined 40%. 

Novartis AG rose 4.4% to CHF 91.18 after the Swiss drugmaker raised its full-year outlook. 

Renault SA decreased 0.7% to €47.11 after the French automaker reported a slight increase in revenue in the first quarter. 

Associated British Foods plc soared 9.3% to 2,737.89 pence after the diversified conglomerate said first-half profit increased by 39%. 

The increase in profit was driven by the strength of the sugar and retail businesses at Primark. 

Taylor Wimpey rose 0.9% to 133.30 pence after the homebuilder reaffirmed its 2024 outlook, easing worries that higher interest rates may negatively impact sales.