Europe Movers: ASM, Air Liquide, Filtronic, Handelsbanken, Kering, Reckitt Benckiser, Roche, Volvo

Inga Muller
24 Apr, 2024
Frankfurt

European market indexes edged slightly higher in cautious trading amid growing uncertainty about the level of interest rates after a possible rate cut in June. 

The DAX index increased by 0.3% to 18,194.82; the CAC-40 index rose by 0.3% to 8,126.60; and the FTSE 100 index inched higher by 0.5% to a new intraday record high of 8,084.75. 

The yield on 10-year German bonds edged up to 2.54%; French bonds inched higher to 3.04%; the UK gilts edged higher to 4.30%; and Italian bonds inched higher to 3.88%.

ASM International soared 9.9% to €584.40 after the water processing equipment maker reported better-than-expected first quarter results and raised its sales outlook for the second quarter. 

Volvo AB increased 0.4% to SEK 283.70, and the Swedish automaker reported first quarter revenue below market expectations but adjusted operating profit rose sharply. 

Svenska Handelsbanken AB dropped 9.5% to SEK 123.0 after the Swedish bank reported a decline in earnings in the first quarter. 

Net income declined to SEK 6.6 billion from SEK 6.81 billion a year ago, after expenses rose faster than income in the quarter. 

Net interest income advanced to SEK 11.59 billion from SEK 11.49 billion, and the bank's common equity Tier 1 ratio, a measure of the bank's financial strength, eased to 18.8% from 19.4% a year ago. 

Roche Holding AG decreased 2.8% to CHF 223.20 after the Swiss pharmaceutical company said first-quarter sales declined 6%. 

Evotec SE plunged 37% to €8.86 after the German biotech company reported full-year results and appointed a new chief executive. 

Revenue increased 4% to €781 million from €751.4 million a year ago. 

The company registered an operating loss of €47.5 million compared to a profit of €20.85 million a year ago. 

Excluding one-time items related to restructuring, adjusted operating earnings plunged 35% to €66 million from €101.5 million. 

The biotech company said business conditions are not likely to improve until the end of 2024, and a simplified business structure is expected to improve operating earnings by €40 million on an annual basis. 

Kering SA plunged 8% to €321.85 after the parent company of Gucci projected a 40% to 50% decline in operating profit in the first half. 

Casino Guichard-Perrachon increased 3% to €0.031 after the troubled French grocery retailer said it has launched a transformation plan that is aligned with the company's new vision. 

Filtronic soared 52% to 50.19 pence after the company announced a strategic partnership with Space Exploration Technologies Group. 

Reckitt Benckiser Group advanced 4.5% to 4,442.50 pence after the consumer products company said comparable revenue in the first quarter rose 1.5%. 

Air Liquide declined 1.6% to €187.54 after the French industrial gas provider said revenue in the first quarter declined 7.3% to €6.6 billion.

On a comparable basis, revenue rose 2.1% from a year ago. 

As a part of its cost reduction goals, the company cut its costs by €112 million in the first quarter, and the gas company is on track to meet its annual cost reduction goal of €400 million. 

The company reiterated its annual target of increasing its operating margin and delivering "recurring net profit growth" when measured at a constant currency exchange rate.