Europe Movers: CRH, Cairn Homes, IAG, Iveco, Resource Stocks

Inga Muller
10 May, 2024
Frankfurt

European market indexes inched further into record territory as investors raised expectations for a rate cut in the summer. 

For the week, the DAX rose 4.3%, the CAC advanced 3.2%, and the FTSE 100 index gained 3.4%. 

In Friday's trading, the DAX index increased by 0.5% to 18,771.51; the CAC-40 index rose by 0.7% to 18,771.51; and the FTSE 100 index inched higher by 0.8% to a new intraday record of 8,447.45. 

The yield on 10-year German bonds edged down to 2.48%; French bonds inched lower to 2.98%; the UK gilts edged lower to 4.12%; and Italian bonds inched higher to 3.81%

Resource stocks advanced after copper, iron ore, gold, and silver prices edged higher in the hopes of demand recovery in China. 

Anglo American, Glencore, and Antofagasta advanced between 1% and 2%. 

Energy explorers advanced in trading after Brent crude oil prices advanced to one-week highs. 

CRH PLC soared 4.7% to 6,710.0 pence after the building materials provider reaffirmed its annual outlook. 

Cairn Homes PLC gained 3.9% to 146.60 pence after the Irish home builder said demand for homes across price ranges and types remains "exceptionally high." 

Iveco Group gained 3.3% to €12.08 after the truck and bus maker reported better-than-expected quarterly results. 

Revenue in the fiscal second quarter ending in March held steady at €3.36 billion, after-tax net income rose to €12 million from €10 million, and diluted earnings per share advanced to 6 cents from 2 cents a year ago.

International Consolidated Airlines Group soared 0.4% to 183.45 pence after the parent of British Air and Iberian Air said operating  profit in the first quarter rose to 68 million from 9 million a year ago. 

Chief Executive Luis Gallego said the company is "well positioned for the summer," indicating strong booking for the upcoming travel season. 

 Revenue in the first quarter increased to €6.4 billion from €5.9 billion, after-tax loss shrank to €4 million from €87 million, and basic loss per share eased to 0.1 cent from 1.8 cents.