Europe Movers: ABN Amro, Britvic, Hunting, InPost, Neste, ThyssenKrupp, Vodafone

Inga Muller
15 May, 2024
Frankfurt

European market indexes advanced after the Euro Area economy expanded, employment rose at a slower pace in the first quarter, and industrial production eased in March. 

The DAX index increased by 0.5% to 18,810.12; the CAC-40 index rose by 0.2% to 8,213.46; and the FTSE 100 index inched higher by 0.3% to 8,451.14.

The yield on 10-year German bonds edged down to 2.47%; French bonds inched lower to 2.98%; the UK gilts edged lower to 4.11%; and Italian bonds inched lower to 3.80%.

InPost increased 10.4% to €16.83 after the Polish parcel delivery company reported that its first quarter core profit surged by 36%. 

ABN AMRO Bank declined 3% to €16.18 after the Dutch bank reported weaker capital ratios in the first quarter following the rise of risk-weighted assets, which overshadowed strong earnings. 

The bank's CET 1 ratio, a measure of the bank's own capital to risk-weighted assets, decreased to 13.8% in the first quarter from 15.0% a year ago. 

Net interest income in the quarter decreased 2% from a year ago to €1.59 billion, and the bank guided 2024 to a net interest income of €6.3 billion. 

One of the three largest banks in the Netherlands said higher staffing expenses are likely to increase total costs to €5.3 billion. 

However, the bank's profit in the first quarter increased by 29% to €674 million, ahead of the market estimate of at least €510 million. 

The bank also confirmed the completion of the €500 million stock buyback plan it launched in February. 

Neste Oyj dropped 19.4% to €19.40 after the Finnish biofuel maker lowered its 2024 margin estimate for renewable energy products. 

Vodafone Group increased 3.6% to 76.16 pence after the struggling telecom carrier launched a €500 million stock buyback plan. 

Britvic Plc soared 7.7% to 988.0 pence after the British beverage maker said revenue and profit in the first half increased and the company announced a £75 million stock buyback plan. 

Hunting plc increased 22% to 454.0 pence on news that the engineering company won a new order worth $145 million from Kuwait Oil Company. 

ThyssenKrupp declined 1.9% to €4.83 after the German steelmaker lowered its annual sales and earnings outlook for the second time in three months.