Europe Movers: Engie, Land Securities, Richemont, SCOR, Unilever

Inga Muller
17 May, 2024
Frankfurt

European markets halted three-week rally after investors scaled back rate-cut expectations following comments from policymakers.  

The DAX index decreased by 0.4% to 18,667.67; the CAC-40 index fell by 0.4% to 8,154.76; and the FTSE 100 index inched lower by 0.4% to 8,407.41. 

The yield on 10-year German bonds edged up to 2.48%; French bonds inched higher to 2.98%; the UK gilts edged lower to 4.11%; and Italian bonds inched lower to 3.78%.

Richemont SA increased 5.8% to CHF 145.40 after the Swiss luxury goods company announced several management and board changes. 

Richemont appointed Nicolas Bos, currently serving as chief executive of Van Cleef & Arpels, as the company's new chief executive, replacing Jerome Lambert. 

SCOR SE declined 7.7% to €29.70 after the French reinsurance company said first-quarter net income dropped 37% to €196 million from €311 million a year ago. 

Engie SA decreased 1.6% to €15.53 after the French electric utility reported a slight decline in its operating earnings in the first quarter amid broad weakness in revenue. 

Revenue dropped 24.6% to €22.0 billion from €29.6 billion, and operating earnings edged down 0.1% to €5.4 billion.

The company reiterated its 2024 recurring income outlook between €4.1 billion and €4.8 billion and its operating earnings, excluding nuclear division, to range between €7.5 billion and €8.5 billion. 

Land Securities declined 2.8% to 670.50 pence after the company said annual rental income declined to £371 million from £393 million in 2023. 

Pre-tax losses shrank to 341 million from 622 million, and the basic loss per share fell to 43 pence from 83.6 pence a year ago. 

The company hiked the dividend by 2.6% to 39.6 pence from 38.6 pence a year ago. 

Unilever advanced 0.6% to 4,307.0 pence after the consumer products company launched its €1.5 billion stock repurchase plan.