Market Updates
Europe Movers: Greencore, Generali, Kontron, Saipem
Inga Muller
21 May, 2024
Frankfurt
European markets traded down after policymakers across Atlantic commented to scale down rate-cut expectations in the near future.
The DAX index decreased by 0.5% to 18,680.30; the CAC-40 index fell by 1.0% to 8,116.39; and the FTSE 100 index inched higher by 0.3% to 8,443.72.
The yield on 10-year German bonds edged up to 2.51%; French bonds inched higher to 3.01%; the UK gilts edged higher to 4.15%; and Italian bonds inched higher to 3.81%.
Kontron AG increased 3.1% to €20.48 after the German IoT company said it won a significant order to supply smart wallboxes.
Generali SpA decreased 2.6% to €23.21 after the company reported a slightly weaker profitability in its property and casualty unit.
Saipem SpA rose 3.2% to €2.36 after the energy contractor won three new orders worth $3.7 billion.
Greencore Group PLC soared 18.6% to 165.33 pence after the sandwich supplier to supermarkets announced its plans to buy back £50 million of its own stock over the next 12 months starting with £30 million purchase.
Revenue declined 6.1% to 866.1 million from 925.8 million and comparable sales rose 4.1% from a year ago, respectively.
Revenue decline reflects the sale of low-margin business Trilby Trading.
Basic earnings per share rose to 2.5 pence from a loss of 0.9 pence a year ago.
The company also said pre-tax profit in the first half soared to £14.7 million from a loss of £6.2 million a year ago.
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