Europe Movers: Aalberts, Billeurd, British Land, Marks & Spencer, RS Group

Inga Muller
22 May, 2024
Frankfurt

European market indexes edged lower amid ongoing interest rate uncertainty and an uneven economic rebound in the region. 

The DAX index decreased by 0.2% to 18,681.88; the CAC-40 index fell by 0.5% to 8,104.25; and the FTSE 100 index inched lower by 0.2% to 8,398.51. 

The yield on 10-year German bonds edged up to 2.53%; French bonds inched higher to 3.02%; the UK gilts edged higher to 4.23%; and Italian bonds inched higher to 3.83%.

British Land Company advanced 1.7% to 401.59 pence and gained for the second day in a row after the real estate developer agreed to sell its stake in a shopping center located in Sheffield, UK. 

Marks & Spencer Group gained 6.6% to 290.40 pence, and the retailer said annual profit rose to a decade-high. 

Revenue in the fiscal year ending in March rose 9.3% to £13.0 billion from £11.9 billion, profit after tax increased to £425.2 million from £364.5 million, and basic earnings per share advanced 18.4% to 21.9 pence from 18.9 pence a year ago. 

The company announced its final dividend of 2 pence per share, resulting in a full-year dividend of 3 pence, payable on July 5, to shareholders on record on May 31. 

RS Group PLC gained 1.1% to 815.50 pence after the British industrial and electrical products maker reported underlying annual profit declined by 25%. 

Aalberts NV decreased 3.1% to €46.56 after the Dutch engineering company said revenue in the first four months fell 2.6% from a year ago. 

Organic revenue for the building technology segment fell 6.1% and the industrial technology segment rose 1.7%, and the company said the added value margin "remained on a good level."

In 2023, the company's revenue increased by 4.5% to €3.3 billion, and earnings per share before amortization were €3.38.

Billeurd AB added 1.2% to SEK 112.50 after the Swedish paper company said it no longer plans to convert its Escanaba, Michigan, paper mill to cardboard production and focus on packaging materials after eighteen months of deliberations.