Europe Movers: Cadeler, Intermediate Capital Group, Rheinmetall, SoftCat, ThyssenKrupp

Inga Muller
28 May, 2024
Frankfurt

European indexes struggled to advance ahead of inflation reports. Germany's wholesale price index declined at the slowest pace in nearly 30 months. 

The DAX index increased by 0.1% to 18,800.32; the CAC-40 index fell by 0.4% to 8,099.12; and the FTSE 100 index decreased by 0.4% to 8,289.11. 

The yield on 10-year German bonds edged down to 2.56%; French bonds inched higher to 3.05%; the UK gilts edged lower to 4.23%; and Italian bonds inched higher to 3.87%.

Rheinmetall AG increased 0.3% to €533.80 after the German automotive and arms company won an order from a European government for the supply of 35 mm AHEAD ammunition for the Skynex air defense system. 

Cadeler AS decreased 1.7% to €5.80 after the offshore wind turbine installation vessel reported a loss in the first quarter. 

Revenue in the first quarter was €19 million, matching the level in the period a year ago, and operating income swung to a loss of €10 million compared to a gain of €8 million a year ago. 

The company reiterated its 2024 revenue to range between €225 million and €245 million and its operating income between €105 million and €125 million. 

The company's order book swelled to €1.8 billion. 

In addition, the company completed a successful private placement on February 15 and sold 39.5 million shares at a price of NOK 44.50 per share, raising €155 million before transaction costs.

Softcat PLC declined 0.9% to 1,700.0 pence despite the IT infrastructure company reiterating its full-year outlook. 

ThyssenKrupp AG rose 1.9% to €4.82 after the company's material services unit's chairman, Martin Stillger, decided to resign effective May 31. 

Intermediate Capital Group rose 2.7% to 2,382.0 pence after the private equity group reported record management fees and assets under management. 

Management fees in the financial year increased 5% to £505 million, and fund management profit before tax soared 21% to £375 million. 

Total fee earnings and assets under management rose 11% to £70 billion at the end of the financial year 2024. 

The company declared a total ordinary dividend of 79 pence per share, increasing its annual dividend for the 14th year in a row.