Market Updates
Europe Movers: Bellway, C&C Group, Mining Stocks, Rexel, Temenos
Inga Muller
07 Jun, 2024
Frankfurt
European markets headed lower, and investors digested a flood economic releases on Friday.
Germany's trade surplus soared and France's trade deficit widened in April, and German industrial production dropped at a slower pace in April.
UK home prices accelerated for the second month in a row.
The DAX index decreased by 0.8% to 18,498.81; the CAC-40 index fell by 0.7% to 7,983.86; and the FTSE 100 index declined by 0.5% to 8,241.45.
The yield on 10-year German bonds edged higher to 2.57%. French bonds inched higher to 3.07%; the UK gilts edged higher to 4.19%; and Italian bonds inched lower to 3.91%.
Temenos AG rallied 2.7% to CHF 60.0 after the Swiss software company announced a stock repurchase plan.
C&C Group declined 7.5% to 157.28 pence, and the company said its chief executive officer resigned from the company following the discovery of accounting errors.
Rexel SA decreased 0.5% to €26.95 after the distributor of electrical and ventilation products released its financial objectives ahead of its meeting with investors in Paris.
Bellway plc gained 1.7% to 2,828.0 pence after the home builder lifted its annual average selling price forecast.
Mining stocks continued to slide for the second consecutive week after China's import growth slowed to 1.8% in May.
Anglo American fell 0.9% to 2,391.0 pence, Glencore fell 1.7% to 469.20 pence, and Antofagasta dropped 2.4% to 2,161.0 pence.
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