Europe Movers: Ascential, Carl Zeiss Meditec, French Luxury Stocks, ING, Topdanmark

Inga Muller
17 Jun, 2024
Frankfurt

Market sentiment in Europe recovered after a week of sharp selloffs that saw indexes plunge as much as 4% in Paris. 

The yield spread between German and French bonds stabilized and receded from a 7-year high last week after French President Emmanuel Macron unexpectedly announced a snap election. 

The DAX index increased by 0.001% to 18,003.75; the CAC-40 index fell by 0.03% to 7,500.91; and the FTSE 100 index declined by 0.1% to 8,138.79. 

For the week, the CAC-40 declined 4.3%, the DAX index dropped 2.4%, and the FTSE 100 index decreased 1.0%. 

The yield on 10-year German bonds edged lower to 2.38%. French bonds inched lower to 3.14%; the UK gilts edged lower to 4.07%; and Italian bonds decreased to 3.94%.

China-linked French luxury stocks traded down after a flood of China's economic data showed a fragile and uneven economic recovery. 

Retail sales growth accelerated in May, but property prices continued to drift lower in search of a bottom. 

LVMH declined 0.7% to €706.80, Kering dropped 0.1% to €302.15, and Hermes fell 0.6% to €2,100.0.

ING Group increased 1.7% to €15.58 after the Dutch bank targeted annual total income growth between 4% and 5% over the next three years to 2027. 

Carl Zeiss Meditec AG dropped 15.5% to €71.10 after the medical devices and technology maker said revenue in the first 8 months to May declined 3% from a year ago to €1.26 billion from €1.3 billion a year ago. 

The company said that because of weak order flows in April and May, it has lowered its full-year revenue outlook for the current fiscal year.

The company lowered its full-year fiscal 2024 revenue to €2 billion, excluding the recent acquisition of DORC. 

Topdanmark soared 22% to DKK 349.20 after the Finland-based insurer Sampo agreed to acquire its rival for DKK 33 billion, or $4.7 billion.

Ascential PLC increased 1.9% to 337.0 pence after the UK-based event management company reiterated its full-year revenue outlook ahead of its presentation to investors on June 19. 

The company recently completed its £300 million stock tender offer and £450 million special dividend.