Europe Movers: CMC Markets, Danone, Nordex, Tate & Lyle, Technip Energies, Vallourec

Inga Muller
20 Jun, 2024
Frankfurt

Investors bid up stocks after the Swiss National Bank lowered its policy rate for the second time in a row, the Bank of England held its policy rate for the seventh time in a row, and the Norges Bank held its rates at 4.5%. 

The DAX index increased by 0.6% to 18,180.11; the CAC-40 index rose by 0.9% to 7,642.93; and the FTSE 100 index advanced by 0.4% to 8,238.69. 

The yield on 10-year German bonds edged lower to 2.42%. French bonds inched higher to 3.16%; the UK gilts edged lower to 4.07%; and Italian bonds increased to 3.93%.

Tate & Lyle declined 8.2% to 622.0 pence after the British food ingredient maker agreed to acquire nature-based ingredient provider CP Kelco for $1.8 billion. 

Danone SA declined 3.2% to €57.0 after the French food company said it is targeting comparable sales growth between 3% and 5% in the period between 2025 and 2028 and recurring operating income to grow faster than net sales. 

The company said its current growth plan is expected to support its long-term objective of free cash flow of €3 billion. 

CMC Markets jumped 7.5% to 302.17 pence after the UK-based investment platform operator reported a 52% jump in annual income, and the company estimated higher profits in 2025. 

Adjusted pre-tax profit soared 52% to £80 million, and net revenue rose 11% to £259.1 million in the fiscal year ending in March. 

The company declared a final dividend of 7.3 pence, increasing the total dividend to 8.3 pence per share, an increase of 12% from a year ago. 

The company estimated net operating income to range between £320 million and £360 million in the current fiscal year, excluding variable remuneration and non-recurring charges, of approximately £225 million.

Technip Energies advanced 2.4% to €21.38, and the chemical and energy industry-focused company said it won a significant contract from Indian Oil Corporation Limited. 

Vallourec SA gained 1.9% to €15.30, and the pipe product maker for the energy industry said Abu Dhabi National Oil Company extended the original contract worth $900 million for the next two years. 

Nordex increased 1.6% to €12.44, and the wind turbine company won orders for 172 MW from various customers.