Market Updates
Europe Movers: Ryanair, Sainsbury, Sodexo
Inga Muller
02 Jul, 2024
Frankfurt
Election uncertainties in France and the UK overshadowed market trading in the eurozone and London.
The jobless rate in the currency union held steady at a record low in May, and consumer price inflation eased in May.
The DAX index decreased by 1.0% to 18,113.82; the CAC-40 index fell by 0.8% to 7,499.98; and the FTSE 100 index fell by 0.4% to 8,136.02.
The yield on 10-year German bonds edged higher to 2.60%; French bonds inched higher to 3.31%; the UK gilts edged higher to 4.25%; and Italian bonds increased to 4.13%.
Ryanair Holdings declined 3% to €16.15, despite the budget airline reporting record passenger counts in June.
Sodexo declined 4.4% to €81.90 after the food service provider and facilities management company reported weaker-than-expected revenue in the fiscal third quarter.
J. Sainsbury declined 1.5% to 253.73 pence after the grocery chain operator said that adverse weather had negatively impacted recent volume growth.
Revenue, excluding fuel, in the sixteen-week period ending on June 22 increased by 2.6%, and comparable sales rose by 3.0%.
The company reiterated its commitment to returning £250 million to shareholders after the sale of its core banking business to NatWest.
Additionally, the company plans to complete its £200 million stock repurchase program in the current fiscal year.
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