Europe Movers: BP plc, Clariant, Covestro, Diego. Standard Chartered Bank

Inga Muller
30 Jul, 2024
Frankfurt

The Euro Area GDP growth rate in the second quarter matched the first quarter, and Spain led the region with an increase of 2.9%. German GDP contracted by 0.1%. 

The DAX index increased by 0.5% to 18,399.36; the CAC-40 index rose by 0.4% to 7,471.95; and the FTSE 100 index decreased by 0.1% to 8,282.93.

The yield on 10-year German bonds edged higher to 2.35%, French bonds inched higher to 3.06%, the UK gilts inched higher to 4.05%, and Italian bonds increased to 3.75%.

Standard Chartered Bank increased 6.2% to 771.60 pence after the Asia-focused financial services company reported stronger-than-expected second quarter results.

The bank also announced a $1.5 billion stock repurchase plan. 

BP plc rose 1.3% to 458.85 pence after the energy company reported better-than-expected second quarter profit. 

The company reiterated its plans to buy back its stocks and increase its dividend. 

Revenue in the second quarter declined to $48.2 billion from $49.9 billion, net income attributable to shareholders swung to a loss of $129 million from a profit of $1.8 billion, and diluted earnings per share were a loss of 0.78 cents compared to a profit of 10 cents. 

Diageo plc dropped 6.6% to 2,380.0 pence after the spirits and alcohol drink distributor reported lower-than-expected annual profit. 

Net sales declined 1.4% to $2.03 billion from $20.6 billion, net income attributable to shareholders fell to $3.9 billion from $4.4 billion, and basic earnings per share fell to $1.73 from $1.96 a year ago. 

Ocado Group declined 6.4% to 404.80 pence after the UK-based online supermarket and technology group extended its debt maturity to fund its growth plans. 

Clariant AG declined 6.5% to CHF 13.55 after the Swiss chemical company reported a decline in second quarter profit due to lower prices and the company trimmed its annual sales outlook. 

Covestro AG increased 1.6% to €54.74 despite the German chemical company lowering the upper end of the full-year earnings estimate.   

Revenue in the second quarter declined 0.8% to €3.69 billion from €3.72 billion, net income swung to a loss of €72 million from a profit of €46 million, and earnings per share were a loss of 38 cents from a profit of 24 cents a year ago.