Europe Movers: ABN AMRO, Beiersdorf, Coca Cola HBC, Continental AG, Commerzbank, Glencore, Vodafone, Puma, TotalEnergies

Inga Muller
07 Aug, 2024
Frankfurt

European market indexes traded higher and overcame global worries after market sentiment stabilized. 

The bond yields in the region traded near a six-month low, and the euro and the pound edged slightly higher. 

The DAX index increased by 1.3% to 17,573.64; the CAC-40 index rose by 1.7% to 7,252.66; and the FTSE 100 index advanced by 1.2% to 8,116.19. 

The yield on 10-year German bonds edged higher to 2.28%, French bonds inched higher to 3.02%, the UK gilts inched higher to 3.92%, and Italian bonds increased to 3.71%.

Novo Nordisk declined 3.7% to DKK 855.0 despite the Danish pharmaceutical company reporting weaker-than-expected second quarter profit and trimming its full-year outlook.

Puma SE decreased 11.2% to €36.79 after the athleticwear maker trimmed its full-year outlook. 

Commerzbank AG decreased 4.9% to €12.53 after the financial services company reported a decline in profit in the second quarter. 

Continental AG soared 5.8% to €57.54 after the automobile parts maker reported solid second-quarter results. 

Beiersdorf AG decreased 1.8% to €129.05, and the consumer products maker reported lower-than-expected second quarter results. 

ABN AMRO jumped 4.8% to €15.13 after the Dutch financial services company lifted its annual net interest income estimate.

Coca-Cola HBC decreased 2.7% to 2,686.0 pence after the Greece-based beverage bottling company cited macroeconomic headwinds in the second half of the year. 

Glencore increased 2.2% to 401.60 pence after the mining company shelved its plan to spin off its coal mining division, despite gaining support from its shareholders. 

Vodafone Group gained 3.2% to 72.66 pence after the wireless telecom operator launched its €500 million stock repurchase plan. 

WPP declined 2.6% to 698.40 pence after the advertising services provider agreed to sell its majority stake in FGS Global to KKR at an enterprise value of £1.7 billion. 

The state sale will generate a total of £604 million after tax. 

TotalEnergies SE increased 2.5% to €60.64 after the company agreed to sell a 50% stake in Total PARCO Pakistan Ltd. to Switzerland-based Gunvor Group.