Europe Movers: Allianz, Beazley, Deutsche Telekom, Entain, Hikma Pharma, PageGroup, Persimmon, Sandoz, Siemens, Uniper, Zurich

Inga Muller
08 Aug, 2024
Frankfurt

European stocks reacted to domestic corporate results in the absence of economic news. 

Global markets calmed down after a week of jittery trading, and investors shifted their focus to the rate path in the eurozone. 

The DAX index decreased by 0.7% to 17,500.76; the CAC-40 index fell by 1.0% to 7,194.02; and the FTSE 100 index declined by 1.0% to 8,084.26. 

The yield on 10-year German bonds edged lower to 2.23%, French bonds inched lower to 2.97%, the UK gilts inched higher to 3.94%, and Italian bonds decreased to 3.67%.

Zurich Insurance Group decreased 2.5% to CHF 452.0 despite the Swiss reinsurance company reporting first-half earnings that surpassed market expectations. 

Beazley PLC jumped 12.5% to 716.50 pence after the UK-based insurance company reported its first-half results and revised its 2024 combined ratio estimate. 

Allianz increased 1.3% to €252.50 after the German insurance company reported better-than-expected second quarter earnings and reiterated its annual outlook. 

Siemens AG declined 0.8% to €154.64 after the German industrial company reported better-than-expected operating earnings and confirmed its full-year outlook.

Uniper SE declined 4.2% to €40.58 after the German utility company agreed to sell significant future hydropower production as a part of its hedging strategy. 

Deutsche Telekom increased 2.2% to €24.45 after the wireline and wireless telecom service provider reported in-line core earnings in the second quarter and raised its free cash flow outlook.

Sandoz Group dropped 6.2% to CHF 33.56, and the generic and biosimilar medicines maker reported first-half net income slumped 36%. 

Persimmon plc increased 2.5% to 1,575.50 pence after the UK-based home builder said it plans to build near the top end of the previously announced target range in 2024. 

Hikma Pharma soared 7.5% to 1,978.0 pence after the company posited strong half-year results and revised its full-year 2024 estimate. 

PageGroup declined 1.9% after the UK-based recruiting company reported a decline in revenue and earnings in the first half amid "challenging" market conditions. 

Entain PLC jumped 8.8% to 569.80 pence after the gambling group raised its annual outlook.