Europe Movers: Admiral Group, Adyen, Geberit, Orsted, Rank Group

Inga Muller
15 Aug, 2024
Frankfurt

European markets retained an upward bias for the third day in a row. 

The U.K.'s GDP growth in the second quarter slowed, and the increase in activities in the service sector overcame the decline in the manufacturing and construction sectors. 

The DAX index increased by 0.2% to 17,921.19; the CAC-40 index fell by 0.2% to 7,322.07; and the FTSE 100 index advanced by 0.04% to 8,284.45. 

The yield on 10-year German bonds edged lower to 2.19%, French bonds inched down to 2.92%, the UK gilts edged lower to 3.85%, and Italian bonds inched up to 3.57%.

Admiral Group soared 7% to 3,009.0 pence after the home and vehicle insurer reported better-than-expected first-half results. 

Rank Group jumped 7.2% to 75.05 pence, and the parent company of Bingo Mecca swung to profit in the year ending in June, driven by higher revenue. 

Adyen NV advanced 8.7% to €1,236.80, and the Dutch payment solution provider reported strong first-half results and announced its plans to expand its business in India. 

Orsted AS decreased 6.8% to DKK 393.60, and the largest offshore wind farm operator reported weaker-than-expected results because of significant impairment charges. 

Net loss in the second quarter expanded to DKK 1.7 billion from DKK 538 million, driven by impairment losses of DKK 3.2 billion linked to the FlagshipONE project in Northern Sweden and delays related to the onshore substation Revolution Wind project near the shores of Rhode Island, U.S.A. 

Geberit AG dropped 3.5% to CHF 509.80 after the Swiss sanitary products maker reported quarterly results. 

Revenue in the second quarter increased by 4.4% to CHF 800.7 million from CHF 769.1 million, net income advanced by 4.1% to CHF 159.8 million from CHF 153.5 million, and earnings per share rose to CHF 4.82 from CHF 4.55 a year ago. 

The sanitary products company estimated 2024 sales in local currencies to match the previous year and the EBITDA margin to ease to 29%. 

The company also announced a stock buyback plan of CHF 300 million over the next two years.