Europe Movers: BHP Group, Elekta, LEG Immobilien, Hochschild, Mining Stocks, Oil Stocks

Inga Muller
28 Aug, 2024
Frankfurt

Market indexes in the Euro Area traded higher ahead of the inflation reports later in the week. 

Semiconductor equipment makers were in focus ahead of Nvidia's quarterly results later today for clues regarding direction of spending by leading tech companies. 

The DAX index increased by 0.8% to 18,831.22; the CAC-40 index rose by 0.5% to 7,603.56; and the FTSE 100 index fell by 0.1% to 8,336.07. 

The yield on 10-year German bonds edged lower to 2.23%, French bonds inched down to 2.96%, the UK gilts edged down to 3.94%, and Italian bonds decreased to 3.61%.

Mining companies retreated after copper prices fell from a five-week high of $4.20 per pound amid a weak China demand growth outlook. 

BHP Group slashed its imminent China group outlook but held out for higher prices, citing a prolonged global supply deficit. 

Antofagasta decreased 4.3% to 1,828.28 pence, Anglo American declined 1.8% to 2,239.0 pence, Glencore PLC dropped 1.8% to 403.15 pence, and BHP Group fell 1.5% to 2,064.0 pence. 

Hochschild Mining Plc declined 5.6% to 182.40 pence despite the precious metal mining company reporting strong first-half results on higher output and realized prices. 

Oil and natural gas exploration companies traded down following the decline in crude oil prices after tensions in the Middle East eased, but the prospect of a wider war remains elevated. 

BP Plc declined 0.9% to 428.20 pence, Shell PLC dropped 1.5% to 2,685.0, TotalEnergies SE dropped 0.4% to €62.48, and Repsol SA fell 1.3% to €12.48. 

Elekta AB increased 3.5% to SEK 71.45, and the Swedish radiation therapy company reported strong fiscal first-quarter results. 

LEG Immobilien SE fell 1.7% to €86.12 after the German real estate company launched a €500 million senior unsecured convertible bond offering due in 2030. 

The company intends to use proceeds to repay debt and for general corporate expenses.