Market Updates
Europe Movers: Ashmore Group, Associated British Foods, Churchill China, Vistry Group, Volvo
Inga Muller
05 Sep, 2024
Frankfurt
European markets lacked direction and hovered near two-week lows amid the global rate path and economic growth uncertainties.
Retail sales in the eurozone declined in July from a year ago, but Germany's factory orders rose unexpectedly.
The DAX index increased by 0.1% to 18,608.88; the CAC-40 index fell by 0.6% to 7,454.52; and the FTSE 100 index declined by 0.1% to 8,256.73.
The yield on 10-year German bonds edged lower to 2.22%, French bonds inched down to 2.95%, the UK gilts edged down to 3.94%, and Italian bonds decreased to 3.59%.
Volvo AB Class B increased by 0.2% to SEK 261.70 despite the automaker lowering its sales and profit estimates.
Associated British Foods decreased 5% to 2,365.18 pence after the parent company of Primark said wet weather negatively impacted its second-half retail sales.
Vistry Group PLC jumped 5.6% to 1,392.76 pence after the UK-based home builder said it plans to buyback £130 million worth of its own stock.
Churchill China declined 9.2% to 981.0 pence after the UK-based pottery company reported a sharp decline in revenue in its first half, driven by weakness in sales in the UK and Europe.
Revenue plunged 7.8% to £40.6 million, net income increased 3.1% to £3.5 million, and earnings per share rose 2.8% to 32.8 pence from 31.9 pence a year earlier.
The company announced to increase its interim dividend by 4.5% to 11.5 pence from 11.0 pence a year ago.
Ashmore Group gained 6.8% to 184.70 pence, and the emerging markets-focused fund manager reported slightly better-than-expected annual results.
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