Europe Movers: Eni, Ispen, Phoenix Group, Playtech, Rexel, UniCredit, Vossloh

Inga Muller
16 Sep, 2024
Frankfurt

European markets struggled to advance as investors anticipated monetary policy decisions from several major central banks this week. 

The DAX index decreased by 0.2% to 18,658.57; the CAC-40 index rose by 0.03% to 7,467.89; and the FTSE 100 index decreased by 0.01% to 8,265.69. 

The yield on 10-year German bonds edged higher to 2.14%, French bonds inched lower to 2.83%, the UK gilts edged down to 3.77%, and Italian bonds decreased to 3.49%.

Eni SpA increased 0.1% to €14.03 after a report suggested that the Italian oil company is seeking to sell more shares in its renewable energy arm, Plenitude. 

UniCredit SA advanced 0.4% to €37.07, and the Italian lender announced its plans to start repurchasing €1.7 billion of its own stock. 

Ispen SA gained 5.5% to €111.50, and the French drug maker said it has aborted its plans to commercialize its prostate cancer treatment after the late-stage trial failed to meet its main goals. 

Phoenix Group Holdings PLC decreased 3.4% to 557.0 pence after the British insurance company reported strong first-half results and halted its plans to sell its SunLife business. 

IFRS loss in the first half widened to £698 million from £245 million a year ago, reflecting higher global interest rates and adverse equities. 

IFRS adjusted operating profit increased 15% to £360 million from £313 million because of higher income in its pension and savings and retirement solutions divisions. 

In addition, the company's board approved an increase of 2.5% in cash dividends in the first half to 26.55 pence per share. 

Playtech PLC jumped 13.5% to 742.0 pence after the UK-based gambling technology company said its adjusted core profit is likely to be ahead of market expectations. 

Vossloh AG jumped 2.7% to €47.25, and the German rail technology company said it secured a €100 million contract from DB InfraGo AG, a unit of Deutsche Bahn AG. 

Luxury goods and vehicle makers declined after China's latest economic data fell short of market expectations. 

Mercedes Benz decreased 0.9% to €56.25, VW fell 1.6% to €90.92, and BMW dropped 0.8% to €72.72. 

Kering SA fell 0.8% to €226.85, LVMH fell 0.03% to €607.90, and Hermes International dropped 0.9% to €1,899.50. 

Rexel SA increased 8.7% to €24.97 after the electrical supplies distributor said it received and rejected an unsolicited acquisition offer from billionaire Brad Jacobs-led QXO.