Europe Movers: Campari, Legal & General, Nordex, Reckitt & Benckiser, Ubisoft

Inga Muller
18 Sep, 2024
Frankfurt

European markets struggled to advance and traded in a tight range ahead of rate decisions from major central banks. 

Consumer price inflation in the eurozone was confirmed, and in the UK it held steady at 2.2%.

The DAX index decreased by 0.1% to 18,703.22; the CAC-40 index fell by 0.5% to 7,453.22; and the FTSE 100 index declined by 0.6% to 8,257.25. 

The yield on 10-year German bonds edged lower to 2.16%, French bonds inched lower to 2.89%, the UK gilts edged up to 3.84%, and Italian bonds increased to 3.54%.

Davide Campari Milano NV declined 5.3% to €7.16 after the Italian spirit maker's chief executive, Matteo Fantacchiotti, resigned after being in the office only five months. 

Reckitt Benckiser increased 1.3% to 4,671.0 after media reports suggested that the company is looking to sell its homecare business. 

Legal & General Group decreased 2.5% to 222.70 pence, and the UK-based financial services company agreed to sell home builder Cala Group for £1.35 billion to private equity groups. 

Nordex SE gained 1.9% to €15.18, and the German wind turbine maker said it won an order for 10 turbines from the wind and solar park developer Umweltgerechte Kraftanlagen GmbH & Co. KG. 

The company did not disclose the size of the order. 

Ubisoft Entertainment advanced 5.3% to €12.54 after BMO Capital Markets raised its rating on the stock to "outperform" from "market perform."

The brokerage firm said that the company is trading at a cheap valuation of 2.7 times its operating earnings, compared to a 10-year average multiple of 10.5. 

The company is also on track to complete its Є200 million cost savings, of which Є150 million has already been achieved. 

BMO lowered its price target to Є22 from Є27, and despite the tart price adjustment, the brokerage firm said that the stock is still trading at a substantial discount to its historic average.