Market Updates
Europe Movers: Close Brothers, Next plc, Ocado Group
Inga Muller
19 Sep, 2024
Frankfurt
European markets advanced after the Federal Reserve cut its lending rate range by 50 basis points.
The Bank of England and the Norges Bank held steady their interest rate range.
The DAX index increased by 1.5% to 18,986.06; the CAC-40 index rose by 2.0% to 7,593.55; and the FTSE 100 index added by 1.3% to 8,363.69.
The yield on 10-year German bonds edged higher to 2.19%, French bonds inched higher to 2.93%, the UK gilts edged up to 3.84%, and Italian bonds increased to 3.55%.
Next plc increased as much as 2% before easing to a decline of 0.1% to 10,325.0 pence, and the UK apparel retailer estimated an annual profit of £1 billion.
Ocado Group jumped 6.6% to 372.15 pence after the online grocery store operator and technology company reported strong fiscal third quarter results.
The retail joint venture between Ocado and Marks & Spencer saw an increase in revenue of 15.5% to £658 million for the 13 weeks to September 1.
The company said active customer base increased 10.3% to 1.06 million and average weekly orders rose 14.7% to 437,000.
The company said the number of items per order edged up 0.7% to 44, and the average value of the order held steady at £120.97.
The company revised its sales outlook to "low double-digit percentage growth" from its previous forecast of "mid-high single-digit growth" in sales in the current fiscal year.
Close Brothers declined 4.9% to 501.70 pence, and the company said it agreed to sell its wealth management unit, Close Brothers Asset Management, to a private equity firm.
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