Europe Movers: BASF, Commerzbank, H&M, PUMA, SMA Solar

Inga Muller
26 Sep, 2024
Frankfurt

The rise in global tech stocks and the expectations of additional stimulus measures in China supported the market advance.

The Swiss National Bank lowered its lending rate for the third time in a row and said additional cuts are likely. 

The overall lending growth to households and non-financial corporations in the eurozone accelerated in August. 

The DAX index increased by 1.1% to 19,129.17; the CAC-40 index rose by 1.5% to 7,677.44; and the FTSE 100 index rose by 0.2% to 8,285.97. 

The yield on 10-year German bonds edged lower to 2.14%, French bonds inched lower to 2.94%, the UK gilts edged up to 3.99%, and Italian bonds decreased to 3.45%.

H&M Mennes & Mauritz AB dropped 4.5% to SEK 174.10 after the Swedish apparel retailer reported weaker-than-expected fiscal third quarter results. 

China-linked companies in Europe advanced after Chinese leaders pledged additional support to meet the annual economic growth target rate of 5%. 

Vehicle makers, luxury goods purveyors, and mining companies advanced for the third session in a row. 

Antofagasta gained 5.7% to 2,030.0 pence, Anglo American jumped 5.9% to 2,434.0 pence, and Glencore increased 4.8% to 422.75 pence. 

LVMH soared 7.4% to €663.50, Hermes International SCA added 7.2% to €2,178.0, Kering SA advanced 8.2% to €247.80, Richemont SA jumped 5.6% to CHF 129.40, Moncler SpA increased 6.6% to €52.08, and Prada gained 2.4% to €6.18. 

Puma SE increased 4.3% to €38.45 after the athletic footwear maker appointed Markus Neubrand as the company's chief financial officer and a board member. 

Commerzbank AG increased 5.3% to €16.17 after the German lender estimated higher profit and return on equity by 2027.

BASF SE decreased 2.2% to €44.33 after the German chemical company announced its plans to lower its fiscal year 2024 dividend to at least €2.25 per share, payable in 2025. 

The revised dividend is a decrease from the €3.40 per share dividend paid in 2023. 

The German chemical company plans to distribute €12 billion between 2025 and 2028, including 8 billion of stock buybacks and €2 billion of dividend payments, the company said in a statement. 

The company also estimated cumulative dividends to exceed €12 billion in the period between 2025 and 2028 and return on capital to reach 10% by 2028.

SMA Solar Technology AG increased 2.2% to €17.48 after the German company announced a companywide restructuring to increase efficiency, sharpen strategic focus, and lower operating costs.