Europe Movers: Alstom, AP Moeller-Maersk, DSV, Eni, Hapag Lloyd, Hexagon Purus

Inga Muller
04 Oct, 2024
Frankfurt

European markets are on track to extend weekly losses between 1% and 3% amid rising tensions in the Middle East. 

Crude oil prices rebounded 8% this week, stoking fears of resurgent inflation.  

The DAX index increased by 0.2% to 19,046.54; the CAC-40 index rose by 0.5% to 7,515.22; and the FTSE 100 index declined by 0.2% to 8,245.95. 

The yield on 10-year German bonds edged higher to 2.18%, French bonds inched higher to 2.97%, the UK gilts edged up to 4.07%, and Italian bonds increased to 3.50%.

Container shipping companies and port terminal operators in Europe fell sharply following the rapidly deteriorating situation in the Middle East. 

AP Moeller-Maersk A/S decreased 5.3% to DKK 9,718.0, and Hapag Lloyd AG dropped 12% to €144.20. 

Oil and gas explorers advanced after crude oil prices extended weekly gains to 8% amid worsening situations in the Middle East. 

BP plc increased 1% to 413.35 pence, Shell PLC advanced 0.3% to 2,570.50 pence, TotalEnergies SE added 1.3% to €62.34, and Repsol jumped 5% to €12.19. 

Eni SpA increased 1.6% to €14.34, and the Italian energy company won a contract for the Liverpool Bay CO2 transportation and storage project. 

DSV A/S increased 7.3% to DKK 1,514.0 after the Danish logistics company raised €5 billion to partly finance its acquisition of Schenker. 

Last month, DSV agreed to acquire Schenker from Deutsche Bahn in a transaction valued at €14.3 billion at enterprise value. 

Hexagon Purus ASA dropped 15.5% to €0.81 after the Norwegian green automotive products provider mutually agreed to terminate its agreement with the Daimler Truck's U.S. subsidiary to provide battery-operated electric vocational vehicles. 

Alstom SA soared 4.4% to €19.55 after the French rail mobility company reaffirmed its annual operating earnings margin of 6.5%, an improvement of 80 basis points from the previous year.

The company said EBIT margins are improving because of tighter cost control, higher sales, and a better product mix.