Europe Movers: Abrdn, Barclays, Danone, Essentra, Hermes, Indivior, Michelin, Renault

Inga Muller
24 Oct, 2024
Frankfurt

Positive earnings from leading industrial companies in Europe supported market gains and halted a three-day slide. 

The DAX index increased by 0.6% to 19,505.26; the CAC-40 index rose by 0.8% to 7,556.14; and the FTSE 100 index advanced by 0.5% to 8,303.41. 

The yield on 10-year German bonds edged lower to 2.26%, French bonds inched higher to 2.98%, the UK gilts edged up to 4.23%, and Italian bonds decreased to 3.46%.

Barclays PLC jumped 3.9% to 247.40 pence after the UK-based bank reported better-than-expected third quarter results. 

Indivior PLC jumped 10% to 722.0 pence after the UK-based pharmaceutical company reported strong third-quarter results. 

Essentra PLC rose 0.8% to 152.20 pence after the essential components manufacturer reiterated that adjusted operating earnings in the fiscal year 2024 would be in line with market expectations. 

Anglo American plc advanced 4.3% to 2,422.50 pence after the resource company raised its annual production outlook for platinum and nickel.

The company estimated platinum production to reach between 3.7 and 3.9 million ounces and nickel production to advance to 38,000 to 39,000 tons, backed by stable production conditions at its mines in Brazil. 

Abrdn dropped 9.3% to 148.75 pence after the Scottish asset management company reported a larger-than-expected fund outflow in the third quarter. 

Renault SA gained 6.5% to €42.95 after the French automaker reported a rise in sales in the third quarter and reiterated its annual outlook. 

Hermes International jumped 1.6% to €2,093.0 after the French luxury goods maker reported an 11.3% increase in sales in the third quarter. 

Danone SA gained 2.4% to €65.50 after the French dairy product maker reported higher-than-expected organic sales growth in the third quarter. 

Michelin SA declined 5.7% to €31.87 after the French tire maker lowered its annual sales volume outlook. 

The company said annual volume sales in the year are expected to decline between 4% and 6%, driven by the weakness in all business segments. 

Annual operating income is likely to be near Є3.4 billion from the previous estimate of Є3.5 billion, and free cash flow is likely to increase to Є1.7 billion from the previous estimate of Є1.5 billion.  

In the nine-month period to September, group sales declined 4.6% to Є20.17 billion from Є21.15 billion a year ago.