Europe Movers: Bodycote, Curry, Mining Companies, SThree

Inga Muller
12 Dec, 2024
Frankfurt

The Swiss National Bank lowered its rate at the steepest pace in ten years amid a weak global economic backdrop. 

The European Central Bank is expected to signal additional rate cuts over the next two quarters. 

The DAX index increased by 0.03% to 20,405.54; the CAC-40 index rose by 0.006% to 7,423.61; and the FTSE 100 index inched higher by 0.3% to 8,322.21.

The yield on 10-year German bonds edged higher to 2.15%, French bonds inched up to 2.90%, the UK gilts increased to 4.35%, and Italian bonds increased to 3.24%.

Mining companies advanced after China's political leaders agreed to increase the fiscal deficit ratio and issue new bonds to finance fiscal stimulus. 

Antofagasta declined 1% to 1,745.0 pence, Anglo American edged up 0.1%, and Glencore dropped 0.3% to 382.0 pence. 

Bodycote PLC jumped 0.8% to 669.27 pence after the thermal processing services provider expanded its stock repurchase plan by £30 million to £90 million. 

SThree Plc plunged 22% to 279.25 pence after the specialist recruitment company estimated a sharp decline in profits. 

Net fees for the fiscal year ending in November dropped 9% to £369.1 million, driven by a 7% fall in the contract segment, which represents 84% of net fees. 

The annual revenue in the UK, U.S., and Germany declined between 12% and 14%. 

The contract order book plunged 10% to £161 million. 

The company estimated fiscal 2025 pre-tax profit to hover around £25 million, including a one-time charge of £7 million related to cost-cutting efforts.

Curry PLC advanced 13.5% to 89.74 pence after the electronics retailer reported a narrower loss in the first half, and the company reiterated its annual outlook. 

Revenue in the first half increased 1% to £3.9 billion, net loss shrank to 8 million from 39 million, and diluted loss per share eased to 0.7 pence from 3.3 pence a year earlier. 

"Trading during the six weeks since the period end has remained in line with the Board's expectations, and the Group expects to see growth in profits and free cash flow for the year," according to the company's trading update released to investors.