Europe Movers: Antofagasta, Richemont, Renault, Rio Tinto, Stellantis, Whitbread

Inga Muller
16 Jan, 2025
Frankfurt

Benchmark indexes in Paris soared, driven by a surge in luxury stocks after Richemont SA reported a strong increase in quarterly sales. 

Italy's trade surplus in November after imports fell at a faster pace than exports.   

The DAX index increased by 0.2% to 20,612.99; the CAC-40 index rose by 2.2% to 7,623.41; and the FTSE 100 index inched higher by 0.7% to 8,365.77.

The yield on 10-year German bonds edged lower to 2.55%, French bonds fell to 3.36%, the UK gilts decreased to 4.71%, and Italian bonds edged lower to 3.70%.

Richemont SA soared 16.6% to CHF 162.15 after the parent company of Cartier reported a 10% increase in sales in the December quarter. 

Quarterly sales grew 10% year-on-year to €6.15 billion, following a 1% drop in the previous quarter.    

Improvements in the first half of the year came with the acceleration of sales in jewelery by 14% and fashion & accessories by 7%.

Sales in the Americas surged 22%, in Europe advanced 19%, in the Middle East by 20% and in Japan by 19%. 

However, sales in Asia Pacific, which includes mainland China, declined 7% from a year ago. 

The company reported a net cash position of €7.9 billion.    

Nine-month sales increased 4% to €16.2 billion, and 3% at actual exchange rates.

Luxury peers advanced sharply in Paris and Milan after the company's sales update. 

Hermes International SCA jumped 5.9% to €2,504.0, LVMH advanced 9.5% to €697.70, and Kering SA soared 9.2% to €243.75. 

Rio Tinto plc gained 1.7% to 5,017.0 pence after the UK-based mining company reported strong production results in the December quarter. 

Antofagasta plc rose 3.5% to 1,756.0 pence, despite the UK-based mining company operating in Chile reporting flat production of copper in 2024. 

Renault SA advanced 3.9% to €49.33 after the French automaker reported a 1.3% increase in unit sales in 2024, and the sales increase was driven in part by a faster adoption of electric vehicles. 

Stellantis NV increased 1% to €12.46, despite the Italian automaker reporting a 9% decline in global shipments of vehicles in the fourth quarter. 

Whitbread plc declined 2.2% to 2,903.0 pence after the hotel and restaurant company reported a decline in sales.

The hotel and restaurant company said latest quarterly sales were down 2% to to £763 million.

The company is “making excellent progress in Germany” and reiterated its profitability in fiscal year 2026.

Whitebread expects gross UK cost inflation to be between 5% and 6% on a £1.7 billion cost base. However, with efficiencies of £50 million, net UK cost inflation is seen between 2% and 3%. 

Revenue in the fiscal third quarter ending in December declined 2%, driven by a 1% fall in comparable sales. 

UK comparable accommodation sales decreased 3%, and food and beverage sales decreased 1%, and total UK sales dropped 3%. 

However, comparable sales in Germany soared 20% in the third quarter.