Europe Movers: Bango. John Wood Group, Lufthansa, Saab, Telefonica

Inga Muller
20 Jan, 2025
Frankfurt

European markets were in a holding pattern in light trading as investors awaited the release of key earnings updates. The European Central Bank is widely anticipated to deliver its rate cut at the end of the policy meeting next week. 

The DAX index increased by 0.05% to 20,913.69; the CAC-40 index rose by 0.09% to 7,716.60; and the FTSE 100 index edged higher by 0.2% to 8,522.58.

The yield on 10-year German bonds inched higher to 2.51%, French bonds rose to 3.38%, the UK gilts increased to 4.70%, and Italian bonds edged lower to 3.65%.

Bango surged 3.0% to 110.75 pence after the UK-based digital payment service provider said full-year 2024 revenue was up 16% to $53.4 million or £43.80 million.

Adjusted EBITDA rose 137% to $15.2 million as the company added nine new customers for its digital vending machine segment.

Bango ended the year with net debt of $1.7 million, down from $3.9 million in 2023.

John Wood Group Plc gained 2.1% to 69.75 pence after the UK engineering and consulting company secured a major contract to maintain onshore and offshore assets in Gippsland Basin, Victoria, operated by Esso Australia. 

The project will create around 250 jobs in the state of Victoria in early 2025.

The Gippsland basin is operated by a 50-50 joint venture between Esso Australia Resources Pty Ltd and Woodside Energy Pty Ltd., run by Esso Australia.

Telefonica fell 2.7% to €3.86 after the Spanish telecom company completed the refinancing of its main syndicated credit facility of €5.5 billion or $5.68 billion.

The company placed a senior bond for an amount of €1 billion with an annual coupon of 3.72% maturing in January 2034.

The book registered a demand of €3.9 billion, or five times above the initial target of €750 million.

Hermes International traded up 0.08% to €2.49 after France-based luxury goods company recently opened doors in Bangkok’s Central Embassy retail center.

Lufthansa Group traded up 0.28% to €5.81 after the German air carrier finalized merger talks with Italian airline ITA Airways.

The company will acquire a 41% stake in a deal worth €325 million or $350 million, gaining full control by 2033 with a total investment of €829 million.

The remaining 59% will initially continue to be held by the Italian Treasury.

Saab dropped 0.13% to 223.10 krona after the Swedish aviation company expects higher 2024 organic sales growth of 23.4%, above its previous outlook at the upper end of 15% to 20% range.

Demand for rearmament is rising amid global tensions. Saab competes with defense giants such as Lockheed Martin, France's Dassault Aviation and Britain's BAE Systems.

The military hardware provider will report earnings for full year 2024 on February 7.