European stock exchanges ended Wednesday with uneven performances. London market hit by sharp falls in Reckitt Benckiser and St. James’s Place due to disappointing results.
French retail giant Casino, owning Brazil’s Grupo Pão de Açúcar, also dropped in Paris following a fourth-quarter loss announcement, a correction from Tuesday’s rise.
The Stoxx 600 index dipped 0.35% to 494.59. The FTSE 100 in London saw a 0.76% decline, settling at 7,624.98.
Conversely, Frankfurt’s DAX increased by 0.25% to 17,601.22, and Paris’s CAC-40 edged up 0.08% to 7,954.39.
St. James’s Place in London lost 18.39% after reducing its dividend and setting aside provisions for customer complaints in 2023.
Reckitt Benckiser, with brands like Veja and Sustagen, fell by 12.64%.
Its fourth-quarter revenue dropped 1.2%, missing the 1.6% growth analysts had forecasted.
Analyst Keith Bowman noted the company’s revenue shortfall, citing high costs and consumer spending pressure, leading to health segment market share losses.
DirectLine surged 24.27% after Ageas of Belgium announced it was considering a £3.095 billion ($3.91 billion) acquisition offer, a 42.8% premium on Tuesday’s close.
Casino’s shares plunged 21.85% in Paris following a €5.66 billion net loss for 2023, despite recent restructuring plan approval.
ASM International in Amsterdam dropped 2.26% following a reported decline in quarterly revenue.
Other major regional indices, including Milan’s FTSE MIB, Lisbon’s PSI 20, and Madrid’s IBEX 35, also experienced slight declines, underscoring the day’s mixed market movements.
This day in the markets illustrates the significant impact of individual company performances and broader economic events on stock indices, reflecting the complex dynamics of global finance.