Θετικό το κλίμα στα ευρωπαϊκά χρηματιστήρια
Ανοδικές τάσεις επικράτησαν και σήμερα στα ευρωπαϊκά χρηματιστήρια, παρά τα μικτά εταιρικά αποτελέσματα δευτέρου τριμήνου που ανακοινώθηκαν (βλ. παρακάτω), με τους επενδυτές να συνεχίζουν να αποτιμούν θετικά την νέα απόφαση χθες της ιταλικής κυβέρνησης για φόρο 0,1% επί του ενεργητικού των εγχώριων τραπεζών, αλλά και την ανακοίνωση του πληθωρισμού στις ΗΠΑ, με τον δομικό πληθωρισμό για τον μήνα Ιούλιο να αυξάνεται με ηπιότερους ρυθμούς σε ετήσια βάση.
Ο δείκτης Eurostoxx 600 έκλεισε στις 464,24 μονάδες με άνοδο 0,79%.
Στην Φρανκφούρτη ο δείκτης DAX έκλεισε στις 15.996,52 μονάδες με άνοδο 0,91%, μετατρέποντας το σήμα από strong sell σε sell, με την στήριξη να βρίσκεται στις 15.143 μονάδες.
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Στο Λονδίνο ο δείκτης FTSE 100 έκλεισε στις 7.618,60 μονάδες με άνοδο 0,41%, μετατρέποντας το σήμα από neutral σε strong buy, με την αντίσταση να βρίσκεται στις 7.911 μονάδες και την στήριξη στις 6.972 μονάδες.
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Στο Παρίσι ο δείκτης CAC 40 έκλεισε στις 7.433,62 μονάδες με άνοδο 1,52%, μετατρέποντας το σήμα από strong sell σε strong buy, με την αντίσταση να βρίσκεται στις 7.599 μονάδες και την στήριξη στις 6.931 μονάδες.
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Εταιρικά νέα
Antofagasta PLC said that profit for the first half of 2023 rose, supported by higher sales volumes, backed its annual production target and raised its dividend payout. The Chile-focused copper mining company reported on Thursday a pretax profit of $764.5 million for the first six months of 2023 compared with $679.6 million the same period a year ago. Revenue rose 14% to $2.89 billion on the back of higher copper, gold and molybdenum sales volumes and higher realized byproduct prices, it said. Earnings before interest, taxes, depreciation and amortization rose 7.5% to $1.33 billion, mainly driven by higher sales volumes, inflation and a stronger Chilean peso. The FTSE 100 company reiterated its full-year copper production guidance of 640,000-670,000 metric tons. Antofagasta declared an interim dividend of 11.7 cents a share, up from 9.2 cents in 2022. “Looking ahead to the second half of the year, we expect the desalination plant will continue to ramp-up to its design capacity, which will allow increased throughput at Los Pelambres, supporting the delivery of our production and cost guidance,” Chief Executive Ivan Arriagada said.
Germany’s Rheinmetall confirmed its guidance for the year after posting higher sales for the second quarter as orders continue to roll in in a defense landscape altered by Russia’s invasion of Ukraine. The company, best known for its armored vehicles and munitions production, said Thursday that sales this year should still come in between 7.4 billion and 7.6 billion euros ($8.12 billion-$8.34 billion). Rheinmetall’s projections don’t include the acquisition of Spanish munitions manufacturer Expal Systems that was completed earlier this month. The new subsidiary should contribute EUR150 million to EUR190 million in sales this year. Rheinmetall is also targeting a higher operating profit–a closely watched metric by analysts and investors–and an operating margin of roughly 12%. The group is the latest European arms maker to report higher quarterly sales on the back of strong demand for military procurement. The U.K.’s BAE Systems and Sweden’s Saab recently upgraded their sales guidance as the outpour of military aid from the West to Ukraine is translating into orders. Members of the North Atlantic Treaty Organization have been shipping tanks, rocket launchers, air-defense equipment and ammunition, and are now seeking to replenish their inventories after diverting a significant part of their stockpiles to Kyiv.
Last month, Germany ordered some EUR1.3 billion worth of artillery ammunition from Rheinmetall under a new contract running until 2029. Berlin also expanded an existing agreement for the supply of tank ammunition to the tune of EUR4 billion.
Rheinmetall Chief Executive Armin Papperger said the group had recently inked contracts with an order volume of more than EUR7 billion in a single week.
“Governments have made far-reaching decisions for military procurement in response to the change in the security situation,” he said. “Implementing these decisions is the next step, and this is reflected in the first major orders we have received.” Second-quarter sales climbed to EUR1.50 billion from EUR1.41 billion in last year’s second quarter. Operating profit grew to EUR118 million from EUR114 million, generating a 7.9% margin. Reported net profit slipped to EUR56 million from EUR57 million. Analysts had forecast sales of EUR1.50 billion, an operating profit of EUR118.3 million and a net profit of EUR65 million for the quarter, according to a Vara Research consensus.
Capita said it has sold its travel and events businesses Agiito and Evolvi to Clarity Travel Ltd. for an enterprise value of 36.5 million pounds ($46.4 million), but that it will receive GBP16 million due to work capital and debt liabilities. The U.K. outsourcing business said on Thursday that it expects to receive GBP8 million payable on completion of the deal and GBP8 million 12 months following completion. “[It] marks another significant step toward reducing Capita’s debt, as we continue to simplify and strengthen the organisation, and become a more successful business for the long term.” Capita’s Chief Executive Officer Jon Lewis said.
Europe’s largest insurer Allianz reported earnings results for the second quarter on Thursday. This is what we watched. NET PROFIT: Allianz made a net profit of 2.34 billion euros ($2.57 billion) in the April-June period, rising from EUR1.98 billion in the same period last year. This beat analysts’ forecasts of EUR2.27 billion, according to consensus estimates provided by the company.
Danish pharmaceutical giant Novo Nordisk on Thursday raised its full-year guidance amid surging demand for its Ozempic diabetes drug and Wegovy obesity treatment. The company said it will continue to hold back some lower-strength starter doses of Wegovy in the U.S. in an effort to safeguard supplies for current patients, while capacity limitations at some manufacturing sites will result in continued periodic supply constraints and related drug shortage notifications across a number of products and geographies. In response, Novo Nordisk is investing in internal and external capacity to increase supply both in the short and long term, it said. Net profit in the quarter rose to 19.43 billion Danish kroner ($2.86 billion) from DKK13.32 billion, shy of the DKK20.63 billion forecast by analysts in a FactSet poll. Sales rose 32% to DKK54.3 billion, versus the DKK55.47 billion FactSet estimate, driven by sales of Ozempic and Wegovy. Ozempic was developed to treat diabetes but is being used “off label” by patients to treat obesity as it shares the same active ingredient as Wegovy. Wegovy sales soared to DKK7.52 billion from DKK1.18 billion. The company now expects 2023 sales growth of 27%-33% from 24%-30% previously, and operating profit growth of 31%-37% from 28%-34% previously, in local currencies.
Munich Re on Thursday reported a fall in second-quarter profit, missing expectations, and confirmed its guidance for the full-year. The German reinsurer reported a net profit of 1.15 billion euros ($1.26 billion) for the three months to the end of June, compared with EUR1.58 billion a year earlier. Analysts were expecting EUR1.23 billion in net profit, according to estimates provided by the company. In the first half, net profit came to EUR2.43 billion, boosted by lower unwinding of discount effects and lower major loss expenditure, Munich Re said. The second quarter featured strong business performance both at its ERGO subsidiary and in the reinsurance segment, with insurance revenue from insurance contracts issued rising on-year to EUR14.17 billion, Munich Re said. The company backed its outlook for 2023 and said it is confident in further positive business opportunities in the second half. It continues to see a net result of about EUR4 billion for the 2023 financial year, it said.
Henkel has raised its outlook for the full year after sales and earnings increased in the first half despite a persistently challenging environment characterized by high material and logistic prices. The German chemicals and consumer-goods company on Thursday said it expects sales to grow between 2.5% and 4.5% organically in 2023 compared to previous expectations of between 1% and 3%. The adjusted earnings before interest and taxes margin is seen at between 11% and 12.5% from previously 10%-12%, while adjusted earnings per preferred shares are expected to increase 5% to 20% at constant exchange rates from between minus 10% and 10% previously. For the first six months of the year, Henkel reported EBIT of 864 million euros ($948.1 million) from EUR684 million in the year-earlier period. Adjusted EBIT rose 7.6% to EUR1.25 billion, while the adjusted EBIT margin increased by 80 basis points to 11.5%. Sales came in at EUR10.93 billion, registering an organic growth of 4.9% on year. “We achieved very strong growth in both business units,” said Chief Executive Carsten Knobel. “At the same time, we succeeded in significantly improving our earnings despite the continuing headwinds from high material and logistic prices.”
Deutsche Telekom nudged up its adjusted earnings guidance for 2023, citing high expectations for its business in Germany and Europe, and reported a rise in net profit for the second quarter. The German telecommunications company said Thursday that it now expects adjusted earnings before interest, taxes, depreciation and amortization after leases–a closely watched profitability metric–for the full year to be about 41 billion euros ($44.99 billion). It had previously expected an adjusted Ebitda after leases of more than EUR40.9 billion. For the second quarter, adjusted Ebitda after leases grew 1.5% to EUR10.04 billion, with rises across its key markets. Net profit for the quarter was EUR1.54 billion euros compared with EUR1.46 billion in the same period last year. Revenue was down 2.4% at EUR27.22 billion, due to the planned withdrawal from the terminal-equipment business in the U.S. On an organic basis, revenue from telecom services grew 3.2%, the company said. Analysts had expected Deutsche Telekom to report quarterly adjusted Ebitda after leases of EUR10.02 billion on revenue of EUR27.33 billion, according to consensus estimates provided by the company.
Allianz’s net profit rose in the second quarter, with strength in its property-and-casualty segment offsetting subdued performance in asset management. Net profit for the quarter was 2.34 billion euros ($2.57 billion) compared with EUR1.98 billion for the same period last year, the German insurer said Thursday. Operating profit grew 7.1% to 3.78 billion, thanks to good performance in the life-health and property-casualty businesses, the company said. Analysts had expected a net profit of EUR2.27 billion and an operating profit of EUR3.615 billion, according to consensus estimates provided by the company ahead of the release. Total business volume increased 5.9% to EUR39.6 billion. The asset-management business booked a 2% fall in revenue, Allianz said. Third-party assets under management stood at EUR1.66 trillion as of June 30, down by EUR6 billion from the prior quarter. Total net outflows for the quarter came to EUR5.9 billion. Allianz reaffirmed its target of reaching an operating profit of EUR14.2 billion for 2023, plus or minus EUR1 billion.
RWE said it has boosted its portfolio investments in the first half and confirmed it raised its full-year outlook on the back of a solid earnings performance. The German energy company on Thursday said it has invested 9 billion euros ($9.88 billion) in the period compared to EUR2.1 billion in the year-earlier period, and expanded its renewables capacity by 5.1 gigawatts through acquisitions and commissioning of new plants. For the first half, adjusted net income was EUR2.63 billion compared to EUR950 million a year earlier, while adjusted earnings before interest, taxes, depreciation and amortization rose to EUR4.54 billion from EUR2.12 billion. Adjusted EBIT came in at EUR3.51 billion.
RWE had released preliminary figures at the end of July.
Earnings were driven by a strong performance in the hydropower, biomass and gas segment, as well as by a strong supply-and-trading business, according to the company. RWE also backed its previously announced guidance lift, saying it expects adjusted net income between EUR3.3 billion and EUR3.8 billion in the full year. Adjusted Ebitda is seen at EUR7.1 billion to EUR7.7 billion, while adjusted EBIT is expected to be between EUR5 billion and EUR5.6 billion, the company said.
Zurich Insurance Group posted a net profit below analysts’ forecasts for the first half of the year. The Swiss insurer said Thursday that net profit climbed 6% to $2.49 billion. Business operating profit–a closely watched metric by analysts and investors–fell slightly to $3.72 billion from $3.74 billion in last year’s first half. Analysts had forecast a net profit of $2.63 billion and a business operating profit of $3.56 billion, according to a company-provided consensus. “We’ve achieved a return on equity that’s among the highest in the industry, while minimizing volatility, maintaining a strong balance sheet and taking advantage of the growth opportunities available to us,” said Chief Executive Mario Greco. Zurich’s return on equity, or business operating profit return on common shareholders’ equity, stood at 22.9%. Business operating profit from Zurich’s core property and casualty division slipped 6% to $2.25 billion, while gross written premiums and policy fees for the business grew 8% to $24.56 billion.
Thyssenkrupp reported higher net profit in the third quarter despite a decline in sales and adjusted earnings attributed to prices. The German industrial company said Thursday that it made 83 million euros ($91.1 million) in net profit, compared with EUR76 million a year earlier, on sales that fell 12% to EUR9.6 billion. The company’s closely watched adjusted earnings before interest and taxes fell 66% to EUR243 million due to lower prices and reduced margins at its materials services business and lower steel revenue. Order intake fell 5.6% to EUR9.39 billion, Thyssenkrupp said, adding that the result, along with the decline in sales, was due mainly to the normalization of materials services prices. Materials services saw sales decline by 30% to EUR3.35 billion in the quarter and adjusted EBIT fall 87% to EUR50 million. Steel Europe saw sales decline 8.6% due to lower spot market prices and adjusted EBIT fall 49% to EUR190 million. Thyssenkrupp said it expects an adjusted EBIT in the high three-digit-million-euro range for the fiscal year, compared with its previous forecast of a mid-to-high three-digit-million-euro range. It confirmed its other fiscal-year targets.
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