Europe close: EU markets deliver mixed performance

15th Mar 2024 17:16

(Sharecast News) - European markets delivered a mixed performance on Friday while LPP Group shares were suspended after short seller Hindenburg Research claimed the Polish retailer's Russian divestments were a "sham", causing the stock to plunge.

At the close, the pan-European Stoxx 600 was down 0.32% at 504.80, while France's CAC 40 was 0.04% higher at 8,164.35, despite consumer prices rising 3.2% year-on-year in February, slightly more than initially expected due to higher energy prices.

Wholesale inflation in the US rose more quickly than anticipated, due in large part to higher energy prices. In seasonally adjusted terms producer prices rose by 0.6% month-on-month and by 1.6% year-on-year. Economists had forecast increases of 0.3% and 1.1%, respectively.

Oil prices slipped 0.2% but were still on track for a weekly gain of almost 4% after the International Energy Agency raised its forecasts for demand on Thursday and predicted a small deficit this year, as Opec countries and their allies were expected to extend their output cuts. Meanwhile, US inventories of crude fell unexpectedly.

In equity news, shares in British Airways owner IAG took off after BNPP Exane and Raymond James both upgraded the stock to 'outperform', while Vodafone gained after reaching a deal with Swisscom to offload its Italy business for €8.0bn, enabling the UK company to return €4.0bn to shareholders. Swisscom also rose on news of the agreement.

Shares in Polish fashion retailer LPP plunged 27% on the Hindenburg claims.