Movers: Ferguson, Lamprell, Saipem, Ultra, Zalando, Zurich Insurance

  • Jun 24, 2022
  • Bridgette Randall
  • Ferguson PLC commenced its tranche of share buy back program today. Zalando trimmed its fiscal year outlook on macro headwinds. Zurich Insurance agreed to sell its German business unit. Saipem SpA stressed the importance of its current fundraising plan.

    The DAX index rose 1.8% to 13,946.58, the CAC-40 index advanced 3.2% to 6,069.13, and the FTSE 100 index increased 2.5% to 7,191.66.

    Ferguson Plc increased 5.5% to 9,210 pence after the plumbing and heating products distributor commenced its stock buy back for 375 million pounds between June 24 and October 10 through affiliates of JP Morgan.  

    The current plan is a continuation of its $2 billion share repurchase program authorized by shareholders to buyback 22.186 million shares, the company said in a filing with the SEC. 

    The company also said it plans to request an additional share repurchase program at its next annual meeting to be held in November or December. 

    Lamprell Plc dropped 78.2% to 4.75 pence on the liquidity worries. 

    Saipem SpA plunged 19.7% to 24.34 euros after the oil and gas contractor said its finances will be exhausted by the end of the first quarter 2020 if the company fails to raise capital. 

    TUI AG declined 3.6% to 1.70 euros after the CEO of the German tourism and travel company abruptly resigned. 

    Ultra Electronics jumped 12.3% after 3,448 pence after Cobham Limited received a regulatory approval to takeover the company for 35 pounds a share or 2.6 billion pounds. 

    Zalando SE dropped as much as 15% before recovering to a decline of 1.4% to 25.19 euros after the German online fashion retailer trimmed its annual outlook citing weak consumer confidence and macro headwinds. 

    Zurich Insurance Group gained 3.9% to 417.10 Swiss franc after the insurance company agreed to sell its legacy life insurance business in Germany to Viridium Holding AG. 

     


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