Unilever shares are on the rise, up 5.5% as the company’s turnaround momentum builds. The consumer goods company reported strong first-quarter sales, leading to a positive response from investors. Chris Beckett, head of equity research at Quilter Cheviot, noted that Unilever’s focus on large ‘power brands’ is driving growth and could lead to a re-rating by the market.
Meanwhile, Nestle saw a 3.8% decline in its stock price after reporting a 5.9% fall in sales for the first quarter. The company cited challenges in the North American market as a significant factor in the decline. Despite this, Nestle reiterated its outlook for organic sales growth and operating profit margin for 2024.
In other news, Barclays returned to profit in the first quarter, surpassing expectations with net income of £1.55 billion. Deutsche Bank also reported a 10% increase in net profit for the same period. Both banks saw positive results, with Deutsche Bank attributing its growth to commissions and fee income.
Overall, European stocks opened lower, with the Stoxx 600 index down 0.2%. However, mining firm Anglo American received a buyout offer from BHP Group, valuing the company at £31.1 billion. This news could have significant implications for the mining industry.
In the cryptocurrency world, Standard Chartered is doubling down on its prediction that bitcoin will reach $150,000 by the end of the year. The bank’s top crypto analyst sees further price gains for bitcoin and ether in the coming months.
With a mix of positive and negative news in the financial world, investors will be closely watching these developments to make informed decisions about their portfolios.