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European stocks near record high; Deliveroo tumbles in debut

Published 31/03/2021, 08:35
© Reuters.
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(For a Reuters live blog on U.S., UK and European stock
markets, click LIVE/ or type LIVE/ in a news window)
March 31 (Reuters) - European stocks held steady on
Wednesday, trading marginally below all-time highs, while
investors maintained a cautious stance after food delivery
company Deliveroo's lacklustre London debut and a slew of
corporate earnings.
The pan-European STOXX 600 index .STOXX inched up 0.1% by
0817 GMT, on course to end March with a 6.5% rise and the first
quarter with an 8.1% gain.
Shares in Deliveroo ROO.L opened well below the price of
their initial public offering, and fell as much as 30% to 275
pence. The company priced its initial public offering at 390
pence per share, valuing the company at 7.6 billion pounds
($10.5 billion).
Continental peers Just Eat Takeaway TKWY.AS and Delivery
Hero DHER.DE fell 2.7% and 1.9%, respectively.
H&M HMb.ST slipped 1.2% after the Swedish retailer
reported a quarterly loss and said it would not propose a
dividend at its annual general meeting. Credit Suisse CSGN.S extended losses for a third day on
worries its losses linked to the downfall of Archegos Capital,
which defaulted on margin calls earlier this week. French business IT services provider Capgemini CAPP.PA
rose 1.9% after it raised its medium-term margin targets.

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