ROTTERDAM/LONDON: European stocks were flat on Wednesday as a 30% slump for delivery company Deliveroo in its London debut took the shine off the fourth straight quarterly rise for the benchmark STOXX 600.
The pan-European STOXX 600 index inched down 0.1% to 430.4 - trading below its pre-pandemic peak of 433.9. The benchmark was on course to end March with a 6.4% rise and the first quarter with an 8% gain.
The German DAX slipped 0.1% after breaching the 15,000-mark for the first time on Tuesday, while the UK’s FTSE 100 fell 0.4%.
Shares in Deliveroo opened well below the initial public offering price, falling as low as 271 pence. The company had priced its IPO at 390 pence per share, giving it a valuation of 7.6 billion pounds ($10.5 billion), less than initially expected.
Continental peers Just Eat Takeaway and Delivery Hero fell 2.0% and 0.3%, respectively.
H&M fell 2.8% after the Swedish retailer reported a quarterly loss and said it would not propose a dividend at its annual general meeting.
Poland’s CD Projekt dropped 13.1% to the bottom of STOXX 600 after its strategy update that included seeking M&A targets disappointed investors.
French business IT services provider Capgemini rose 1.6% after it raised its medium-term margin targets.
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