EUROPE MARKETS: European Movers: Coca-Cola HBC Slides On Russia Warning

By Carla Mozee, MarketWatch

Nestlé gains, Adidas falls

Nestlé gains, Adidas falls

LONDON (MarketWatch)--These stocks made notable moves in European trade Thursday:

Advancers

Aviva PLC shares climbed 2.6% as the insurer said first-half operating profit rose even as annuity sales declined.

Nestlé SA tacked on 3.4% after the food giant said it would launch an offer to buy back up to eight billion Swiss francs ($8.8 billion) of its shares. The company's first-half earnings fell nearly 10%.

Zurich Insurance Group AG shares gained 2.4% as the company said second-quarter profit rose 6%, with its general insurance business benefiting from a lack of weather-related losses.

Decliners

Coca-Cola HBC AG sank 5.3% after the second-biggest bottler for Coca-Cola Co. (KO) warned of a "continuing challenging volume" in its markets such as Russia. Also: Russia retaliates with bans on food imports from EU, U.S.

Adidas AG fell 4.6% as management said it would move quickly in its efforts to boost sales and profit after the sportswear retailer acknowledged it won't meet business targets for next year.

Old Mutual PLC shares lost 1.7% after the financial-services firm's pretax profit fell dropped to 564 million pounds ($949.9 million), from GBP805 million a year earlier.

Rheinmetall AG fell 2.3%. The German industrial conglomerate cut its sales and earnings forecasts as Berlin canceled an export license tied to a deal that Rheinmetall had in Russia.

Also read: European stocks end lower after ECB decision

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