Movers: Akzo, Petrofac, Stellantis, Valeo, Volkswagen

Bridgette Randall
28 Jun, 2022
New York City

European market indexes advanced after China loosened travel restrictions for international travelers.

The DAX index increased 0.97% to 13,314.60, the CAC-40 index gained 1.3% to 6,128.01, and the FTSE 100 index advanced 1.4% to 7,355.09. 

Akzo Nobel declined 3.4% to 63.30 euros and the Dutch chemical company named Gregoire Poux-Guillaume as its new chief executive.

Petrofac Limited gained 3.0% to 122.70 pence after the energy services provider said revenues at its Asset Solutions division are running ahead of expectations on higher levels of new orders.  

Stellantis NV gained 1.8% to 12.65 euros and the automaker's Italian unions said the company plans to transform its engine and gearbox manufacturing plant in Termoli, Southern Italy into a battery production facility by 2024. 

The company plans to build three battery facilities in Europe, one each in Germany, France, and Italy through its joint ventures with TotalEnergies and Mercedes Benz with a total capacity of 120 Gwh by 2030. 

Valeo SE gained 2.7% to 19.83 euros after the auto parts maker won a contract from BMW to provide an advanced driving assistance system for its electric vehicle scheduled to be released in 2025. 

Volkswagen AG increased 1.7% to 141.06 euros after the company is nearing an agreement to sell its electric vehicle charging business to a unit of Siemens. The news was first reported by the Wall Street Journal. 

Crude oil advanced 1.8% and traded $117.10 a barrel as economic activities picked up in China after Shanghai and other regions in the country eased coronavirus mobility and social gathering restrictions. 

BP Plc and Shell Plc gained more than 3% after crude oil prices rebounded.

China optimism also lifted stocks of luxury products makers. 

Richemont gained 0.5% to 10.6 euros, LVMH added 1.8% to 590.40 euros, and Kering SA advanced 1.5% to 504.30 euros.