Europe Movers: Dechra Pharma, PayPoint, ProSiebenSat.1.Media, Resource Stocks

Bridgette Randall
02 Jun, 2023
Frankfurt

The DAX index increased 1.0% to 16,009.90, the CAC-40 index rose 1.1% to 7,221.98, and the FTSE 100 index advanced 1.0% to 7,561.45.

The yield on 10-year German Bunds inched lower to 2.28%, French bonds traded lower to 2.84%, the UK gilts held at 4.15% and Italian bonds decreased to 3.99%.

Resource stocks extended gains for the second day in a row after copper extended gains of the last two weeks. 

Antofagasta, Anglo American and Glencore jumped between 4% and 6%. 

BP Plc and Shell Plc increased between 1.5% and 2.0% ahead of the OPEC+ meeting on June 4. 

Traders are betting that the oil producing nations may announce additional production cuts to support the faltering oil prices, after the commodity fell 10% in May. 

Dechra Pharmaceuticals plc soared 8.2% to 3,652.0 pence after the veterinary products developer agreed to go private in a £4.46 billion deal with EQT. 

The acquisition price of 3,874 pence represents a premium of approximately 44%. to the closing price of 2,690 pence on April 12, the last trading day before the offer period began. 

ProSiebenSat.1 Media SE increased 2.6% to €8.04 after the Czech investment group lifted its stake in the media company. 

PayPoint Plc increased 6.5% to 402.10 pence after the company reiterated  its full-year outlook. 

In the trading update released today, the company confirmed total sales in the fiscal year ending in March 2023,  excluding Appreciate Group, is expected to be around £125 million from £115.1 million a year ago. 

The payment processor also confirmed its earnings are likely to be near the top end of the market expectations.