Market Updates
Europe Movers: Direct Line, Deutsch Tel, Nestle, Resource Stocks, SAP, Smurfit Kappa, ThyssenKrupp
Inga Muller
07 Sep, 2023
Frankfurt
European markets extended decline for the seventh day in a row and the Euro Area economic growth was revised lower in the second quarter.
The DAX index increased 0.05% to 15,748.90, the CAC-40 index increased 0.3% to 7,216.67 and the FTSE 100 index inched up 0.3% to 7,444.17.
Resource companies traded volatile with a downward bias after China's exports and imports declined in August.
Glencore, Antofagasta and Anglo America declined between 1% and 2%.
Nestle SA increased 0.5% to CHF 104.76 and the company agreed to acquire Brazilian chocolate brand Kopenhagen.
Direct Line Insurance Group Plc soared 16% to 174.15 pence after the home and automobile insurance company posted an operating loss in the first-half but forecasted improved earnings in 2024.
Deutsche Telekom AG declined 0.3% to €19.87 after its subsidiary T-Mobile U.S. announced a stock repurchase plan of up to $19 billion between the fourth quarter 2023 and the end of 2024.
Smurfit Kappa Group Plc decreased 1.6% to 3,168.0 pence after the UK-based packaging company is in potential merger discussion with the U.S. rival WestRock.
The combined value of the company could reach $20 billion and news of the potential deal was reported by the Wall Street Journal.
SAP SE jumped 0.7% to €129.88 after the German software company said it acquired software management company LeanIX without disclosing terms.
ThyssenKrupp AG decreased 1.8% to €7.08 after the company said chief financial officer Klaus Keysberg will step down from management duties next year.
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