Market Updates
Europe Movers: AstraZeneca, Covestro, Hannover Re, Restaurant Group, Societe Generale
Inga Muller
11 Sep, 2023
New York City
European markets traded higher after falling for eight days in a row and investors searched for bargains in beaten down tech stocks.
The DAX index increased 0.6% to 15,832.29, the CAC-40 index advanced 0.6% to 7,284.62 and the FTSE 100 index inched up 0.1% to 7,487.49.
In the week, the DAX declined 1.6%, the CAC 40 fell 2.0% and the FTSE index dropped 0.3%.
Societe Generale SA increased 1.3% to €25.62 after the French bank struck announced a strategic partnership with Brookfield Asset Management to originate and distribute private credit investments through a private investment grade debt fund.
Hannover Re added 1.3% to €204.90 after the company forecasted increase in premium rates in reinsurance market citing rising frequency and severity of natural catastrophe losses and elevated inflation.
Restaurant Group PLC gained 2.8% to 48.83 pence after the company said it signed an agreement to sell its leisure business including trading sites and associated restaurants to Big Table Group.
Covestro AG increased 4.5% to €53.86 after the maker of advanced polymer said it has entered into merger talks with Abu Dhabi National Oil Company which may lead to an offer.
AstraZeneca plc declined 4.3% to 10,406.0 despite the company reporting encouraging preliminary results from the TROPION-Lung04 Phase Ib study evaluating datopotamab deruxtecan plus Imfinzi for the treatment of advanced non-small cell lung cancer.
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