Europe Movers: Aviva, Julius Baer, Rightmove, Sanofi, Valneva, Veolia Enviro

Inga Muller
27 Nov, 2023
Frankfurt

European markets lacked direction and stock hovered near flatline as investors awaited data on inflation and jobs later in the week. 

The DAX index decreased 0.2% to 15,994.35, the CAC-40 index fell 0.1% to 7,284.72, and the FTSE 100 index declined 0.1% to 7,477.72.

In the week, the DAX index increased 0.8%, the CAC-40 index rose 0.7%, and the FTSE 100 index declined 0.4%.

The yield on 10-year German bonds decreased to 2.62%; French bonds traded lower to 3.17%; the UK gilts declined to 4.26%; and Italian bonds inched lower to 4.35%.

Julius Baer Group declined 2% to CHF 45.82 after the Swiss bank disclosed a CHF 70 million charge against a loan in its private loan business.

The bank said the nominal exposure of CHF 606 million is comprised of three loans to one "European conglomerate" linked to commercial real estate and luxury retail and "is now subject to long-term restructuring."

Veolia Environnement SA rose 0.5% to €28.36 after the French water, waste, and renewable energy management solution provider agreed to sell its SADE-CGTH to NGE for €260 million.

SADE provides civil engineering works and network construction, mainly in the water sector. It generated 2022 revenue of around €1.1 billion and employed around 6,900 people.

Valneva SE rose 1.6% to €5.29 after the French drug maker's application for chikungunya vaccine candidate VLA1553 was accepted by the European Medicines Agency. 

Sanofi SA added 1.3% to €87.52 after the French drug company announced positive results for its experimental drug Dupixent (dupilumab) Phase 3 trial in chronic obstructive pulmonary disease, or "smoker's lung."

The second large trial showed improvement in exacerbations of the disease by 34%, confirming the findings in the first trial earlier in the year known as BOREAS.

After the positive results, the company and Regeneron are looking to file an accelerated application with the U.S. Food and Drug Administration before the end of the year, following promising results.

Aviva plc added 0.07% to 425.0 pence after the UK-based insurance company agreed to acquire Canada-based vehicle replacement insurance company Otiom O2 Holdings Inc. for about £100 million.

Rightmove Plc jumped 5.7% to 538.0 pence after the real estate listing portal reported better-than-expected revenue and the company lifted its 2023 revenue outlook.

"The acquisition expands Aviva’s capital-light businesses, which make up over half of Aviva’s portfolio, and grows Aviva Canada’s presence in a profitable segment of the Canadian insurance market," said the company in a statement to investors.