Europe Movers: AstraZeneca, Bechtle, Capgemini, Mining Stocks, Viaplay, Swiss Re

Inga Muller
01 Dec, 2023
Frankfurt

European stocks advanced and extended weekly gains after the manufacturing sector downturn improved. 

The DAX index increased 0.8% to 16,345.26, the CAC-40 index rose 0.7% to 7,358.70, and the FTSE 100 index added 0.8% to 7,512.42.

The yield on 10-year German bonds decreased to 2.42%; French bonds traded lower to 2.98%; the UK gilts declined to 4.17%; and Italian bonds inched lower to 4.16%.

Mining stocks advanced on China's hopes after the manufacturing index unexpectedly expanded in November.

Antofagasta gained 4.5% to 1,471.50 pence, Anglo American added 7% to 2,293.50 pence, and Glencore jumped 3.5% to 457.35 pence.

Viaplay Group plunged 73 to kr6.39 after the Swedish video streaming company announced its plan to restructure its debt and raise additional capital through a stock offering.

Bechtle AG decreased 4.5% to €43.39 after the information technology company announced a convertible bond offering.

The company plans to sell up to $300 million of unsecured bonds maturing in seven years with an annual interest rate between 1.75% and 2.25%.

The initial conversion price is expected to be set at a premium of between 30% and 35% above the reference share price, equal to the share price determined in a concurrent placement of existing shares from hedging transactions of individual convertible bond investors.

AstraZeneca increased 0.7% to 10,196.0 pence after the company said it was discontinuing two phase III trials into hyperkalaemia treatment.

Capgemini decreased 0.6% to €186.90 after the company said its chief financial officer, Carole Ferrand, plans to resign and pursue other career opportunities.

Swiss Re dropped 1.7% to CHF 101.55, and the reinsurance company set a new net income target ahead of its accounting standard transition to IFRS from U.S. GAAP.

The company set a new IFRS net income target of $3.6 billion, and the life and health insurance segment is expected to contribute $1.5 billion to the target.

The company's property and casualty reinsurance division is targeting a combined ration of less than 87%.