Europe Movers: GSK, Games Workshop Group, Hill & Smith, Munich Re, Trigano

Inga Muller
09 Jan, 2024
Frankfurt

European market indexes lacked direction, and investors remained cautious after German industrial production unexpectedly declined in November. 

The DAX index decreased 0.2% to 16,687.49, the CAC-40 index fell 0.2% to 7,438.98, and the FTSE 100 index inched higher by 0.03% to 7,696.15.

The yield on 10-year German bonds edged up to 2.18%; French bonds inched higher to 2.72%; the UK gilts edged up to 3.82%; and Italian bonds advanced to 3.88%.

GSK plc increased 1.1% to 1,565.40 pence after the pharmaceutical company agreed to acquire the biotech company Aiolos Bio for $1.4 billion.

Trigano SA jumped 2.9% to €146.80 after the camping van maker reported higher revenue in the fiscal first quarter.

Revenue in the first quarter increased 19.1% to 931.6 million from 782.3 million a year ago.

Games Workshop Group decreased 1.1% to 9,665.0 pence despite the company reporting strong first-half results.

Hill & Smith fell 1% to 1,808.71 pence, and the maker of sustainable products agreed to acquire Capital Steel Service LLC for $6.25 million.

Munich Re declined 0.5% to €381.20 after the German reinsurance company provided an update on the cost of natural disasters in 2023.

Overall losses from natural disasters in 2023 totaled $250 billion, of which only $95 billion were insured.

Record thunderstorm losses in North America and Europe totaled $76 billion, of which $58 billion were insured.

The number of deaths caused by natural disasters rose to 74,000 in 2023, well above the annual average of the last five years of 10,000.

In contrast, economic losses from natural disasters were dominated by severe storms. 76% of overall losses were weather-related, while 24% had geophysical causes, the report from Munich Re noted.