Europe Movers: CTS Eventim, Rheinmetall, Resource Stocks, UBS Group, UK Home Builders

Inga Muller
02 Apr, 2024
Frankfurt

European markets struggled to advance after a four-day holiday weekend, and bond yields edged higher. 

The DAX index decreased by 0.1% to 18,480.81, the CAC-40 index rose by 0.2% to 8,218.86, and the FTSE 100 index inched higher by 0.3% to 7,973.30.

The yield on 10-year German bonds edged up to 2.39%; French bonds inched higher to 2.89%; the UK gilts edged higher to 4.09%; and Italian bonds inched lower to 3.76%.

Rheinmetall AG jumped 2.2% to €533.40 after the German automotive products and arms maker won an order worth 135 million from the military contractor KNDS Group. 

UBS Group advanced 0.5% to CHF 27.89 after the Swiss bank launched a new stock repurchase program of up to $2 billion. 

Metals and mining companies advanced after manufacturing activities expanded at a faster pace in the U.S. and China. 

Antofagasta, Anglo America, and Glencore gained between 1% and 2.5%. 

BP plc and Shell PLC jumped 2.9% after Brent crude oil prices approached a five-month high of $89 a barrel on the expectation of rising demand in China and falling inventories in the U.S. 

Home builders in the U.K. edged lower on the worry that rising home prices may dent demand in the months ahead. 

Persimmon declined 1.9% to 1,290.50 pence, and Taylor Wimpey decreased 1,290.50 pence after the home price index unexpectedly fell in March after higher mortgage rates dented demand. 

CTS Eventim increased 0.5% to €82.95 after the German festival ticketing company signed a put option agreement to acquire Vivendi's festival and ticketing operation outside of France for an undisclosed amount. 

See Tickets, owned by Vivendi, sold about 44 million tickets in 2023 for trade shows, sports events, concerts, and other consumer and business events in the U.S., Belgium,   

Vivendi's ticketing business generated about €105 million of the total of €137 million through its broader festival operations, with U.S. and UK revenues accounting for the majority of the share.