Europe Movers: Energy Stocks, Mercantile Trust, Mining Companies, Societe Generale, ThyssenKrupp

Inga Muller
12 Apr, 2024
Frankfurt

European markets advanced in Friday's trading and trimmed weekly losses amid hopes of interest rate cuts in June. 

The DAX index increased by 0.9% to 18,109.54, the CAC-40 index rose by 0.9% to 8,096.40, and the FTSE 100 index inched higher by 1.2% to 8,022.34.

For the week, the DAX index decreased 0.7%, the CAC 40 index fell 0.1%, and the FTSE 100 index added 1.5%. 

The yield on 10-year German bonds edged down to 2.38%; French bonds inched higher to 2.87%; the UK gilts edged higher to 4.19%; and Italian bonds inched lower to 3.78%.

Energy stocks advanced after Brent crude oil futures rose above $90 a barrel on speculation that Iran is likely to conduct a retaliatory strike following Israel's attack on its Syrian embassy. 

BP plc gained 2.4% to 534.60 pence, and Shell PLC advanced 1.9% to 2,912.86 pence. 

Mining companies rose after copper futures extended two-month gains and rose to a two-year high. 

Antofagasta jumped 4.3% to 2,314.0 pence, Glencore advanced 3.9% to 479.93, and Anglo American gained 4.1% to 2,211.0 pence. 

Societe Generale SA increased 4.8% to €26.43 a day after the company agreed to sell its equipment leasing and financing division to a private equity firm for €1.1 billion. 

Mercantile Investment Trust increased 0.9% to 224.50 pence after the company swung to an annual profit. 

ThyssenKrupp AG advanced 1.6% to €4.98, after the German steel company announced restructuring of its loss-making Duisburg steel division and significant production capacity cuts. 

The company announced its plans to cut annual steel production capacity to between 9.0 and 9.5 million tons from the current capacity of 11.5 million tons.