Market Updates
Europe Movers: British Land Company, Keywords Studios, Resource Stocks, Ryanair
Inga Muller
20 May, 2024
Frankfurt
European markets traded higher in Monday's trading after falling in the previous week.
Market participants bid up stocks in hopes that the European Central Bank will initiate its rate cut as early as June, despite the rising pushback from policymakers.
The DAX index increased by 0.4% to 18,772.69; the CAC-40 index rose by 0.4% to 8,202.07; and the FTSE 100 index inched higher by 0.3% to 8,443.72.
The yield on 10-year German bonds edged up to 2.51%; French bonds inched higher to 3.00%; the UK gilts edged higher to 4.13%; and Italian bonds inched higher to 3.81%.
Keywords Studios PLC soared 62% to 2,382.90 pence after the Irish video game company said that it is in talks with European private equity company EQT Group for a possible cash offer of 2550 pence per share.
Ryanair Holdings plc declined 1.3% to €19.05 after the discount airline reported a 34% increase in its annual profits but offered cautious views for the current year.
British Land Company declined 0.8% to 400.0 pence after the real estate developer agreed to sell its stake in Meadowhall Shopping Center in Sheffield, UK, for £360 million to Norges Bank Investment Management.
Resource stocks advanced after China announced supportive measures to revive property market transactions.
Anglo American, Glencore, and Antofagasta advanced between 1% and 2% after copper futures rose to a record high of $5.15 per pound before stabilizing at $5.10.
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