Europe Movers: Cerillion, Ericsson, GSK, Sirius Real Estate

Inga Muller
03 Jun, 2024
Frankfurt

The European Central Bank is widely anticipated to begin its rate-cut cycle with the first cut this week. 

Market indexes rebounded after falling sharply in the previous three consecutive weeks on the worry of resurgent inflation. 

The DAX index increased by 0.8% to 18,650.40; the CAC-40 index rose by 0.4% to 8,024,37; and the FTSE 100 index advanced by 0.3% to 8,297.98. 

At the end of last week, the DAX index declined 1.3% and advanced 3.2% in May. and the CAC 40 index fell 1.6% in the week and declined 0.1% in May. 

The FTSE 100 index declined 0.6% in the week and rose 1.6% in May. 

The yield on 10-year German bonds edged lower to 2.62%; French bonds inched lower to 3.10%; the UK gilts edged lower to 4.29%; and Italian bonds inched higher to 3.91%.

L. M. Ericsson increased 2.7% to SEK 66.12 after the company said its four-year compliance period for the U.S. anti-corruption agreement ended on June 2. 

Cerillion PLC jumped 3.2% to 1,588.0 pence after the customer billion system provider for the telecom industry signed an agreement with Virgin Media Ireland. 

Sirius Real Estate jumped 1.6% to 98.90 pence after the commercial and industrial real estate developer reported higher fund flows in the year ended in March. 

GSK plc dropped 9.6% to 1,600.81 pence after a state court in Delaware found enough reasons to link its Zantac heartburn drug to cancer, permitting as many as 70,000 lawsuits to go forward to jury trials. 

China-linked luxury stocks advanced following the news that China's manufacturing activities expanded for the seventh month in a row in May. 

LVMH, L'Oreal, Kering, Hermes, and Richemont jumped between 0.2% and 0.6%.