Market Updates
Europe Movers: Argenx, GSK, Prudential, Safran, Valneva
Inga Muller
24 Jun, 2024
Frankfurt
The European market attempted to rebound for the second week, but the French government bond's risk premium remained elevated ahead of the parliamentary election later in the week.
The DAX index increased by 0.4% to 18,242.31; the CAC-40 index rose by 0.5% to 7,669.07; and the FTSE 100 index rose by 0.4% to 8,270.03.
In the previous week, the DAX index jumped 0.2%, the CAC-40 index rose 0.9%, and the FTSE 100 index advanced 1%.
The yield on 10-year German bonds edged lower to 2.41%. French bonds inched lower to 3.13%; the UK gilts edged lower to 4.08%; and Italian bonds increased to 3.91%.
Argenx soared 6.4% to €395.60 after the Belgian drug company won approval from the U.S. drug regulator for its treatment for chronic inflammatory demyelinating polyneuropathy, a condition that causes chronic weakness in muscles.
Prudential PLC surged 6.6% to 753.20 pence after the UK-based insurance company launched a $2.2 billion stock repurchase program.
GSK plc increased 0.6% to 1,608.50 pence after a Japanese drug regulator approved the company's Omijara for the treatment of myelofibrosis.
Valneva SE rose 7.5% to €3.34 after Health Canada, the drug regulator, approved the company's IXCHIQ for the treatment of chikungunya virus in adults.
Safran SA gained 1.6% to €205.80 after the company entered into an exclusive discussion to acquire Preligens for an enterprise value of €220 million.
Preligens is the developer of artificial intelligence technology to analyze defense and intelligence industry data.
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