Europe Movers: Dassult, Indivior, PageGroup, Saint Gobain

Inga Muller
09 Jul, 2024
Frankfurt

European markets extended weekly losses as France struggled to form a new government. 

The UK's newly appointed government plans to ramp up infrastructure spending, driving a higher budget deficit.

The DAX index decreased by 0.4% to 18,391.69; the CAC-40 index fell by 0.9% to 7,561.27; and the FTSE 100 index declined by 0.3% to 8,171.46. 

The yield on 10-year German bonds edged lower to 2.54%. French bonds inched lower to 3.16%; the UK gilts inched lower to 4.16%; and Italian bonds decreased to 3.92%.

Saint Gobain SA decreased 2.2% to €76.06, and the construction material maker said it has completed the acquisition of Australia-based building materials maker CSR for A$4.3 billion. 

CSR is saddled with at least $187 million of asbestos-related liabilities, as the company was a leading blue asbestos miner. 

Dassault Systems declined 4.5% to €33.75 after the engineering software company lowered its 2024 earnings outlook. 

PageGroup declined 5.7% to 398.37 pence after the UK-based recruitment company said fiscal year earnings in the current year are likely to drop as much as 50% from a year earlier. 

Indivior plunged 35% to 760.0 pence after the UK-based drug maker lowered its annual earnings outlook and said it was discontinuing production of Perseris, a schizophrenia drug. 

The drugmaker revised down its 2024 revenue outlook to between $1.15 billion and $1.22 billion from the earlier guidance range of between $1.24 billion and $1.33 billion.

The company lowered its adjusted operating profit range between $285 million and $320 million from the previous estimate of between $330 million and $380 million.