Europe Movers: Atos, Concurrent Technology, Danske Bank, Rightmove

Inga Muller
02 Sep, 2024
Frankfurt

European markets struggled and traded around the flatline driven by the weakness in automobile and luxury stocks after China's manufacturing activities contracted for the fourth month in a row. 

The DAX index decreased by 0.1% to 18,887.63; the CAC-40 index decreased by 0.1% to 7,622.82; and the FTSE 100 index rose by 0.1% to 8,369.05. 

In the previous week, the DAX index advanced 2%, the CAC-40 index declined 1.1%, and the FTSE 100 index gained 1.5%. 

The yield on 10-year German bonds edged higher to 2.32%, French bonds inched up to 3.04%, the UK gilts edged up to 4.03%, and Italian bonds increased to 3.71%.

Atos SE decreased 2.9% to €0.80, and the French information technology company lowered its annual revenue outlook citing current weakness in its key markets. 

Rightmove soared 21% to 672.18 pence after the Australian real estate platform operator REA Group confirmed that it is considering a cash and share offer for the UK-based real estate online portal.

Kainos Group PLC dropped 14.7% to 950.0 pence after the Northern Ireland-based company confirmed its annual revenue is likely to be lower than the current market estimates. 

Concurrent Technologies PLC jumped 5.3% to 128.50 pence, and the UK-based maker of embedded solutions for mission-critical applications released record interim results. 

Danske Bank increased 1.2% to DKK 213.20, and the Danish bank appointed Cecile Hillary as new chief financial officer to succeed retiring Stephan Engels. 

Luxury stocks in France and automobile makers in Germany traded down after China's manufacturing activities continued to shrink for the fourth month in a row. 

Kering SA decreased 2.2% to €253.45, Hermes International declined 1% to €2,147.0, and LVMH eased 1% to €667.40. 

Mercedes Benz decreased 1% to €61.67, BMW fell 1% to €83.0, and Ferrari declined 0.4% to €446.10.