Europe Movers: 3i Infrastructure, Heidelberg Materials, Richemont, Telecom Italia

Inga Muller
07 Oct, 2024
Frankfurt

European markets were under pressure after Germany's factory orders declined and the slight increase in the Euro Area retail sales. 

Higher bond yields also weighed on the market sentiment. 

The DAX index increased by 0.2% to 19,046.54; the CAC-40 index rose by 0.5% to 7,515.22; and the FTSE 100 index declined by 0.2% to 8,245.95. 

The yield on 10-year German bonds edged higher to 2.25%, French bonds inched higher to 3.02%, the UK gilts edged up to 4.20%, and Italian bonds increased to 3.56%.

Richemont SA increased 0.8% to CHF 131.95 after the Swiss luxury goods maker agreed to sell its online business Yoox Net-a-Porter to the German online retailer Mytheresa. 

Richemont agreed to sell loss-making YNAP with a cash position of €555 million and provide additional revolving credit lines of €100 million in exchange for a 33% equity stake in the German online retailer. 

The transaction is expected to close in the first half of 2025, and Richemont plans to take a 1.3 billion asset write down related to the transaction, including the cash to be left in the YNAP account.

Telecom Italia S.p.A. declined 0.2% to €0.26 after the company's board authorized chief executive officer Pietro Labriola to negotiate the purchase of TI Sparkle S.p.A. 

3i Infrastructure PLC increased 0.6% to 343.50 pence, and the company received a binding offer for a 33% stake in Valorem, an independent European renewable energy company. 

Heidelberg Materials AG increased 1.8% to €99.14 following a report that the German cement company has entered into negotiations to sell its cement operations in India for as much as $1.2 billion.