Market Updates
Europe Movers: CMC Markets, Continental, Mondi, Rio Tinto
Inga Muller
09 Oct, 2024
Frankfurt
European markets struggled to advance for the second day in a row, and investors shifted their attentions to the rate path after the China stimulus rally faded.
The DAX index increased by 0.2% to 19,101.19; the CAC-40 index rose by 0.2% to 7,537.79; and the FTSE 100 index advanced by 0.3% to 8,215.53.
The yield on 10-year German bonds edged lower to 2.23%, French bonds inched lower to 3.01%, the UK gilts edged down to 4.17%, and Italian bonds increased to 3.54%.
Mondi plc increased 4.6% to 1,468.0 pence, and the packaging company agreed to acquire Schumacher Packaging's businesses in Western Europe for €684 million.
CMC Markets plc increased 4.1% to 317.50 pence after the online financial trading company said its first-half results swung to a profit compared to a loss in the previous year driven by a higher operating income.
Rio Tinto plc declined 0.4% to 5,018.0 pence after the mining company agreed to acquire Arcadium Lithium for $6.7 billion.
Rio Tinto offered $5.85 cash per share, representing a premium of 90% to the closing price of $3.08 on October 4, a premium of 39% to Arcadium’s volume-weighted average price.
On a fully diluted share basis, including outstanding convertible senior notes, the transaction is valued at approximately $6.7 billion.
Continental AG increased 6.7% to €59.58 after the automotive parts maker estimated third quarter profit to improve despite the expected decline in sales.
The company said its tire business is likely to face some headwinds in the fourth quarter, with a modest increase in volume, stable prices, and higher raw material costs.
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