Market Updates
Europe Movers: Elementis, Melrose Industries, Vivendi
Inga Muller
18 Nov, 2024
Frankfurt
European stock market indexes traded in a tight range amid worries of rising trade tensions with China and the U.S.
Rate path worries also weighed on the market as investors debated timing and the size of future rate cuts. The Euro Area goods trade surplus widened in September.
The DAX index decreased by 0.1% to 19,195.54; the CAC-40 index eased by 0.03% to 7,267.02; and the FTSE 100 index rose by 0.2% to 8,080.42.
The yield on 10-year German bonds edged higher to 2.37%, French bonds inched higher to 3.11%, the UK gilts edged lower to 4.48%, and Italian bonds increased to 3.59%.
Melrose Industries PLC increased 6.3% to 520.20 pence after the parent company GKN Aerospace said revenue for the four-month period ending in October increased 7%.
The company also reiterated its annual outlook for the remainder of the year.
Elementis plc increased 0.3% to 135.40 pence, and the specialty chemical company said its chief executive officer Paul Waterman would step down after nine years in the office.
Vivendi SE declined 1.6% to €8.94, and the French media company announced its expectations of revenue for its television business.
The company is set to separate its Canal+, Havas, and Louis Hachette Group on the London Stock Exchange on December 16 following the shareholder vote on December 9.
The company forecast Canal+ revenue growth in 2024 to match the rate in 2023, but the revenue in 2025 will be negatively impacted by the termination of its free-to-air channel C8 and the ending of expensive third-party content contracts.
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