Europe Movers: Aviva, Caffyns, Delivery Hero, Direct Line Insurance, Mining Stocks

Inga Muller
29 Nov, 2024
Frankfurt

Market indexes in Europe were generally unchanged in November, but the CAC-40 index plunged more than 4% amid rising political instability. 

Eurozone inflation accelerated in October, and third quarter GDP growth slowed in Switzerland but accelerated in France. 

The DAX index increased by 0.1% to 19,433.99; the CAC-40 index rose by 0.02% to 7,180.88; and the FTSE 100 index inched lower by 0.1% to 8,271.99.

The yield on 10-year German bonds edged lower to 2.10%, French bonds inched down to 2.93%, the UK gilts edged lower to 4.22%, and Italian bonds decreased to 3.30%.

Aviva plc increased 0.7% to 481.79 pence, and a day ago the UK-based insurance company made an unsolicited bid to acquire its smaller rival Direct Line for £3.3 billion. 

Direct Line Insurance increased 3.2% to 231.40 pence and extended its two-day gain to over 40%, following a takeover offer of 235 pence per share from Aviva. 

Direct Line shareholders are offered 112.5 pence in cash and 0.282 new Aviva shares for every Direct Line share held.

Mining stocks advanced ahead of a key meeting of lawmakers in China next month, raising hopes for more infrastructure spending to support economic growth targets. 

Anglo American advanced 3% to 2,462.56 pence, Antofagasta increased 0.7% to 1,684.0 pence, and Glencore PLC gained 0.4% to 375.35 pence. 

Delivery Hero SE increased 1.7% to €38.62 after the food delivery company set the price at the upper end of its filing range for its Middle Eastern unit. 

Caffyns soared 12.9% to 480.0 pence after the vehicle retailer reported revenue growth in the first half of the year despite market challenges. 

Revenue in the first half ending in September rose 3% to £137.7 million, and pre-tax profit improved to £0.21 million, and the company maintained its interim dividend of 5 pence per share.