Europe Movers: Assa Abloy, Greencore Group, Hg Capital Trust, Worldline Pay

Inga Muller
03 Dec, 2024
Frankfurt

Europe's two largest economies, France and Germany, are likely to have months of political chaos amid a weak economic backdrop and rising trade tensions with the U.S. and China.  

The DAX index increased by 0.1% to 19,951.26; the CAC-40 index rose by 0.2% to 7,248.61; and the FTSE 100 index inched higher by 0.7% to 8,370.67.

The yield on 10-year German bonds edged higher to 2.05%, French bonds inched up to 2.90%, the UK gilts edged lower to 4.22%, and Italian bonds decreased to 3.25%.

French banks and technology stocks in the currency union were the focus in Tuesday's trading. 

Société Générale decreased 0.7% to €24.27, BNP Paribas fell 0.3% to €55.80, Credit Agricole declined 0.3% to €12.52, and AXA eased 0.4% to €32.43. 

ASML Holding NV rose 1.4% to €673.20, STMicroelectronics edged up 0.1% to €24.62, and Infineon Technologies advanced 0.2% to €31.17. 

Greencore Group plc soared 12.1% to 221.0 pence after the sandwich and the convenience food maker reported a 36% jump in its pre-tax annual profit. 

The company announced a £10 million stock repurchase plan, following a strong rise in annual profit. 

Hg Capital Trust increased 1.1% to 534.0 pence, and the company agreed to sell bookkeeping automation platform provider Dext Software Ltd. to IRIS Software Group. 

The transaction is expected to be finalized by the end of 2024. 

Worldline SA dropped 5.7% to €7.15, despite reports suggesting that the private equity firm Bain Capital may be interested in the French payment processing firm.

Worldline's stock is trading at a record low, and Bain's investment in Nexi may pose a hurdle in striking a possible deal.

Nexi SpA decreased 2.4% to €5.77. 

Assa Abloy AB jumped 1.4% to SEK 342.40 after the Swedish maker of locks, gates, and entrance automation products agreed to acquire Finland-based 9Solutions.

The company said 9Solutions generates about SEK 100 million in annual revenue, and the acquisition is going to be accretive from day one. 

A day ago, the company agreed to acquire the U.S.-based Premier Steel Doors and Frames, the maker of metal doors and frames with an annual revenue of about $40 million. 

The company expects the acquisition to be accretive from the start because of the Premier's strong operating margins.