Market Updates
Europe Movers: Aviva, Berkley Group, Direct Line, French Banks
Inga Muller
06 Dec, 2024
Frankfurt
European markets extended gains for the seventh session in a row amid rising political instability in France.
For the week, the benchmark indexes in Frankfurt and Paris rose nearly 4%.
The DAX index increased by 0.2% to 20,402.89; the CAC-40 index rose by 1.2% to 7,421.52; and the FTSE 100 index inched lower by 0.01% to 8,348.56.
The yield on 10-year German bonds edged higher to 2.12%, French bonds inched up to 2.87%, the UK gilts increased to 4.28%, and Italian bonds decreased to 3.19%.
Direct Line Insurance Group PLC soared 7.2% to 252.82 pence after the company said it will recommend a sweetened offer of 3.61 billion or 275 pence per share from Aviva.
Aviva plc decreased 0.3% to 487.80 pence.
Berkley Group Holdings declined 2.6% to 4,056.0 pence after the UK-based home builder reported a decline in profit in the first half of the fiscal year.
French stocks advanced for the third session in a row, amid hopes that France will have a new government in days and not in weeks, following President Macron's televised address.
Société Générale rebounded 1.4% to €25.98, BNP Paribas rose 1.6% to €58.92, AXA advanced 1.4% to €34.13, and Saint Gobain SA gained 1.6% to €89.30.
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