Market Updates
Europe Movers: Pricer AB, Munich Re, Swiss Re, Tullow Oil
Inga Muller
13 Dec, 2024
Frankfurt
Stock market indexes in Europe trimmed weekly gains, and investors reviewed the latest economic updates.
German trade surplus continues to shrink, and eurozone industrial production extended multi-month weakness.
The DAX index increased by 0.3% to 20,486.18; the CAC-40 index rose by 0.3% to 7,443.68; and the FTSE 100 index inched higher by 0.1% to 8,319.98.
The yield on 10-year German bonds edged higher to 2.22%, French bonds inched up to 2.98%, the UK gilts increased to 4.37%, and Italian bonds increased to 3.34%.
Swiss Re AG jumped 3.7% to CHF 132.50 after the reinsurance company said it is targeting after-tax income of 4.4 billion in 2025.
Munich Re AG soared 5.4% to €514.80 after the German reinsurance company estimated the group's 2025 revenue to reach €64 billion and net income of €6.0 billion.
Tullow Oil plc plunged 11% to 23.15 pence after the U.S.-based Kosmos Energy confirmed that the company is in "preliminary discussions" for a possible all-share takeover offer for the London-based oil explorer.
Pricer AB jumped 9.1% to SEK 13.22, and a Swedish electronic shelf labeling provider said its partner JRTech Solutions signed an agreement with Canada-based Sobeys to install 5 million digital labels.
Sobeys, Canada's family grocery store, operates about 1,600 stores across all 10 provinces under various brand names, including IGA, Safeway, Foodland, and Thrifty Foods.
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