Europe Movers: Canal+, Entain, Havas, Louis Hachette, Porsche Automobil, Ricardo, Vivendi

Inga Muller
16 Dec, 2024
Frankfurt

Despite the political turmoil and no hope of any meaningful improvement in France's finances in the imminent future, S&P Global and Fitch fail to adjust France's debt rating. 

The DAX index decreased by 0.4% to 20,330.46; the CAC-40 index fell by 0.9% to 7,347.56; and the FTSE 100 index inched lower by 0.5% to 8,265.83.

The yield on 10-year German bonds edged higher to 2.24%, French bonds inched up to 3.02%, the UK gilts increased to 4.39%, and Italian bonds increased to 3.39%.

Vivendi SE jumped 36% to €2.51 after the French media company completed the spinoff of Canal+, Havas, and Louis Hachette Group. 

Canal+ traded above £2.90 per share in London, Havas NV traded around €1.80 in Amsterdam, and Louis Hachette Group edged lower from its opening price of €1.20 in Paris. 

Settlement delivery of the Canal+, Havas NV, and Louis Hachette Group shares to the shareholders of Vivendi entitled to receive them will take place on December 18, 2024. 

The trading in three stocks is likely to be volatile over the next several weeks as investors take time to understand the business environment and growth drivers over the next years. 

Entain PLC dropped 6% to 765.40 pence after the parent company of Ladbrokes is facing an anti-money laundering investigation in Australia. 

Ricardo PLC gained 1.3% to 407.0 pence after the environmental and engineering consulting company's Australian unit agreed to acquire 85% of E3 Advisory for A$101.4 million or £51 million. 

Porsche Automobil Holding SE dropped 2.3% to €35.15 after the company withdrew its 2024 earnings outlook, citing potential non-cash impairment charges related to its investment in Volkswagen AG and Porsche AG.