Europe Movers: Aviva, Direct Line, Knorr-Bremse, Novo Nordisk, Renault, Swisscom

Inga Muller
23 Dec, 2024
Frankfurt

European markets struggled to advance in light trading as holiday fever dominated market sentiment. Investors held out for additional interest rate cuts.  

The DAX index increased by 0.01% to 19,889.11; the CAC-40 index advanced by 0.02% to 7,276.47; and the FTSE 100 index inched higher by 0.2% to 8,096.71.

The yield on 10-year German bonds edged lower to 2.29%, French bonds advanced to 3.46%, the UK gilts decreased to 4.53%, and Italian bonds declined to 3.46%.

Direct Line Insurance Group PLC advanced 3.1% to 250.80 pence, and Aviva PLC edged higher by 0.4% to 458.90, and the Direct Line's board accepted the £3.7 billion merger proposal from Aviva. 

Chesnara Plc declined 0.8% to 256.0 pence after the pension and life insurance company announced the acquisition of Canada Life UK business. 

Swisscom AG increased 0.3% to CHF 500.0 after the company's acquisition of Vodafone Italia was approved by the antitrust regulator and industry ministry of Italy. 

Renault SA decreased 0.3% to €46.67 after Japan's Honda Motor and Nissan confirmed official talks to merge their operations and create the third largest automaker in the world with sales of more than 7.5 million vehicles. 

Renault lowered its stake in Nissan to 15% in 2023 from 43% in 2002, matching the non-voting holding stake of Nissan Motor in the French automaker. 

Knorr-Bremse AG declined 1.6% to €67.95, and the German brake-system manufacturer sold its U.S. subsidiary Sheppard to Balmoral RHS Acquisition Corp as the company renews its focus on domestic core operation. 

Novo Nordisk AS jumped 8.5% to DKK 639.40 after the pharmaceutical company announced disappointing trial results of its weight loss drug CagriSema on Friday. 

Novo Nordisk stock plunged 20% in Friday's session and recovered some of the losses in Monday's trading.