Market Updates
Europe Movers: Glencore, Kering, Rio Tinto, Teleperformance
Inga Muller
17 Jan, 2025
Frankfurt
Benchmark indexes in Frankfurt and London advanced to new record highs amid rate cut optimism and extended weekly gains to over 3%.
The DAX index increased by 0.7% to 20,796.25; the CAC-40 index rose by 0.83% to 7,698.06; and the FTSE 100 index edged higher by 1.05% to 8,479.19.
For the week, the DAX and the CAC-40 are set to advance about 4%, and the FTSE 100 index edged up more than 3%.
Glencore Plc is up 2.7% after reports suggested that the resource company held talks with the rival Rio Tinto to merge all or parts of their businesses.
The combined business would rival the longstanding industry leader BHP Group.
Rio Tinto is currently valued at about $103 billion and Glencore at about $55 billion, while BHP is worth about $126 billion.
Teleperformance increased 2.3% to €85.94, and a court approved a $5.5 million settlement in relation to a 2022 controversy over the company's content moderation practices.
In addition, the digital business services provider successfully completed a €500 million bond issue, maturing in 2030, with an annual coupon of 4.25%.
Kering SA gained 5.6% after the owner of the Gucci fashion label agreed to sell a majority stake in three luxury Paris properties to a French private equity firm, Ardian SAS.
Net proceeds for Kering will amount to €837 million, or about $861 million.
Private equity investment company Ardian will hold a 60% stake in the prime real estate portfolio, while Kering will retain the remaining 40%.
The deal is expected to close in the first quarter of 2025.
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