Arab Today, arab today european equities fizz on takeover news
Last Updated : GMT 15:25:18
Arab Today, arab today
Arab Today, arab today

European equities fizz on takeover news

Arab Today, arab today

Arab Today, arab today European equities fizz on takeover news

European equities
London - AFP

European stock markets fizzed higher Tuesday on takeover froth across the region, with sentiment also boosted by bargain-hunting after recent China-inspired losses, dealers said.

In early afternoon trade, London's benchmark FTSE 100 index of blue-chip companies won 0.84 percent to 6,559.60 points, buoyed also by data showing the British economy rebounded by 0.7 percent in the second quarter.

Frankfurt's DAX 30 added 1.40 percent to 11,211 points and the CAC 40 in Paris rose 1.17 percent to 4,985.30 points compared with Monday's close.

The euro nudged lower to $1.1060 from $1.1091 late in New York on Monday, amid persistent jitters over Greece.

"There has been some potential merger and acquisition activity ... after Zurich Insurance said that it is weighing up a bid for RSA Insurance, a British insurer," said analyst David Papier at trader ETX Capital.

In reaction, RSA shares surged by 14.44 percent to 501 pence, topping the FTSE leaderboard.

"Zurich Insurance Group notes the recent market speculation in relation to RSA Insurance Group plc and confirms that the company is evaluating a potential offer for RSA Insurance Group plc," it said in a brief statement.

"This announcement does not amount to a firm intention to make an offer and there can be no assurance that any offer will be made."

Meanwhile, shares in British engineering firm GKN jumped 6.61 percent to 314.50 pence after agreeing to purchase Dutch aerospace company Fokker Technologies Group.

- Drugs in focus -

The pharmaceuticals sector was also in focus as London-listed group Hikma bought US generic drugs company Roxane from German peer Boehringer Ingelheim for $2.65 billion (2.40 billion euros) in the sector's latest rapid round of consolidation.

The deal will transform Hikma into the sixth largest player in the US generics market, in terms of revenue, said a statement from Hikma, which is based in Amman, Jordan.

Hikma's London share price rallied 7.69 percent to 2,240 pence following the news.

Generic drug companies are under pressure to do deals because there are fewer big-money drugs shifting to generic status after patent expiries compared with a few years ago.

The deal comes one day after Israeli pharmaceutical giant Teva snapped up the generic drugs business of Allergan for $40.5 billion, consolidating its position as a world leader in generics.

European equities also rebounded Tuesday as investors fished for bargain stocks.

"The fact that we’re coming off the back of five consecutive daily declines (in London) has prompted some bargain-hunting on the part of some investors," noted analyst Michael Hewson at trader CMC Markets.

The region's equity markets had fallen sharply on Monday as investors reacted to the biggest one-day plunge in Chinese equities in more than eight years.

However, Asian indices mostly fell again Tuesday, with Shanghai seeing another round of wild volatility.

Fears of a resumption of another rout on Chinese shares sent global traders running Monday, with Wall Street falling for a fifth day in a row and safe-haven gold edging back up after a recent slip.

On Tuesday, Shanghai stocks ended just 1.68 percent lower, having collapsed by 8.48 percent on Monday.

However, Hong Kong -- which sank more than three percent on Monday -- clawed back early losses to end up 0.62 percent.

Elsewhere, Tokyo dipped 0.10 percent and Sydney edged down 0.09 percent.

Chinese investors rushed for the exit Monday as more data showing the economy still struggling combined with fears that government measures to prevent a market crash -- including providing vast sums to support shares -- would not last.

Markets meanwhile awaited this week's US Federal Reserve's monetary policy meeting for a handle on its plans for interest rates. The Fed will announce the outcome on Wednesday.

arabstoday
arabstoday

GMT 05:41 2017 Tuesday ,23 May

Tadawul index stays almost flat

GMT 20:24 2017 Saturday ,20 May

US Stocks Close Higher

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today european equities fizz on takeover news Arab Today, arab today european equities fizz on takeover news

 



Arab Today, arab today

Name *

E-mail *

Comment Title*

Comment *

: Characters Left

Mandatory *

Terms of use

Publishing Terms: Not to offend the author, or to persons or sanctities or attacking religions or divine self. And stay away from sectarian and racial incitement and insults.

I agree with the Terms of Use

Security Code*

Arab Today, arab today european equities fizz on takeover news Arab Today, arab today european equities fizz on takeover news

 



Arab Today, arab today France defies terrorism through tourism

GMT 15:18 2017 Saturday ,20 May

France defies terrorism through tourism
Arab Today, arab today Mai Al-Jeddawi presents décor ideas for Ramadan
Arab Today, arab today Sally Shaheen considers hosting a political show

GMT 05:41 2017 Tuesday ,23 May

Tadawul index stays almost flat

GMT 20:24 2017 Saturday ,20 May

US Stocks Close Higher

GMT 17:28 2017 Thursday ,18 May

Saudi stocks rise in heavy trading

GMT 21:37 2017 Wednesday ,17 May

US Stocks Close Mixed

GMT 04:58 2017 Wednesday ,17 May

Tadawul index gains 0.7%

GMT 06:20 2017 Tuesday ,16 May

Tadawul index climbs 0.6%

GMT 13:43 2017 Monday ,15 May

Oman share index declines marginally
View News in Arabic - Business: أسواق مالية
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
Arab Today, arab today
 
 Arab Today Facebook,arab today facebook  Arab Today Twitter,arab today twitter Arab Today Rss,arab today rss  Arab Today Youtube,arab today youtube  Arab Today Youtube,arab today youtube
arabstoday arabstoday arabstoday arabstoday
arabstoday arabstoday arabstoday
arabstoday
بناية النخيل - رأس النبع _ خلف السفارة الفرنسية _بيروت - لبنان
arabstoday, Arabstoday, Arabstoday