CAC 40 Inches Higher As Lagardere Shares Surge
(RTTNews) – French stocks were moving higher on Thursday amid signs of consolidation in the media sector.
Investors await Eurozone trade balance figures as well as U.S. retail sales and jobless claims data later in the day for further direction.
Meanwhile, European Central Bank head Christine Lagarde is due to speak at 1200 GMT.
The benchmark CAC 40 climbed 49 points, or 0.7 percent, to 6,632 after losing 1 percent the previous day.
Lagardere jumped more than 20 percent after Vivendi reached an agreement to buy activist investor Amber Capital’s 17.9 percent stake in the French media and retail group. Vivendi shares were down about half a percent.
Defense company Thales advanced 1.3 percent after keeping its 2021 financial goals.
Medical devices maker BIOCORP gained 1.3 percent as it announced an agreement with drug major Merck & Co Inc. (MRK) for the development and supply of a specific version of Mallya device to monitor treatment adherence in the field of Human Growth Hormone.
Automaker Renault rose about half a percent even as industry data showed Europe’s passenger car registrations declined in August and July after four months of accelerated growth.
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