LONDON: A European recovery rally dissipated on Thursday with benchmarks across the region weighed down by commodities and technology stocks, while acquisition approaches sent Danish telecoms group TDC and Swiss insurer Swiss Re flying.
Europe’s STOXX 600 share index fell 0.2 percent by 0830 GMT, pulled lower by a 1.1 percent fall in basic resources and weaker industrials stocks. The index was still down 2.5 percent year-to-date after equities worldwide took a battering this week.
Financials limited the damage, with eurozone banks gaining 0.5 percent after strong earnings from UniCredit and Societe Generale.
Merger and acquisition activity drove the top European gainers.
Danish telecoms company TDC led the STOXX 600, shooting up 16 percent and on track for its best day since June 2007, after a takeover approach from Macquarie and three Danish pension funds, which it rejected.
Swiss Re shares jumped 6 percent after the reinsurer said it was in talks with Japan’s SoftBank to sell a minority stake.
Strong results also boosted some stocks as investors’ focus turned back to the European earnings season.
Societe Generale shares jumped 5.5 percent after the bank reported forecast-beating results despite a quarterly drop in profits.
Compass Group, the world’s biggest catering firm, jumped 6.2 percent after it raised its expectations for revenue growth.
Chipmaker AMS gained 4 percent, with traders citing an upgrade to ‘overweight’ by JP Morgan. Schibsted sank 5.6 percent after traders said its third-quarter earnings missed forecasts.
M&A activity brightens lackluster European stock markets
M&A activity brightens lackluster European stock markets
Closing Bell: Saudi main index closes in red at 11,183
RIYADH: Saudi Arabia’s Tadawul All Share Index dipped on Monday, losing 44.79 points, or 0.4 percent, to close at 11,183.85.
The total trading turnover of the benchmark index was SR4.05 billion ($1.08 billion), as 69 of the listed stocks advanced, while 191 retreated.
The MSCI Tadawul Index decreased, down 6.63 points or 0.44 percent, to close at 1,504.73.
The Kingdom’s parallel market Nomu lost 328.20 points, or 1.36 percent, to close at 23,764.92. This comes as 22 of the listed stocks advanced, while 49 retreated.
The best-performing stock was Maharah Human Resources Co., with its share price surging by 7.26 percent to SR6.50.
Other top performers included Arabian Cement Co., which saw its share price rise by 6.27 percent to SR22.71, and Saudi Research and Media Group, which saw a 4.3 percent increase to SR104.30.
On the downside, the worst performer of the day was Arabian Internet and Communications Services Co., whose share price fell by 8.01 percent to SR207.80.
Jahez International Co. for Information System Technology and Al-Rajhi Co. for Cooperative Insurance also saw declines, with their shares dropping by 5.61 percent and 4.46 percent to SR12.79 and SR75, respectively.
On the announcement front, Etihad Etisalat Co. announced its financial results for 2025 with a 7.9 percent year-on-year growth in its revenues, to reach SR19.6 billion.
In a Tadawul statement, Mobily said that this growth is attributed to “the expansion of all revenue streams, with a healthy growth in the overall subscriber base.”
Mobily delivered an 11.6 percent increase in net profit, reaching SR3.4 billion in 2025 compared to SR3.1 billion in 2024.
The company’s share price reached SR67.85, marking a 0.37 percent increase on the main market.
