Entrance to the London Stock Exchange Group building, December 8, 2024.
Manuel Romano | Nurphoto | getty images
European markets traded higher during shortened trading hours on Tuesday for Christmas Eve.
The pan-European Stoxx 600 index rose about 0.3% during morning trading, with all sectors in positive territory. Technology stocks were among the stocks that led gains on Monday following a strong trading session for US-listed technology stocks.
stocks on the move
Novo Nordisk resumed its gains on Tuesday, climbing to the top of the Stoxx 600 during early trading and adding 5.7% by 11:05 a.m. London time. Shares in the Danish pharmaceutical giant were recovering from last week’s massive sell-off following disappointing results from a trial of its CagriSema weight-loss drug.
Elsewhere in European Medicine AstraZeneca On Tuesday, the company said it had voluntarily withdrawn its EU marketing application for its datopotamab deruxtecan lung cancer treatment. The company said the decision, taken with co-developer Daiichi Sankyo, was “based on feedback from the European Medicines Agency’s Committee for Medicinal Products for Human Use.”
Last September, AstraZeneca’s stock price fell due to disappointing results from the clinical trial on which the application was based. The company’s shares were last up 0.4% at 11:06 a.m. London time.
In other business news Anglo American The company is facing legal challenges in Chile after the Chilean Environment Ministry (SMA) filed four environmental complaints against the company on Monday. The company could face up to $17 billion in fines for allegedly failing to comply with environmental permits at its Los Bronces copper mine, according to an SMA statement translated by Google.
In an emailed statement, an Anglo American spokeswoman said the mine was operating normally and the company was working with Chilean regulators to ensure compliance.
The mining giant’s London-listed shares were 1% higher at 11:06 a.m. London time.
At the bottom of the Stoxx 600 were British housebuilders. Beastly GroupThe stock price plummeted 16%.
The company revised its full-year target on Tuesday, cutting 50 million pounds from its profit outlook. Vistry said it now expects full-year adjusted profit before tax to be around £250 million, with the downward revision due to expected year-end transactions and completion delays.
Shares in Swedish online gambling company Evolution continued to sell off on Tuesday after falling to the bottom of European indexes on Monday. Last week, the company said it had been reviewed by the UK Gambling Commission. This comes after regulators discovered the company’s games were accessible through unlicensed operators in the UK.
European economic data are not expected to be released on Tuesday.
Overnight, Asian shares were mixed as investors were concerned about Japan’s monetary policy outlook, the blockbuster merger of auto giants Honda and Nissan and falling consumer confidence in South Korea.
Trading is expected to be halted globally this week as several markets close early on Tuesday and remain closed on Wednesday, Christmas Day.
