Share Prices & Company Research

Market News

18 Jan 2021 | 07:53

Europe open: Shares slip as French govt scuppers Carrefour merger talks

(Sharecast News) - European stocks started the week lower with investors ignoring positive China GDP data, while the termination of merger talks between French retailer Carrefour and Canada's Alimentation Couche-Tard also hitting sentiment.

The pan-European STOXX 600 index was down 0.13%, with France's CAC 40 0.35% lower.

Carrefour shares fell 6% after announcing on the weekend that talks with Couche-Tard had been terminated and the two sides would instead work on partnership opportunities. The planned deal went under after French government opposition, citing a threat to the country's "food sovereignty".

Investors were also concerned about tighter lockdown curbs in Europe's major economies with reports that Germany was considering a night curfew to stem the rising number of Covid-19 cases. France last week imposed a similar measure, while Britain closed all travel corridors into the country starting at 4am on Monday with strict testing and quarantine restrictions on anyone entering the country.

The latest data out of China showed the economy grew by 2.3% in 2020 in a sharp rebound from the coronavirus pandemic which tore through the country in the early part of the year.

The annual growth rate was the lowest since the Chinese economy shrank by 1.6% at the end of the Cultural Revolution in 1976, but was in stark contrast to the performance of other major economies, all of which have reported contractions as they struggle to battle the crisis.

In other equity news, shares in carmaker Stellantis rose almost 3% in its first day of trading in the Paris stock market on the completion of merger between Fiat Chrysler and PSA.

Centrica lost ground after it said chief financial officer Johnathan Ford has quit in the middle of a turnaround plan for the energy supplier. Ford has stepped down with immediate effect for personal reasons.

On the upside, Just Eat Takeaway, Ocado and meal kit company Hello Fresh - all of which have benefited from lockdowns and restrictions - were among the top risers.

Animal genetics company Genus rose 4.45% as it said profit growth for the year ending 30 June 2021 is set to be ahead of its previous expectations following a strong first-half trading performance.

Get in touch today
Join Redmayne Bentley
Talk to us now about opening a new account or transferring your account from another provider
0113 243 6941
Get in touch today
Contact your local office
Contact your local office to find out more
The value of your investments and the income from them may go down as well as up, and you could get back less than you invested.
Continuing our Personal Service: View our Latest COVID-19 Update: 30th April 2021
We use cookies on this site to improve your experience and help us provide you with a better website. An explanation of the cookies we use and their purpose can be found within our Cookie Policy. Your continued use of this site means you consent to the use of cookies.