The entrance to the London Stock Exchange Group building on December 8, 2024.
Manuel Romano | Photo only | Getty Images
European markets closed higher on Tuesday, in a trading day shortened for Christmas Eve.
The pan-European Stoxx 600 provisionally ended the session around 0.2% higher. Tech stocks were among the leaders of gains after U.S.-listed technology stocks saw strong trading on Monday.
London’s FTSE 100 and France’s CAC 40 indexes both ended the session in positive territory, with sectors across the board posting gains ahead of the Christmas shutdown.
Novo Nordisk shares are recovering
Novo Nordisk continued its rally on Tuesday, rising to the top of the Stoxx 600 and gaining 5.7% by the closing bell. Shares of the Danish pharmaceutical giant recovered from last week’s big sell-off, which was driven by disappointing trial results for its weight-loss drug CagriSema.
Elsewhere in the European pharmaceutical industry AstraZeneca said on Tuesday it had voluntarily withdrawn its EU marketing application for its lung cancer drug datopotamab deruxtecan. The company said the decision, made with co-developer Daiichi Sankyo, “was based on feedback from the Committee for Medicinal Products for Human Use of the European Medicines Agency.”
Already in September, disappointing results from the clinical trial on which the application was based weighed on AstraZeneca’s share price. The company’s shares rose 0.1% at the end of the Christmas Eve session.
In other business news Anglo-Americans is facing legal trouble in Chile after the country’s Environmental Regulatory Authority (SMA) filed four environmental lawsuits against the company on Monday. According to a Google translation of the SMA statement, the company could face a fine of up to $17 billion for alleged failure to comply with environmental permits at its Los Bronces copper mine.
In an emailed statement, an Anglo American spokesman said the mine was operating normally and that the company was working with Chilean regulators to ensure compliance.
The mining giant’s London-listed shares closed up 2%. Mining stocks were the top performers on the Stoxx 600 on Tuesday after Reuters reported that China plans to issue a record 3 trillion yuan ($411 billion) in government bonds in 2025.
At the bottom of the Stoxx 600 was the British housebuilder Vistry groupwhose shares fell 16% during Tuesday’s session.
The company revised its full-year forecast on Tuesday, cutting its profit forecast by £50 million. Vistry said the company now expects its full-year adjusted profit before tax to be around £250 million, attributing the downward revision to delays in expected year-end transactions and closes.
Shares in Swedish online gaming company Evolution continued their sell-off on Tuesday after falling to the bottom of the European index on Monday. Last week the company announced it was under investigation by the UK Gambling Commission after the regulator found the company’s games were accessible in the UK through unlicensed operators.
In Asia, stocks were in mixed territory overnight as investors monitored the monetary policy outlook in Japan, the blockbuster merger between auto giants Honda and Nissan and weakening consumer confidence in South Korea.
Trading is expected to be subdued globally this week as several markets close early on Tuesday and remain closed on Wednesday for Christmas Day.