Stocks opened lower on Monday after a winning week, with Dassault Aviation leading the gains after a stock upgrade. The French manufacturer of military and business aircraft saw its shares rise by 5.5% following an upgrade from analysts at BNP Paribas Exane to “outperform” from “neutral.”
Dassault Aviation had forecast higher revenue in the year ahead in its 2023 results, which were released earlier this month. The company’s stock performance was a bright spot in a market that opened in mixed territory, with European stock markets showing a range of movements as traders headed into a shortened trading week.
Meanwhile, oil stocks gained as crude prices rose, with European oil and gas stocks nudging 0.3% higher on Monday. Stocks were following crude oil prices upward, with ICE Brent Crude futures with May expiry up by 0.83% to $86.14 a barrel amid concerns over geopolitical tensions and U.S. supply.
On the flip side, Direct Line and Delivery Hero saw their stocks decline, with Direct Line shares dropping by 12.6% after Belgium insurer Ageas announced it would not make an offer for the company. Delivery Hero’s shares slid by 4.1% as the company’s chief financial officer announced his departure after a decade in the role.
Overall, European markets opened in mixed territory, with the benchmark Stoxx 600 up by 0.07% in London. The U.K.’s FTSE 100 was up 0.07%, Germany’s DAX up by 0.15%, and France’s CAC 40 flat.
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