- DE30 gains during Tuesday's session
- Bayer to pay compensation in connection with PCB product
Overall market situation:
Tuesday's session on European markets brings gains for most listed companies. The benchmark DE30 alone is gaining 0.3% at the moment. The only index with slightly larger declines at the moment is the French FRA40 (-0.15%). However, stock analysts point out that pre-Christmas trading volumes are already very low, which may offset trading activity over the next few days.
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European companies traded during Tuesday's trading session are mostly up at the moment. Source: xStation
Germany's benchmark DE30 is gaining nearly 0.3% during today's session and is holding near the zone of local peaks. Source: xStation 5
News:
Abu Dhabi National Oil Co (ADNOC) is preparing to make a new offer of around €60 per share for Covestro AG (1COV.DE), which could value the German plastics and chemicals producer at around €11.3 billion, Bloomberg News reported, citing people familiar with the matter. The company's shares are currently gaining nearly 2.27%.
Good investors have welcomed a US court decision to order Bayer (BAYN.DE) to pay $857 million in damages. The plaintiffs blamed their illnesses on the environmental toxin PCBs of US manufacturer Monsanto, which was acquired by Bayer in 2018. The company's shares are currently gaining nearly 0.3%.
Analyst recommendations:
* Wacker Chemie (WCH.DE): Baader Helvea downgraded the company's shares to a "reduce" rating in the absence of sufficient momentum to improve operations. Target price at €109.
* Lanxess (LXS.DE): Baader Helvea downgraded the company's stock to a "reduce" rating, adding that it is too early to be optimistic about the company. Target price at €26 (previously €40).
* Duerr (DUE.DE): BNPP Exane raised its rating on the company to a "neutral" measure. Target price at €23.
