European stocks hit by losses in defensives; chipmakers rise

Reuters June 24 | Updated on June 24, 2020 Published on June 24, 2020

File Photo   -  Bloomberg

European stocks slipped on Wednesday, weighed down by defensive sectors, as investors remained cautious about a surge in the number of global coronavirus cases.

The pan-European STOXX 600, which had closed at a near two-week high in the previous session, slid 0.5 per cent, with food and beverage, telecoms, and healthcare stocks falling between 0.7 per cent and 0.8 per cent.

Many US states have reported record daily increases in Covid-19 infections in recent weeks. A media report that European Union countries are prepared to bar entry to Americans also raised worries of further restrictions that could derail an economic recovery.

The top decliner on STOXX 600 was Sweden's Evolution Gaming Group AB, which fell 7.4 per cent after it offered to buy NetEnt AB for 19.6 billion Swedish crowns ($2.12 billion). NetEnt's shares jumped 30 per cent.

German real estate company Leg Immobilien fell 3.2 per cent after plans to launch a capital increase through stock and debt offering.

Austrian sensor maker AMS rose 4.3 per cent after JPMorgan upgraded the stock to “overweight” from “neutral”, while Dialog Semiconductor jumped 6.8 per cent after raising its quarterly revenue outlook.

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Published on June 24, 2020
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