Europe close: Markets finish largely in the red
European stocks remained primarily in the red at end-of-play on Monday, as chip maker AMS and French pharma giant Sanofi grabbed the headlines.
The pan-European Stoxx 600 was off 0.19% at 399.80, with Germany’s DAX falling 0.12% to 13,324.48 and the CAC 40 in Paris down 0.14% to 5,521.59.
In Spain, the IBEX 35 was 0.38% lower at 10,555.60, while back in London the FTSE 100 managed to eke out gains of 0.08% to 7,671.53 while the domestically-focussed FTSE 250 lost 0.18% to 20,577.92.
On the corporate front, shares in Austria-based electronic chip maker AMS jumped 16.92% as the company reported full year revenues almost doubled to a record €1.06bn.
AMS said it expected revenue growth for 2016-2019 to be 60% compound, combined with an adjusted EBIT margin target of 30% from 2019 onwards.
“The substantial upward change, which translates into 2019 expected revenues of more than €2.2bn, is particularly driven by a range of revenue pipeline opportunities in smartphone and consumer applications that are clearly coming into view,” AMS said.
AMS makes sensor technology used on Apple's iPhone X.
The news also lifted sector peers Dialog Semiconductor, STMicroelectronics and Infineon.
Sanofi shares fell 0.79% on news that it was buying biopharmaceutical company Ablynx for about €3.9bn, or €45 a share.
The offer was 109% higher than Ablynx’s share price prior to a bid from rival Novo Nordisk’s earlier this month. Ablynx shares rocketed on the news.
Novo Nordisk, which offered up to €30.50 per share in cash for Ablynx, confirmed that it will not be making a revised proposal.
"Novo Nordisk looks forward to continuing its productive research collaboration with Ablynx," it said.
Anglo American shares rose 1.23% after the company said it had sold the New Largo thermal coal project and Old New Largo closed colliery in South Africa for ZAR 850m ($71m).
The project was bought by historically disadvantaged South Africans and the Industrial Development Corporation SOC.
Swedish medical technology group Getinge shares fell 10.46% after the firm reported fourth-quarter core profits well below expectations.
Spanish lender Bankia fell 4.31% as it reported restructuring costs after fourth quarter losses.