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Well, let's take a look at some stocks on the move today in Europe. I'm Stephen Carroll with Anna Edwards, and we're joined by Bloomberg's Breaking News editor Louise Moon. Louise starting with the energy sector and focus again today as we're seeing oil prices rebound slightly. What are we seeing in terms of share prices of the likes of BP.
Yeah, so essentially tracking that rebound the same thing, so BP, Shell, all of the kind of oil majors in the UK, but across Europe. Obviously, yesterday their chees fell, they pulled back on the back of oil prices yesterday, and now they're rising. So BP up more than two percent, reversing some of yesterday's losses, but in a similar light to overall oil prices, not reversing all of those losses. Shell also higher, and both of them have been the biggest
upper conturbators to the Footyat index this morning. Obviously they're relatively heavyweighted on the index, so have a lot of influence there obviously, as you say, this is all over concerns remaining over the Middle East, overall sentiment seen as fragile, more clarity needed, and this is boosting energy stocks and BP if we're going to focus on that one in
particular as well. The markets Louise have been so preoccupied with everything that's happening in the Persian Gulf, of course, but there are some M and A stories that do seem to be occasionally cutting through. What are we hearing about Rifism bank, Yes, so yeah, focus on a bit of M and A slightly different So Rifi's in bank. This is an Austrian bank offered to buy another Austrian bank called Adaco. So they've offered to buy it at a eleven percent discount, and that's on a price per
share basis compared to yesterday's closing price. But they do say that it matches Adaco's kind of weighted average over the past six months. That's according to their own calculation, so value it at about four hundred and fifty million euros. And then in terms of rifis AND's kind of you know, their overall strategy. This could be if this all goes through their second major acquisition this year as they're kind of a renewed appetite for deals. They're growing operations in
different European markets. So for example, they recently bought the Romanian unit of BBVA for almost six hundred million euros. So Adico shares are over four percent on the news, so potentially being welcome there by investors, but rifies in slightly actually dipping into the red.
And we've seen an upgrade for the biotech company Abivags this morning Louise t us More.
Yeah, so their shares that was much three point eight percent on the back of this. So this upgrade, Biodos saying that their Crohn's disease could actually that their Crozesse drugs could actually represent a much bigger commercial opportunity then had previously been thought. They're saying that this is being underestimated by the market as a whole. So they're saying that the they're estimating that sales could be as much as two point eight billion euros in twenty thirty four
related to these prones, to these drugs. They had previously thought it was about two billions, So quite an uptic there, So adds to this positive news really for Avivax. Their shares have been on if you look back, they've been on absolute terror of the past year, longer than a year, so, I mean last year they rose almost two thousand percent that the share price, making it what it's been viewed as quite an attractive takeover target in that sense. And
then this year is quite pivotal. They've got a few clinical trial results that are expected to come through this year, so all of that is kind of adding to their share price, and then we've had this upgrade again this.
Morning the Stock Movers Report from Bloomberg Radio. Check back with us throughout the day for the latest roundup of companies making news on Wall Street and for the latest market moving headlines. Listen to Bloomberg Radio Live, catch us on YouTube, Bloomberg dot com, and on Applecarplay and Android Auto with the Bloomberg Business app MHM.