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Let's take a look now at some of the stocks on the move in Europe. I'm Stephen Carroll, but with Caroline Hepker, and we're joining by Bloomberg's Breaking news editor Louise Moon. Louise, let's start then with very Sure shares of ten percent after their ipo.
Yeah, so very sure, a securities trading firm.
They had their IPO in Sweden today in Stockholm sat price at the top end of the range that was at just over thirteen euros a share, and that meant that it raised three point two billion euros. It's the largest IPO in three years, so sent yeah, in three years for Sweden, so a big ibo for them. Their shares, as you say, sword of that, they were up as much as ten percent. At one point they hit as
much as twenty two percent. I think they're now down about well up at eighteen so but high gains for very sure after ipoing, and it's essentially kind of indicating that or cementing Sweden's position as Europe's topic change they've had, they've been the topic change for IPA fundraising so far this year. And there were some quotes by analysts saying, you know that more companies seeing this, more companies could come and could list in Stockholm. So good news for
them this morning being well received in Stockholm. Yeah.
Absolutely.
We were also speaking to the CEO of the FCA here in Europe that's in the UK rather nikkil Ratty, about the car Loan saga. And this is very important for UK lenders because it is a big legacy issue that is going to cost them money, but perhaps less than had been previously thought. So how is it affecting those lenders in those names?
Indeed yet a long, long running saga, so basically benefiting lenders this morning, so it's positive news for them. So i'd say the FAA came out and they said that they're now expecting that these auto lenders will take an eleven billion pounds hit to compensate customers. But a lot of these lenders that this was less essentially than they
had previously indicated. So a lot of these lenders have set aside a lot more money than actually it seems will now be needed, so good news for them this morning.
So the likes of Lloyds up more than two percent.
Close Brothers, which is very heavily exposed to this, also jumped as much as ten percent at one point, so we're really seeing this playthrough into the share reaction. So as I say, it means that they can kind of release a lot of this money that's been set aside. There's one estimate for Lloyd's, for example, saying that they might be able to release as much as three hundred
million pounds now. So the bank that they this morning have said that they're you know, currently assessing the impact, but in the past they have well at one point argued that this long running Carloan saga has made the whole industry uninvestable. So this news this morning is really proving to be a boost.
And ABB Louise add an old time high after selling robotics arm to SoftBank.
Indeed, yeah, so ABB, the Swiss conglomerate, they've sold their Industrials robots unit to soft Banks that's got more than seven thousand staff. It applies a lot of products to manufacturers like BMW, and they've sold that for about.
Five point four billion dollars to soft Bank.
So on soft Bank side, it shows kind of their growing bet into AI, this global kind of wave of data center construction and they're really betting on that.
But for ABB, the reason that.
Their shares are really reacting positively is because this is their their focus on more profitable areas, so they spin They had intended to spin this unit off, They've now sold it and they're going to focus on areas like electrification and other areas that are also surging with this kind of spending on data centers. So it's a bit of a pivot for ABB and selling off this unit to SoftBank, so shares soaring on the back of that.
The Stock Mover's 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.