Europe midday: Shares slide into red; Direct Line tanks as Ageas pulls out

25th Mar 2024 11:54

(Sharecast News) - European stocks slipped into the red on Monday ahead of the Easter long weekend as investors took stock of a slew of rate decisions last week and dovish comments from policy makers that sent the Stoxx 600 index to record highs.

The pan-regional benchmark index was down 0.35% to 507.87 with all major Continental bourses following suit as investors looked for direction. although Goldman Sachs lifted its 2024 year-end Stoxx target to 540 from 510, citing potential economic growth and monetary policy easing across central banks.

In equity news, shares in Direct Line tanked 12% after Belgian insurer Ageas said it would not make a further offer for the British home and motor insurer after it rejected two previous proposals.

Swedish real estate group SBB surged 15% as the company announced a debt buyback at a 60% discount as it tried to reassure investors over management of its debt burden.

Ocado fell after a report over the weekend suggesting the company is under pressure over executive pay after an influential proxy adviser urged shareholders to vote against a new bonus scheme that could see boss Tim Steiner paid as much as £14.8m.

Reporting by Frank Prenesti for Sharecast.com