Europe Markets: COVID-19 testing demand sends Eurofins into top French stock market index

Laboratory testing services group Eurofins Scientific is set to join France’s top stock market index, buoyed by demand for COVID-19 testing.


will replace IT tech group Atos

in the CAC 40 on Sept. 17, Euronext announced. The testing company was ranked 29th by market cap as of Thursday, and its shares have surged 82% this year.

Eurofins first-half profit more than tripled to €582 million, on a 41% rise in revenue. The demand for COVID-19 testing is so strong the company also reports revenue outside the COVID-19 testing, where it delivered 17% organic growth in the first half.

Eurofins said it’s now completed over 25 million COVID-19 PCR tests since the start of the pandemic.

Atos, meanwhile, has slumped 44% this year, and recently cut its revenue and margin targets.

More broadly, European stocks rose on Friday in a quiet day of trading.

The Stoxx Europe 600

rose 0.3% to 468.88, as gainers included ASML Holding

and Adidas

Of the major regional indexes, the German DAX

gained 0.4%, the French CAC 40

increased 0.4% and the U.K. FTSE 100

increased 0.4%.

This post was originally published on Market Watch

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