By Steve Goldstein
Laboratory testing services group Eurofins Scientific is set to join France’s top stock market index, buoyed by demand for COVID-19 testing.
Eurofins /zigman2/quotes/207232790/delayed FR:ERF -7.13% will replace IT tech group Atos /zigman2/quotes/202384354/delayed FR:ATO +1.63% 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 /zigman2/quotes/210599654/delayed XX:SXXP -0.08% rose 0.3% to 468.88, as gainers included ASML Holding /zigman2/quotes/206208657/delayed NL:ASML +1.40% , Siemens /zigman2/quotes/205905025/delayed XE:SIE -2.48% and Adidas /zigman2/quotes/206448829/delayed XE:ADS +2.42% .
Of the major regional indexes, the German DAX /zigman2/quotes/210597999/delayed DX:DAX -0.32% gained 0.4%, the French CAC 40 /zigman2/quotes/210597958/delayed FR:PX1 -0.29% increased 0.4% and the U.K. FTSE 100 /zigman2/quotes/210598409/delayed UK:UKX -0.45% increased 0.4%.