Rising stocks:

Equinor (+9%): the Norwegian oil major combines the discovery of a 25 to 89 million-barrel field in the North Sea with a Brent surge (+8%) driven by tensions in the Middle East. TotalEnergies, Shell and Repsol are also benefiting from this geopolitical backdrop.

Galp (+8%): the Portuguese oil group is launching a 250 MEUR share buyback programme and raising its dividend by 4%, also benefiting from the geopolitical context. Solid 2026 outlooks are bolstering the appeal of shareholder returns.

Kongsberg Gruppen (+5%): Arctic sharply raises its price target from 275 to 440 NOK (+60%) and upgrades the Norwegian defence and maritime technology group to buy. The dramatic upgrade reflects strong prospects amid European rearmament.

Thales (+6%): the French defence group is soaring in the wake of escalating tensions in the Middle East. Saab, Dassault Aviation, BAE systems and Exosens are also benefiting from this context with similar gains.

Hapag-Lloyd (+5%): the German shipping line is suspending its transits through the Strait of Hormuz and imposing a substantial war surcharge ($1,500 to $3,500 per container) that will boost revenues. Logistical disruption in the Gulf is benefiting shipping companies able to reroute flows.

Ypsomed (+4%): the Swiss maker of injection and infusion systems is announcing a large CHF 150m share buyback with cancellation of the shares. The transaction combines a firm CHF 100m repurchase from main shareholder Willy Michel and a public offer at CHF 300 per share.

Falling stocks:

Informa (-11%): the events organiser is suffering from its exposure to the Gulf. Exposure of net profit to the region is around 8%; during Ramadan, no B2B events generally take place. If the conflict drags on, the impact could be higher.

Accor (-10%): the travel sector is being dragged lower by the conflict in Iran. Following strikes initiated by the United States and Israel, airlines and seasonal accommodation companies are plunging. Lufthansa was down 6% at the open, Ryanair 4% and IAG 7%.

Avolta AG (-6%): the airport retail operator finalises the cancellation of 4.9 million of its own shares. The shares represented 3.32% of the capital and, against the backdrop of conflict in the Gulf countries, the market is reacting poorly to the news.

Raiffeisen Bank International (-5%): the provider of services and technology for investment solutions is selling most of its stake in Leonteq. The collaboration is not being called into question, but the market sees it as a weakening of the agreement.

Mediobanca (-5%): uncertainty over the merger plan with MPS is weighing on the stock. The Italian state, which rescued MPS in 2017 by acquiring 68% of the company, said it would exit entirely. A lack of information on the share exchange ratio is sending the stock lower.

BMW (-3%): the German carmaker is suffering from the recall of hundreds of thousands of vehicles due to a potential wiring issue that could cause a fire. Germany's federal court is examining climate complaints concerning BMW and Mercedes.