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

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

Eurofins ERF, +1.51% will replace IT tech group Atos ATO, +2.81% 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 SXXP, +0.28% rose 0.3% to 468.88, as gainers included ASML Holding ASML, +2.19%, Siemens SIE, +2.23% and Adidas ADS, +1.83%.

Of the major regional indexes, the German DAX DAX, +0.41% gained 0.4%, the French CAC 40 PX1, +0.28% increased 0.4% and the U.K. FTSE 100 UKX, +0.38% increased 0.4%.

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