Market Movers: TSMC, AstraZeneca, Lloyds, Fresnillo, and Canal+ Navigate Key Developments

Technology Sector Sees TSMC Advance on AI Demand

Taiwan Semiconductor Manufacturing Company (TSMC) (2330.TW, TSM) recorded a notable performance, with shares advancing over 5% in pre-market trading, recovering from a previous 6% decline. This movement followed the announcement of robust third-quarter revenue, which surpassed analyst expectations. The company's unaudited revenue for Q3 FY2025 reached NT$989.92 billion (US$32.47 billion), marking a 30% year-over-year increase. This figure exceeded the market consensus of approximately NT$973 billion.

The strong revenue growth is primarily attributed to the sustained global demand for artificial intelligence (AI) processors, underscoring TSMC's pivotal role in the high-performance computing segment. While the stock had experienced a 6% drop earlier amidst market volatility and concerns over a potential 100% tariff threat against China, analysts suggest this threat is largely overblown. The market's sentiment indicates that AI spending continues to accelerate, with major hyperscalers signing multi-billion-dollar deals to expand data center capacity. TSMC's valuation remains reasonable, trading at 29x non-GAAP P/E forward, nearly aligning with its 28x valuation from a year ago. The company's long-term growth outlook is further supported by collaborations such as OpenAI's partnerships with NVIDIA (NVDA) and AMD, which heavily rely on TSMC's advanced node and packaging technologies.

AstraZeneca Secures Key US Agreement Amidst Regulatory Shifts

AstraZeneca (AZN.L) announced a significant agreement with the US government on October 10, 2025, aimed at reducing prescription drug costs for American patients. Under the terms, AstraZeneca will implement direct-to-consumer (DTC) sales with discounts of up to 80% off list prices for eligible patients and will participate in the TrumpRx.gov direct purchasing platform. The company has also committed to Most Favored Nation (MFN) pricing for Medicaid, matching the lowest prices offered in other developed nations.

In exchange for these concessions, AstraZeneca secured a three-year delay on Section 232 tariffs from the US Department of Commerce. This tariff relief is contingent upon a $50 billion investment in US medicines manufacturing and research and development over the next five years, with the goal of fully onshoring all medicines sold in America. This investment is projected to contribute to $80 billion in total revenue by 2030, with 50% expected from the US market. Shares of AstraZeneca rose by 0.8% to 12,886.00 pence each in London following the announcement. Analysts at Morningstar maintain a fair value estimate for AstraZeneca of GBP 124 per ordinary share and $81 per US ADR, noting the company's 'Wide' Economic Moat Rating. The deal is perceived to mitigate investor uncertainty regarding US drug pricing and tariffs that had impacted sentiment throughout 2025.

Lloyds Banking Group Increases Car Finance Provision

Lloyds Banking Group (LLOY.L) announced an additional provision of £800 million for a car finance mis-selling scandal, bringing its total reserves for the issue to £1.95 billion. This increased allocation reflects the bank's revised expectation of a higher number of eligible historical motor finance agreements, some dating back to 2007, and a greater level of redress than initially anticipated. The UK's Financial Conduct Authority (FCA) recently detailed its proposed compensation scheme, estimating potential payouts across approximately 14 million unfair deals, averaging about £700 each.

Despite the substantial increase in provisions, Lloyds' shares rose by over 1% as markets opened, reaching 83.85p. This market reaction suggests that some investors viewed the FCA's estimated total cost for the industry, potentially up to £11 billion, as being at the lower end of earlier expectations. However, analysts express concerns about the rigorous governance expected from lenders in demonstrating the fairness of their past deals, particularly given the FCA's interpretation of "unfairness" differing from a Supreme Court ruling. Lloyds stated that the £1.95 billion represents its "best estimate" of the potential impact, though uncertainties remain pending further consultation on the FCA's proposals.

Fresnillo Benefits from Soaring Precious Metal Prices

Fresnillo (FRES.L) shares advanced by nearly 6%, positioning the company as a top gainer on the FTSE 100. This rise was propelled by a significant surge in gold and silver prices. Spot gold increased by 1.3% to $4,071 an ounce, while silver advanced by nearly 5%, and platinum rose by 2.7%. Mining shares broadly led gains in London, with Endeavour Mining and Antofagasta also seeing increases.

The rally in precious metals is largely attributed to a "flight to safety" trade, fueled by heightened geopolitical tensions and concerns over a potential escalation in the trade war between the US and China. The uncertainty has also contributed to a weakening US dollar, making dollar-denominated commodities more attractive to international investors. Expectations of future Federal Reserve interest rate cuts further support gold and silver prices, as lower borrowing costs tend to weaken the dollar. Additionally, silver has experienced a short squeeze, contributing to its year-to-date rally. Analysts forecast a strong performance for Fresnillo, with Zacks Consensus Estimates implying a year-over-year surge of 50.3% in sales and 352.8% in EPS for 2025.

Canal+ Completes Strategic Acquisition of MultiChoice

French media conglomerate Canal+ saw its shares rise following the successful completion of its mandatory offer to acquire MultiChoice Group. Canal+ has secured approximately 94.39% of MultiChoice's issued shares and will proceed with the compulsory acquisition of the remaining shares, leading to MultiChoice's delisting from the Johannesburg Stock Exchange (JSE). The offer price for MultiChoice shares was ZAR125 per share.

This acquisition marks the largest transaction undertaken by Canal+, establishing a combined entity that will serve over 40 million subscribers across nearly 70 countries in Africa, Europe, and Asia. Strategically, the move aims to create a pan-African media powerhouse, leveraging Canal+'s global distribution capabilities and MultiChoice's established presence in African markets. Canal+ has pledged a secondary inward listing on the JSE to ensure continued local market liquidity and investor access, while its primary listing will remain in London. This expansion is designed to enhance competitiveness against global streaming giants and reinforces Canal+'s long-term commitment to South Africa and the African creative economy. The company plans to invest $200 million annually in films and series through StudioCanal, aiming to monetize African content globally and expand its workforce to approximately 17,000 employees.