(BFM Bourse) – If the momentum slows down markedly after 5 increases over the last 6 sessions and the new all-time high reached at the close on Tuesday, optimism remains on the Parisian market. In a shrinking volume of transactions, the ACC took the opportunity to set a new record.
It was brief but the barometer of the Parisian market crossed a new milestone this Wednesday morning: that of 7,200 points. After dropping the 7,000 point mark for the first time in its history on November 5, then that of 7,100 points ten days later, the CAC 40 thus conquered a new threshold on Wednesday. At 9:49 am precisely, the star index was up 0.28%, to an unprecedented level of 7,201.65 points. He thus gained nearly 500 points (+ 6.7%) since his low last Monday, in six and a half sessions. Around 11:50, the flagship index of the tricolor, however, reduced its lead to + 0.06% to 7,185.06 points, in a still very small volume of trade (440 million euros).
The traditional “Christmas rally” was fueled by reassuring news about the dangerousness of omicron, the new strain of Covid-19 which had shaken the markets at the end of November. “Although cases linked to omicron continue to increase in the United States and in Europe in particular (France exploded its record of daily contaminations on Tuesday with nearly 180,000 new cases in 24 hours, Editor’s note), it has not yet had a negative effect on economic data. The restrictions in Europe will have an impact on the results but, for now, the markets mostly view Omicron as a more benign variant, despite its contagiousness “, notes Jeffrey Halley, analyst at Oanda .
After new records, momentum nonetheless faltered on Wall Street on Tuesday after the European markets closed, the main indices ending in scattered order (-0.1% for the S&P, -0.6% for the Nasdaq, + 0.3% for the Dow). A pause quite simply to put on the account of a “lack of interest” according to Maris Ogg, of Tower Bridge Advisors, who underlines that “the decline of the Nasdaq is not very convincing”. “More than half of my screen is green, the other half is red. There is no dominant trend” adds the manager. In other words: the slight decline of the day before is attributable to the heavyweights of the rating, Apple, Microsoft, Amazon and Tesla all having suffered slight profit taking.
New acquisition of Teleperformance in the United States
The title of customer relationship specialist Teleperformance takes the lead of the CAC 40 at midday with a gain of 2.1%, investors welcoming the new acquisition of the group across the Atlantic, that of Senture for 400 million euros . The French group is thus strengthening itself in the management of business processes with administrations in the United States through this otherwise accretive operation.
The luxury segment is also well oriented (+ 1.2% for Kering, + 0.6% for L’Oréal and Hermès). Conversely, Stellantis (-0.9%), TotalEnergies and Veolia (-0.8%) are at the back of the pack.
Within the SBF 120, OVHCloud maintains its strong upward trend (+ 20% over one month) which takes the stock to a new high (+ 3.3% today at 12:20). The aerospace supplier Figeac Aéro also advanced 2.1% after announcing a recovery in its results in the first half of 2021-2022 ended at the end of September, “under the effect of the recovery in volumes and the drastic reduction in operating expenses “underlines Midcap analyst Gilbert Ferrand. If the group still shows an operating loss over the period, it is more than halved over one year, to -15 million euros.
Oil pauses
Also on the rebound in recent sessions, oil prices – which reached a peak of more than a month on Tuesday, a sign of investor optimism vis-à-vis the economic recovery – are delaying this Wednesday. Around 12:25 p.m., a barrel of Brent retroceded 0.2% to 78.5 dollars when that of WTI returned 0.5% to 75.6 dollars.
Calm also reigns on the currencies side and the single currency remains just above the threshold of 1.13 dollars (-0.06% to 1.1302). Bitcoin is finally struggling to recover after dropping up to more than 6% the day before, and is trading at $ 47,550 at 12:30 pm.
Quentin Soubranne – © 2021 BFM Bourse