(BFM Bourse) – After a lackluster start to the week marked by three sessions of decline in a row, the Paris Bourse has resumed its upward path. The CAC 40 gained almost 1% on Thursday evening, supported by very good results from companies including those of Legrand and Crédit Agricole in France.
The results season is buoyant for the CAC 40, which ends up 0.96% at 7,188.36 points. The flagship index of the Parisian place has put an end to a series of three sessions of decline. Only disappointment, he failed to preserve the 7,200 points at the close.
Investors were busy on Thursday analyzing the many corporate publications. Legrand and Crédit Agricole surprised the markets favorably with solid results. On Wall Street, the indices are also progressing as Disney’s accounts and the American entertainment giant’s cost-cutting program have won over investors.
The American place is also trying to regain height, the day after a decline caused by statements deemed more worrying by members of the Federal Reserve (Fed), the American central bank.
This was notably the case of the vice-president of the Fed and president of the New York Fed, John Williams, who explained that the rates could remain in “restrictive” territory (in other words penalizing for the economy) for a few years. .
“Investors are always driven by momentum [la dynamique, NDLR] bullish trend that began at the start of the year while trying to determine what the true intentions of the central banks are…”, underlines John Plassard, of Mirabaud.
“This ongoing uncertainty about the extent of central bank rate hikes is helping fuel volatility between the bullish scenario of an imminent peak in rates, followed by cuts later this year, and the bearish scenario of ‘a higher final rate, followed by a long waiting period,’ commented Michael Hewson of CMC Markets.
Note the slight surge for the first time in six weeks, weekly jobless claims, to 196,000 applications. However, this level remains low, illustrating the strong resilience of the US labor market.
A little earlier in the day, operators took note of the slight decline in inflation in Germany in January, to 9.2% over one year against 9.6% the previous month. Good news on the price front which also fueled the rise in European indices on Thursday.
Crédit Agricole leads the CAC 40
Crédit Agricole SA and Legrand distinguished themselves brilliantly on Thursday with the publication of their accounts. The green bank (+4.3%) shattered the analysts’ consensus, with a net profit of 1.56 billion euros, 45% higher than the expected 1.07 billion, thanks to much stronger revenues than expected. . The infrastructure and electrical equipment specialist gained 4.1% driven by organic growth in the fourth quarter of 2022 well above expectations.
Vinci, for its part, posted record cash generation for 2022. The stock ended up +1.4%. Excluding the CAC 40, the pharmaceutical company Ipsen rebounded by 7.10% thanks to sales that exceeded expectations in the fourth quarter.
Stef (-3.9%) regained some ground on Thursday after closing sharply up 14% on Wednesday evening. The title of the specialist in temperature-controlled transport and logistics confirms the rumors of talks with CMA CGM with a view to acquiring its maritime subsidiary La Méridionale.
On other markets, the euro gained 0.4% against the dollar at 1.0755 dollars. Oil contracts are starting to fall again after their recent rise. Brent from the North Sea for delivery in April fell 0.95% to 84.28 dollars a barrel, while WTI listed in New York for March fell 1% to 77.66 dollars a barrel.
Sabrina Sadgui – ©2023 BFM Bourse