(BFM Bourse) – The Paris Bourse ends the week in very good spirits. The CAC 40 closed up 0.9%, which enabled it to gain almost 2% on a weekly basis.
The Paris Stock Exchange keeps pace. The Paris market did not give in to panic unlike the American markets after a surprisingly strong employment report and disappointing results from the tech giants.
The CAC 40 offers a gain of 0.94% to 7,233.94 points this Friday evening. A good score which allows him to garner 1.93% over the week. The Parisian index is only a hundred points from its absolute record, which stands at 7,384.86 points.
Investors have been scrambling to look for encouraging signs in the speeches of top central bankers, be it Fed Chairman Jerome Powell or his European Central Bank counterpart, Christine Lagarde.
“Over the last two days, communications from the main central banks have motivated considerable appreciation movements in the main assets (…) the main reason seems to be the market’s expectation of an imminent end to the increases in the banks’ key interest rates power plants”, stresses Sebastian Paris-Horvitz, of La Banque Postale Asset Management. He nevertheless considers this “euphoric reaction” “exaggerated”.
A new record for the London Stock Exchange and LVMH
New records fell on Friday. The London Stock Exchange peaked during the session at 7,906.58 points. just like LVMH which offered itself the luxury of beating a new historic record at 830.50 euros.
Publicis gained another 6%, benefiting from an upgrade from Barclays to “overweight” after its solid annual results released on Thursday.
Sanofi limited its decline to 1.9%. The pharmaceutical group delivered earnings per share forecasts below analysts’ expectations for 2023.
The market also continues to take the measure of the mega-dilution (more than 99%) that awaits the current shareholders of Orpea. The retirement home operator plunged 26% after losing 32% on Thursday and 22% on Wednesday.
On foreign exchange, the euro lost 0.7% against the dollar, to 1.0834 dollar after the excellent US employment figures. Oil contracts are trending down. The North Sea Brent contract for April delivery fell 1.3% to $81.12 a barrel while the New York-listed WTI contract for March delivery fell 1.40% to 74.82 dollars per barrel.
Sabrina Sadgui – ©2023 BFM Bourse