(Boursier.com) — The CAC40 started the session well, climbing to 7,479 points (+0.7%) before sharply reducing its gains at the end of the morning. Finally at the market close, the flagship index of the Paris stock exchange fell by -0.52%, returning to 7,387 points.
The highly anticipated publication of monthly inflation figures in the United States disappoints investors, with data slightly exceeding expectations. Today’s report highlights a consumer price index increasing by +0.3% compared to the previous month (+0.2% market consensus). Over one year, this indicator increased by +3.4% (+3.2% consensus). Excluding food and energy, the December CPI increased by 0.3% compared to the previous month, in line with market expectations, and by 3.9% over one year.
On the European side, the governor of the Bank of France, François Villeroy de Galhau, estimated that inflation should fall to 2% by 2025. “Inflation should fall below 3% within a few months (… ), before the middle of 2024, and inflation will return to 2% by 2025. (…) This is the commitment we are making.” The governor of the Bank of France adds: “A year ago, there was a lot of fear of recession, France will not have a recession.”
At 5:45 p.m., Wall Street is now clearly in negative territory. The S&P 500 dropped -0.79% to 4,745 pts. The Dow Jones consolidates by -0.63% to 37,456 pts. The Nasdaq fell -0.93% to 14,830 pts.
On the oil side, the barrel of WTI crude recovered quickly, with a gain of +2.89% to $73.44. A barrel of North Sea Brent rose +2.66% to $78.82.
The euro fell -0.24% to 1.0946 dollars.
An ounce of gold fell -0.70% to $2,016 (1,841.85 euros). Bitcoin fell again by -1.85% to $46.79.
Rising values
* Freelance.com (+6.92% to 3.71 euros). The group has confirmed the acquisition of STA, a specialist in salary portage for freelancers and in connecting highly qualified consultants with companies. The merger allows Freelance.com to strengthen its range of services to freelancers and businesses, actively participating in the consolidation of the wage portage market in France and Europe. After 86 ME in 2022, the STA group plans to achieve around 120 ME in turnover in 2023, thus showing growth of around 40%. This dynamic “will propel the new group formed by Freelance.com towards an overall turnover which will exceed the threshold of one billion euros.
* Klarsen (+6.03% to 3.34 euros). The Bordeaux group has confirmed its objective of a turnover of 20 million euros in 2026, and therefore a 10-fold increase in 4 years. Ultimately, Klarsen therefore aims to increase its turnover while maintaining very good profitability.
* Teleperformance (+3.98% to 133.10 euros). The title ends the day at the top of the CAC40. The call center specialist benefits from a rating from BNP Paribas Exane, which has resumed monitoring of the value to ‘outperform’ by targeting 205 euros. The analyst says that the stock is now bathed in too much pessimism. He notes that the company has “proven time and time again” that it can reinvent itself and find new avenues for growth… The integration of Majorel and the next investor day could provide new impetus. Of the 20 analysts following the file, listed by ‘Bloomberg’, 12 are now ‘positive’, 7 are ‘hold’ and 1 is ‘negative’. The average twelve-month objective is set at 180 euros.
* Remy Cointreau (+2.02% to 97.2 euros). TP ICAP Midcap lowered the slider from 167 to 154 euros (‘buy’). Stifel adjusted its target from 115 to 110 euros (‘keep’).
Falling values
* SpineGuard (-16.01% to 0.213 euros). The stock is under pressure after the communication of a turnover down -30% in the 4th quarter of 2023 compared to the 4th quarter of 2022, and -23% over the entire financial year to €4.31 million. . The cash position as of December 31, 2023 amounted to €3.9 million. SpineGuard estimates that it has a cash flow horizon until 2025. The company indicates that it is intensifying its commercial efforts, particularly in the United States, and is accelerating the marketing of three new products based on DSG technology in order to return to growth. double digits by 2024.
* Ekinops (-3.86% to 4.98 euros). The day after the announcement of a quarterly turnover of €30.3 million, down -4%, the stock suffered. At the end of 2023, Ekinops continued to suffer from a degraded market environment, marked by the economic slowdown and a drop in demand, penalizing sales of Access equipment. Over the entire 2023 financial year, consolidated turnover stood at €129.1 million, up +1% (+2% at constant exchange rates). Ekinops confirms its 2023 objective of an Ebitda margin of between 13% and 17%.
* Societe Generale (-3.64% to 23.53 euros). The financial institution recorded the biggest drop in the CAC40 with Kering. Kepler Cheuvreux (‘purchase’) revalued the file from 32.4 to 40.6 euros, but reduced its results estimates for 2023 by 10%, while leaving its forecasts unchanged for 2024 and 2025. La Banque de la Défense will reveal its annual results on February 8.
Société Générale is also penalized by the warning from its subsidiary Ayvens (-6.80% to 5.825 euros), the former ALD Leaseplan. The group fell again, after having already stumbled by -3.4% on Wednesday, in the wake of the lowering of its 2023 guidance.
* Veolia Environment (-1.18% to 28.54 euros). The group wants to accelerate its development in the energy sector by the end of the decade by relying on the decarbonization, local production and savings needs of its customers, indicated Estelle Brachlianoff in London, during a presentation of its sector strategy. The general director of Veolia Environnement said: “The energy sector is essential for this component of our ambition.” The world number one in water and waste is targeting a 50% increase in its production capacity from bioenergy and renewables, to reach 8 gigawatts (GW) in 2030. Also by 2030, the group has also the ambition to become the number 1 in district heating networks in Europe, as well as energy efficiency for buildings and industries in Europe and the Middle East. Estimating unexploited production capacity in Europe at 400 GW – from heat, water, non-recyclable waste, biomass or avoided losses on the networks – the general director indicated that Veolia aims to move from 2 to 4 billion euros of investments in energy by 2030.
* LVMH (-1.58% to 672.2 euros) and Kering (-2.76% to 371.15 euros). The two luxury groups are under pressure today in Paris. Goldman Sachs increased its target on LVMH from 950 to 980 euros (‘buy’) and reduced the cursor on Kering (‘neutral’) from 470 to 426 euros. For Bank of America teams, it is too early to buy the decline in luxury stocks, which have fallen -16% from their 2023 peak.
* Hermès International (-0.94% to 1,836 euros). Already well valued, the Parisian saddler is caught in this luxury turmoil. Goldman Sachs has however raised its recommendation on Hermès International to ‘neutral’, while increasing its target from 1,514 to 2,060 euros.