(Boursier.com) — THE TREND
The Paris stock market is still unable to rebound and has recorded a 6th consecutive session of decline: the CAC40 fell by 0.84%, returning to 7,194 points.
Chinese growth still worries, while services activity grew at its slowest pace in eight months, Caixin data showed, an indication that demand remains sluggish despite the government’s recovery efforts…
In Europe, the composite PMI and services indicators were also all in contraction territory, a signal of activity weakening under the effect of rate increases… In Germany, in particular, the decline was more significant than expected, pushing the Hamburg Commercial Bank, which carries out these surveys, to revise downwards its growth prospects for the largest economy in the euro zone in the third quarter.
François Villeroy de Galhau reiterated that the ECB was “keeping its options open” for its next monetary policy council, on September 14, and the following meeting… “On the euro zone as a whole, we do not see a recession” , estimated the governor of the Banque de France, member of the Governing Council of the European Central Bank.
Oil is now stuck at $90 per Brent, while the euro is back at $1.07/$.
RISING VALUES
Abivax rises by 7% with Nanobiotix (+3.5%) followed by Rexel and Nacon
So local : +2.5% with Casino, Cegedim, Believe and McPhy
Against the trend, Renault there is a second session of increase with a share which advances by 1.5%. In addition to the Munich motor show, the news around the manufacturer is marked by rumors around the coming IPO of Ampère as well as by several analysts’ notes. ‘Neutral’ on the file, Exane BNP Paribas adjusted its target from 40 to 41 euros while Grupo Santander revalued the value from 66.3 to 74.7 euros (‘outperform’). The market is mostly positive on the diamond group since, according to the ‘Bloomberg’ consensus, 16 analysts are ‘buy’, 5 ‘hold’ and 3 ‘sell’. The average 12-month target is set at 51.33 euros.
nokia : +1.5% with Altarea, Eutelsat, Infotel and Orange
IPSOS : +1% with Legrand
Stellantis is stable, while brokers continue to adjust on the file: Exane BNP Paribas returned to ‘outperform’ and raised its target from 19 to 22 euros. HSBC, which is also buying, had already adjusted its target from 21 to 24 euros.
FALLING VALUES
Rally fell further by 16% with Adocia (-10%) and Interparfums (-9%). A stroke of luck to be linked, according to several specialists, to the appointment of Boet Brinkgreve at the head of a completely new entity at the Swiss Richemont: ‘Laboratoire de Haute Parfumerie & Beauté’.
This drop “is linked to the announcement of the creation at Richemont of the Haute Parfumerie & Beauté Laboratory”, thus indicates to ‘Bloomberg’ Sarah Thirion, strategist at TP Icap. “Richemont may wish to reinternalize the MontBlanc & Van Cleef licenses which represented 29% of Interparfums’ 2022 turnover”, underlines the analyst, while recalling that the Montblanc license was renewed by ITP last April.
“Boet will create and lead our new Haute Parfumerie et Beauté Laboratory to enable our six Maisons already involved in perfume to reach critical size in this highly competitive field, where scale is crucial. In partnership with the Maisons, and while respecting their unique high-end positioning, the platform will mobilize the resources of our Houses to contribute to the development of the most refined creations and promising licenses,” said Johann Rupert, President of Richemont.
Dare loses 8% with Orpea (-6%) and Inventiva (-5%)
Seb : -4.5% followed by Aramis
ID Logistics : -3.5% followed by Nexity, Air France KLM, BigBen
LVMH fell 3.5% to 747 euros. Thélios, the eyewear entity of the LVMH group, has announced the acquisition of the French high-end outdoor eyewear brand Vuarnet from the investment fund NEO Investment Partners.
Remy Cointreau : -3% with Innate, SergeFerrari, Beneteau, SMCP, Antin
Akwell : -2.5% with BioMerieux, ADP, CGG
Kering lost 2% again this Wednesday, while the luxury sector remains under pressure on the stock market. Among the opinions of brokers, HSBC adjusted the cursor from 580 to 560 euros with an opinion to ‘keep’.
Eramet : -1.5% with Sword, Chargeurs, Sopra and GTT
Worldline (-1.5%) placed a bond issue of 600 million euros maturing in September 2028 with a coupon of 4.125%. The issue was a great success and was heavily oversubscribed by a highly diversified investor base, confirming the market’s confidence in Worldline’s operating model and the quality of its credit profile.