THE TREND
(Boursier.com) — Volatility remained high on the stock markets on Friday, with a CAC40 which nevertheless continued to rebound this morning to above 7,100 points (+1%), before falling back to 6,925 points at the close, down 1.43%.
The oil and financial sectors remained heckled listening to the evolution of risky banking files… Like the financial support provided to Credit Suisse by the Swiss central bank and which helped to ease tensions yesterday, 11 American banks, including JPMorgan, agreed to inject 30 billion dollars into the coffers of First Republic Bank, on the verge of collapse, to avoid a domino effect after the bankruptcy of SVB, Silvergate and Signature.
It is in this tense context that the Fed will meet on March 21 and 22, when the FedWatch tool shows, at this stage, a large probability of 88% of a rate hike of 25 basis points bringing the fed funds rate between 4.75 and 5%, and a probability dropped to around 12% for a status quo.
The European Central Bank raised its key rates yesterday Thursday by 50 basis points, maintaining its priority on the fight against inflation despite concerns about the stability of the banking system. The ECB assured that it was ready to react if financial stability was threatened… On currencies, the euro stabilized at 1.0660/$. Oil remains hectic at $72.80 a barrel of Brent.
RISING VALUES
Orpea up 4.7% with Inventiva, Guerbet (+3%) and Colas (+2.5%)
Ramsay : +2% followed by TechnipEnergies, Korian, JC- Decaux, Bastide (+1.5%) with M&P, Edenred (+1%) with Rallye
Alstom (+1%) has signed, for the next 7 years, until January 2030, a contract with the Port Authority of New York and New Jersey and Newark Liberty International Airport for the provision of operational services and maintenance station of the airport’s Innovia monorail, known as AirTrain Newark. This contract represents an amount of approximately 250 million euros and includes an option for an additional year.
FALLING VALUES
Antine : -10% followed by Akwell (-6%) with Atos and Argan
Casino yields 5%. The group has finalized the book building process for the secondary placement of Assaí shares announced on March 14. As part of the placement, 254 million Assaí shares held by Casino Group (including 2.3 million shares in the form of ADSs, each ADS consisting of 5 Assaí shares), representing 18.8% of Assaí’s capital, were allocated at a price of BRL 16 per share (USD 15.13 per ADS), representing a total placement amount of BRL 4,064.0 million (723.2 million euros).
Renault down 5% with Wendel (-4%) and Plastic Omnium with P&V
Eurazeo : -3.5% followed by Mersen, AXA, Icade, Publicis
Valeo : -2.5% with Chargeurs, Saint-Gobain, Veolia, Wavestone
BNP Paribas loses another 2%, after a trying week in the banking sector caught up in the financial turmoil from the United States and Credit Suisse. HSBC still raised its target price from 76 to 78 euros…
Societe Generale ends the week stable. The latest analysis, that of HSBC, is generally reassuring with a raised cursor from ‘hold’ to ‘buy’ on the SG after this sequence of financial crisis from the United States. The target price dates back to the passage from 26 to 33 euros.