THE TREND
(Boursier.com) — No break for the CAC40 which maintained its course above 8,000 points, a level reached yesterday for the first time in history. The Paris Stock Exchange index gained another 0.15% to 8,028 points this Friday, a new record for a closing.
The European Central Bank yesterday opened the door to a first rate cut in June, which propelled the CAC40 to these new records. Wall Street for its part is consolidating at its record levels, the good performance of the American markets being nevertheless moderated by slight profit-taking on the Nvidia share which failed to reach 1,000 EUR. The latest US employment figures which have just been announced are quite difficult to read, with job creations for February higher than expected, but a sharply downward revision for the month of January and an increasing unemployment rate.
An ounce of gold in dollars appreciated to $2,185 this Friday, breaking a new record for the fourth consecutive day. An ounce of gold started Monday at $2,083. Gold will have increased by almost 5% in one week, a rather rare phenomenon for this “safe haven” asset category outside of crisis episodes.
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RISING VALUES
* Accor (+1% to 39.8 euros) will re-enter the CAC40 from Monday March 18 in place ofAlstom (-0.5%).
* STEF (+10% to 137.2 euros) generated current operating income of €247.3 million in 2023, up 6.1% compared to 2022 excluding the activities of La Méridionale. Net profit, group share, increases from 146.4 ME in 2022 to 191.6 ME in 2023. STEF is continuing its dividend policy of one third of its results, which represents a distribution of 5.10 euros per share (4 euros last year), submitted to the vote of the General Meeting of April 25, 2024. Oddo BHF raised its target on Stef from 136 to 150 euros (‘outperform’).
* Ruby (+7% to 27.1 euros) confirmed for 2023 a very strong increase in Gross Operating Income to 798 million euros (+19% compared to 2022) and Current Operating Income to 621 ME (+22 %). Net profit (Group share) is at a record level of 354 ME, +8% adjusted despite negative exchange rate effects of 105 ME. In view of these operational and financial results and the solidity of the balance sheet for the 2023 financial year, Management is proposing a further increase in the dividend per share to 1.98 euros (+3% compared to 2022).
* EssilorLuxottica (+1% to 205.4 euros) and the Italian firm Dolce & Gabbana announced the early renewal of their licensing agreement for the design, production and global distribution of prescription frames and sunglasses for the Dolce brand & Gabbana. The existing agreement, which took effect on January 1, 2020 and whose term was December 31, 2029, was renewed and replaced by a new agreement lasting 16 years, from January 1, 2024 to December 31, 2039.
FALLING VALUES
* Strongest drop in the CAC40, Vivendi drops 2.3% to 10 euros. The group reported an increase in turnover in 2023, driven in particular by the acquisition of Lagardère, finalized at the end of the year, as well as the performances of the Canal+ Group and Havas. Adjusted operating profit stood at €934 million, up +7.5% (+11.7% at constant exchange rates and scope). Vivendi plans to distribute an ordinary dividend identical to that paid last year. Its amount will be 0.25 euros per share for 2023. Furthermore, Vivendi is continuing the feasibility study of the demerger project. “The feasibility study of the project to split the company into four listed entities, announced last December, is continuing. This project, if carried out, would create value for all the Group’s stakeholders and would enable to constitute independent pure players equipped with the necessary human resources and financial agility, able to lead their own growth trajectory in an international context marked by numerous investment opportunities”, indicated Yannick Bolloré, Chairman of the Board of monitoring.
* Euroapi falls by 6% to 3.4 euros. Kepler Cheuvreux downgraded the title of the manufacturer of active pharmaceutical ingredients (API) to ‘hold’, targeting 3.5 euros.
* Ubisoft fell 3.5% to 19.4 euros, the title of the video game publisher is in the red for a fifteenth consecutive session, the longest bearish series in its history. While the CAC40 is moving to historic highs, the Guillemot family group has brought its losses since the start of the year to almost 15%. The selling pressure of the day can be linked to the announcement, by Euronext, of the next release of the CAC Next 20 and CAC Large 60 shares following its quarterly revision of the indices.
* Believe lost 2.6% to 15.88 euros. The Consortium formed by EQT, TCV, and Denis Ladegaillerie responded to Warner Music Group the day after the formalization of the American giant’s expression of interest in Believe. The Consortium emphasizes the nature of the transaction that it initiated at 15 euros, which is firm, fully financed and remains solely conditional on obtaining authorizations from the competition authorities, which the Consortium is confident of obtaining within as fast as we can. The Consortium recalls that it has signed firm agreements with shareholders representing 71.92% of Believe’s capital.