(Boursier.com) — THE TREND
Despite a clear increase at the start of the session on the Paris Stock Exchange close to 7,200 points, the CAC 40 quickly turned downward to lose 0.94% at close at 7,068 points. The Paris market remained on two sessions of slight rebound fueled by the more marked slowdown than expected in inflation in the euro zone and the United States. This was without taking into account the fears of recession in Europe which continue to weigh down the markets: The sharp contraction of the manufacturing sector in the euro zone continued at the end of the third quarter, the PMI HCOB data published by S&P Global this morning highlighted a very great weakness in the economic situation, marked in particular by one of the sharpest declines in the volume of new orders since the start of the survey in 1997. Although purchasing prices fell sharply again, companies also sought to reduce their expenses through further reductions in staff numbers, purchasing activity and inventories, which were accompanied by a further decline from production.
Having stood at 43.4 in September (in line with its flash estimate), the HCOB PMI index for the manufacturing industry fell very slightly compared to the previous month (43.5). It remains below the 50 mark for a fifteenth consecutive month, signaling a further deterioration in the industrial situation in the region…
Furthermore, the World Bank maintained its growth forecast for China in 2023 at 5.1%, in line with its previous estimate in April, but reduced those for 2024 to 4.4% from 4.8%, citing the persistent weakness of the real estate sector. For East Asia and the Pacific, including China, the bank slightly reduced its GDP growth forecast for 2023 to 5%, from a previous estimate of 5.1%, the World Bank said in its biannual report on the region, published on Sunday.
The euro/dollar parity falls to $1.05. The barrel of Brent is also trading down to $91.
RISING VALUES
AB Science (+9%): The operating result, as of June 30, 2023, corresponded to a loss of -8.85 million euros (-9.56 ME as of June 30, 2022), i.e. an improvement in the operating deficit of 712 kE ( 7.5%). The net loss amounts to -10.41 ME (-7.14 ME as of June 30, 2022), or a net profit per share of -0.22 euros. AB Science’s cash flow stood at €14.8 million as of June 30, to which is added €11.1 million to be received as a research tax credit for the years 2020, 2021 and 2022.
Bonduelle (+8.5%) posted a turnover of 2,406.2 million euros, an increase of +9.2% in published data and +5% in comparable data compared to the previous financial year. Currency variations had a favorable effect of +4.2% on the group’s growth with an appreciation of the American dollar and the Russian ruble. Current operating profitability increased by +24.8% based on published data and +26.9% based on comparable data. The current operating margin stood at 2.7%, higher than the communicated objective.
Nanobiotix : +6% with Waga (+4.5%) and Guillemot (+3%) with Robertet
Jacquet Metals : +2% followed by Argan
Equasens (+1.5%) recorded an increase in its turnover as of June 30, 2023 of 8.7% compared to the first half of 2022 at €112.6 million. The Group’s Current Operating Income increased by 6.9% to €27.5 million as of June 30, 2023. The Net Income stood at €22.9 million (+9.2%) and the Group’s share of Net Income was 22 ME (+11.4%). As of June 30, 2023, the Basic Earnings per Share amounts to 1.46 euros compared to 1.31 euros as of June 30, 2022 (+11.2%).
Virbac : +1% with DS, Trigano and LDC
FALLING VALUES
Edenred fell by 11% to last position in the CAC40. The services and payments group’s stock is trading at its lowest level since April after a government official said a cap could be imposed to limit fees charged by benefit service providers on meal vouchers .
Olivia Grégoire, Minister Delegate in charge of Small and Medium Enterprises, Commerce, Crafts and Tourism, stated on ‘France Info’: “several months ago I commissioned the Competition Authority to see if the operation of the meal ticket market was fair. We will have the results in the coming days”, but if a “market dysfunction were proven, I will not take time to cap the commissions on meal vouchers, so that restaurateurs do not suffer from excessively high commissions”, whereas today they are “between 3 and 5%”. “We will cap them on the floor rather than the ceiling,” assured Olivia Grégoire.
The minister also announced the generalization of “the dematerialization of restaurant vouchers” so that “before 2026, we can be everything dematerialized” and “ensure that it costs less for restaurateurs to take restaurant vouchers”.
In addition to Edenred, Sodexo (-4%) is also heckled after these statements.
Xilam falls another 8.5% after its accounts.
Casino (-7%). In application of the protocol signed on May 26, the Groupement les Mousquetaires and the group Casino concluded:
-The sale of a group of 61 points of sale from the Casino France scope (Hypermarkets, Supermarkets, Franprix, Convenience brands) achieving a store turnover for the year 2022 of 563 million euros excluding tax (i.e. 621 million euros in turnover including tax), based on an enterprise value of 209 million euros including service stations;
-The extension of their purchasing cooperation to private label food products.
The latter, AUXO Private Label, is already operational and will launch its next calls for tenders soon. Furthermore, the duration of the three AUXO purchasing alliances already created is extended by two years, i.e. until 2028;
-The conclusion of a supply agreement with the Marée and Boucherie sectors of the Mousquetaires group, drawing on the know-how of Agromousquetaires.
Genfit : -4% with Believe
Saint Gobain : -3.5% in the company of Elior, Coface, Vallourec
Imerys (-3.5%) indicates that it is now “highly unlikely that the sale of its assets dedicated to the paper market to Syntagma Capital will come to an end”. The world leader in mineral specialties for industry further specifies: “In view of these circumstances, Imerys reserves the possibility of formally asserting its rights vis-à-vis Syntagma Capital.” At the end of 2022, Imerys signed a firm commitment with Syntagma Capital to sell most of its assets dedicated to the paper market. These activities represented less than 10% of Imerys’ turnover in 2022.
Sodexo : -3% with Neoen, Veolia, Worldline, Alten, JC Decaux
Verallia : -2.5% followed by Ubisoft, Arkema, Eramet, Wendel
CGG : -2% with Chargeurs, Remy Cointreau, Esso, Manitou, Eiffage