THE TREND
(Boursier.com) — Second rebound session for the CAC40, which picked up 1.6% in a general recovery movement encompassing the banking sector. The main index of the Paris Stock Exchange returned to 7,125 points at the end of the morning and has just recovered more than 300 points after its low point the day before under 6,800 points.
Yesterday, at the end of the session, the banking sector began its recovery thanks in particular to statements deemed reassuring by supervisors in Europe on bondholders who had initially felt aggrieved by the Credit Suisse rescue plan, fearing that it sets a precedent. The main central banks have also pledged to provide liquidity in dollars to stabilize the financial system.
The US central bank is holding its monetary policy meeting this Tuesday and Wednesday and according to the CME Group’s FedWatch tool, which has been offering very volatile readings in recent days, there is an over 80% chance that the Fed will raise interest rates. an additional quarter point tomorrow in order to fight against inflation… Thus, the probability of a range ranging from 4.75% to 5% on the fed funds rate largely dominates against the 17% probability of a monetary status quo which would leave rates in the current range of 4.5 to 4.75%.
RISING VALUES
* Up more than 4% BNP Paribas finds almost 55 euros, followed by the Societe Generale (+3.8%), Axa (+3.6%) and Agricultural credit (+3%).
* TotalEnergies rose by 3% to 55.5 euros even if the rebound in the barrel of oil remains very measured (68.5 dollars per WTI and 74.4 dollars per Brent). Morgan Stanley went back from ‘online weighting’ to ‘overweight’ by targeting a price of 64 euros.
* Eramet jumped more than 6% to 97.6 euros. The buying flow on the file is to be linked to a note from Kepler Cheuvreux which took over the coverage of the mining group with a ‘buy’ notice and a target of 135 euros. Of the 6 analysts following the file, listed by ‘Bloomberg’, 5 are now ‘positive’ and 1 is to ‘keep’. The average 12-month target is set at 143.6 euros.
* Sanofi gained 1.5% to 90.8 euros. The European Commission has approved Dupixent (dupilumab) in the European Union for the treatment of severe atopic dermatitis in children aged 6 months to 5 years who are candidates for systemic therapy. With this approval, Dupixent becomes the first and only targeted medicine indicated for the treatment of children in this age group in Europe and the United States.
* Renault And Stellantis increase by 2 to 3%. According to ACEA figures, registrations of new cars in the EU rose, for the 7th consecutive month, by +11.5% in February to 803,000 registrations.
FALLING VALUES
* Sopra Steria fell 1.4% to 187 euros after the announcement of the acquisition of the Dutch Ordina for 518 million euros. The digital services company agreed to pay 5.75 euros per Ordina share to afford its target, materializing a premium of 36% on the closing price of Ordina on March 14. An operation carried out entirely in cash, which will be financed entirely with the group’s cash and existing credit facilities. The merger of the two entities will lead to significant complementarities both from a commercial and operational point of view, says the French firm. Sopra Steria anticipates an accretive impact on earnings per share from the first year (+1.2% in 2024) then 3.7% in 2025.
* No significant declines among CAC40 values.