THE TREND
(Boursier.com) — After the two new records signed yesterday by the CAC 40: closing at 8,087.48 points and absolute during the session at 8,094.07 points, the Parisian index continues its momentum and crosses 8,100 points this Wednesday . The Paris Stock Exchange index was up 0.5% at 8,130 points at the end of the morning.
The slight increase in the consumer price index in the United States in February did not call into question the scenario of a reduction in key rates by the Federal Reserve in June. The CME Fedwatch barometer still gives 58% probability to this scenario for the monetary meeting on June 12.
RISING VALUES
* At the top of the CAC40, BNP Paribas rose more than 3% to 61.6 euros, with investors welcoming the upward revision of its savings plan and the confirmation of a distribution rate of 60%, which should allow a return to shareholders of the order of 20 billion euros cumulatively over the three years 2024, 2025 and 2026. The banking giant has therefore announced an acceleration and expansion of operational efficiency measures of around 400 ME recurring, thus bringing the objective of the 2022-2025 plan at 2.7 billion euros. This year’s net profit will also be higher than last year’s distributable income, the banking group said.
Quoting…
* Vallourec jumped 8% to 16 euros, sought after the announcement of the arrival ofArcelorMittal around the table. The steel giant has reached an agreement to purchase the stake of 28.4% of the voting rights and 27.5% of the capital held by Apollo in Vallourec (65,243,206 shares), at a price of 14.64 euros per share , for a total purchase amount of 955 million euros. This step marks the end of Vallourec’s financial restructuring initiated in 2021, when Apollo became the Group’s reference shareholder. The participation of this leading international industrial player demonstrates the scale of the successful operational recovery in two years, as well as the robust prospects for the premium seamless tube business in the years to come, underlines the manufacturer of seamless tubes. welding. If ArcelorMittal does not intend to launch a voluntary takeover bid for the remaining shares of Vallourec over the next six months, there is no doubt that speculation will now fuel the matter.
* A few days before its reintegration into the CAC40, Accor gains another 2% at 42 euros. The hotel group is notably boosted by a rating from Jefferies which moved to ‘buy’ on the file while raising its target from 30 to 47 euros. The broker even designated the French group as its “first choice” in the hotel and travel sector in Europe.
* Mersen climbed by more than 4% this Wednesday to 37.5 euros, while the group achieved a record turnover of 1.211 billion euros, organic growth of +13.2% compared to 2022, of which around 5 % is linked to price increases. Overall, sustainable development markets – including renewable energy, electronics and green transport – represent 56% of turnover. The Group’s current Ebitda reached 202.7 million euros, up 8.7% compared to 2022 (+14% at constant exchange rates). Current operating profit reached €137.3 million, representing growth of +12.9% compared to 2022 (+19% at constant exchange rates). The current operating margin was 11.3%, an increase of 40 basis points. The Group’s share of net income amounts to €81.6 million for the year 2023, representing growth of more than 20% compared to 2022.
* Up 1%, Vinci is moving towards a new historical record above 120 euros.
FALLING VALUES
* If Vallourec benefits from the entry ofArcelorMittal (-1.5% to 24.3 euros) in turn, investors seem to be more reserved about the interest of this operation for the steel giant. Oddo BHF speaks of a surprising deal because ArcelorMittal was until now not directly exposed to the seamless tubes for the oil industry (OCTG) segment, being mainly active via Judail, its JV in Saudi Arabia (held at 33 .33%).
* Teleperformance lost 1.3% to 83.4 euros. BNP Paribas Exane reduced its target from 205 to 173 euros (‘outperform’).