THE TREND
(Boursier.com) — No break for the CAC40 which has a sixth positive session this Friday. The slightly lower transaction volumes during the two public holidays this week did not prevent the Paris stock exchange from appreciating by more than 3.5% with the CAC40 returning above 8,200 points, up by 0.8% this Friday noon around 8,250 points.
The Parisian index has not closed above 8,200 points since March 28. The latest comments from the President of the San Francisco Federal Reserve, Mary Daly, encourage the markets, the head of monetary policy having declared Thursday that the process of disinflation was continuing in the United States, even if uncertainty remained “considerable” .
The markets also took note of the Bank of England’s more flexible monetary discourse despite the renewal of its key rates. Its governor, Andrew Bailey, said he was “confident” in the trajectory followed by inflation, a confidence reflected in the new economic projections published by the central bank on this occasion… The main key rate of the BoE has thus maintained at 5.25%, its highest level in 15 years.
RISING VALUES
* Teleperformance climbs another 1.8% to 100.6 euros, still helped by the group’s latest quarterly publication and the maintenance of its 2024 objectives. Among the latest broker opinions, Goldman Sachs is ‘neutral’ on the value, but with a adjusted objective up from 114 to 130 euros.
* At the top of the CAC40, Great rose by almost 3% to 103.2 euros, very close to its records. Citigroup raised its recommendation from ‘sell’ to ‘buy’ as well as its price target to 125 euros compared to 85 euros previously.
* Schneider (+1.2% to 235.5 euros) also benefits from a rating from Citigroup which remains neutral but raises its price target from 210 to 235 euros.
* Sanofi (+0.6%) announced a co-exclusive licensing agreement with the American biotechnology company Novavax for the co-commercialization of a single adjuvanted COVID-19 vaccine from Novavax globally (excluding countries with advance purchase agreements and India, Japan and the South Korea, where Novavax has partnership agreements). The agreement includes an exclusive license for Novavax’s adjuvanted COVID-19 vaccine for use in combination with Sanofi’s influenza vaccines. Sanofi will also take a minority stake (less than 5%) in Novavax.
* Axa gained 1.2% to 33.8 euros. BNP Paribas Exane remains at ‘outperform’ with a price target of 38 euros.
FALLING VALUES
* No decline among CAC40 values.
*Medincell loses 2% on 15 euros after a very good recent performance and very encouraging phase 3 results announced this week for its monthly long-acting subcutaneous injection of olanzapine, a second generation antipsychotic developed by the Teva laboratory for adults with schizophrenia.