THE TREND
(Boursier.com) — The rebound is timid this Friday on the Paris stock exchange but it has the merit of putting an end for the moment to six consecutive sessions of decline which yesterday brought the CAC40 very close to 6,000 points when it was climbed back above 6,600 points in mid-August. The CAC40 resumed a little less than 0.5% at the end of the morning around 6,060 points without very pronounced increases in the rankings.
In the economic news on Wall Street this Friday, operators will be especially attentive to the monthly government employment report for the month of August 2022, which will be published at 2:30 p.m. The FactSet consensus is housed at 300,000 non-agricultural job creations, including 295,000 in the private sector and 18,000 in the manufacturing sector. The unemployment rate is expected to remain stable at 3.5%. The average hourly wage is expected to rise by 0.4% compared to the previous month and by 5.3% over one year. Investors have been looking for signs that could cause the US Federal Reserve to change its strategy since its chairman, Jerome Powell, warned last week that the rise in interest rates would be sustainable in the face of record inflation.
RISING VALUES
* Leading the CAC40, TotalEnergies rose 2.1% to 51.3 euros. The barrel of oil is moving up slightly this Friday to 94 dollars per Brent.
* Engie also recovers 2% above 12 euros. Faced with fears about France’s energy supply, the general manager of Engie, Catherine MacGregor, was reassuring on Friday on the situation for gas in France, the day after the stoppage of gas deliveries natural from the Russian Gazprom to the French energy company. “A priori we will not run out of gas” this winter, unless “gas needs increase a lot, either because of a very harsh winter, or because of a weakening of electricity production by other means than gas (depending on the availability of the nuclear fleet, for example), “said the boss of Engie on ‘RTL’.
* Saint Gobain (+1.8% to 40.2 euros) finalized the sale of its glass transformation activity Saint-Gobain Glassolutions Grand Ouest, to a group of private investors led by former managers of the Group. This activity, which operates in glass transformation in the North-West of France and in glass installation throughout France, generated revenue of around €60 million in 2021 and employs 420 people. This operation, the amount of which has not been specified, is part of the continuation of the strategy to optimize the Group’s profile, in line with the objectives of the “Grow & Impact” plan. It allows Saint-Gobain in France to focus its investments on innovative solutions for sustainable construction, such as the low-carbon glazing offer, which has just been commercially launched, or the recycling of glazing in a closed loop.
* Showroomprivé (+5% to 1.14 euro) was informed of the completion on August 31 of the acquisition by David Dayan (through the company Ancelle which he controls) of the balance of the stake held by Thierry Petit (directly and by through TP Invest), i.e. 13,932,963 SRP Groupe shares. This acquisition was carried out by way of an off-market transaction at the price of 1 euro per share, financed by means of a loan taken out by Ancelle in the amount of 10 million euros and, for the balance, carried out by way of exchange for shares in an unlisted company in which TP Invest and Ancelle both hold a stake. The reference shareholder Ancelle now holds 37.17% of the capital and 47.81% of the voting rights of SRP Groupe.
* Thales rises timidly by 0.7% to 118.3 euros. Berenberg revalued the file from 144 to 151 euros while confirming its ‘purchase’ opinion. Thales is one of the best ways to play the increase in defense spending in Europe, according to the broker.
FALLING VALUES
* bioMerieux does not benefit from the rebound of the market this weekend with a title that yields 1.8% to 87.6 euros. The value, which aligns a sixth session in a row in the red, is notably penalized by a note from Société Générale which has just downgraded the file to ‘keep’ while reducing its objective from 126 to 101 euros. The company unveiled solid half-year results on Wednesday evening and revised its annual targets slightly upwards.
* Against the trend, Liquid air loses another 1.2% to 122.2 euros this weekend on the Parisian market. A selling pressure to be linked to a note from Goldman Sachs which lowered its recommendation on the title of the industrial gas giant to ‘neutral’ while lowering its target from 174 to 124 euros. Despite this deterioration, the market remains largely positive on the issue since, according to the ‘Bloomberg’ consensus, 19 analysts are ‘buy’, 11 are ‘hold’ while only one is ‘seller’. The average 12-month target is set at 156.16 euros.
* Only one other drop slightly exceeds 1% on the CAC40: Sanofi.