(Boursier.com) — THE TREND
After yesterday’s small consolidation (-0.57%), the Parisian market moved forward this Friday, with the CAC40 increasing by 0.91% to 7,234 points at the close. Nearly 7% have now recovered since the low point at the end of October below 6,800 points, while the latest inflation figures in the euro zone have reinforced the scenario of the end of the increase in key rates.
Inflation did in fact slow down significantly in the euro zone in October. According to final data from Eurostat, the annual inflation rate stood at 2.9% last month, compared to 4.3% in September. The lowest annual rates were observed in Belgium (-1.7%), the Netherlands (-1.0%) and Denmark (-0.4%), and the highest in Hungary (9. 6%), in the Czech Republic (9.5%) and Romania (8.3%). Annual ‘core’ inflation still stood at 4.2% in October compared to 4.5% in September.
ECB President Christine Lagarde, BoE Deputy Governor Dave Ramsden and Fed Vice President Michael Barr will speak again this Friday. The markets are now starting to bet on more significant rate cuts from spring 2024. The euro ends the week below 1.09/$. Oil returns to $80 for Brent…
RISING VALUES
Bastide : +6% after accounts, followed by Aramis (+5%) and Argan
Remy Cointreau +4.5%. The spirits group is boosted by a rating from Kepler Cheuvreux which raised its recommendation to ‘purchase’, targeting 140 euros. The broker cites an attractive valuation and positive growth prospects. Headwinds in the US and China and lower forecasts for 2024 have driven the stock price down to an attractive level, according to the broker.
Guillemot : +4% with Remy Cointreau, Eiffage, M&P, LNA Santé
Antin rises by 3.5% with Elis, Nexity, SergeFerrari, SMCP
Technip Energies : +3% with Clariane, Claranova, SES
Nacon : +2.5% followed by Exail, Cegedim, OVH, Believe, Esso, IPSOS, Assystem, SopraSteria
Publicis : +2% followed by Veolia, Eurazeo, Dassault Aviation, Ayvens
Soitec rises by 1.9%. Among the latest analyst opinions, Susquehanna cut its price target from 285 to 245 euros, while Barclays reduced the cursor from 185 to 175 euros (‘line weighting’) and Citi is now only targeting a price of 190 euros, while still purchasing. Over the week, despite the warning, the stock ultimately gained more than 5%.
Saint Gobain : +1.5% with Vicat and Amundi
Bond issue also for Kering (+1.3%) which achieved the first of its type in pounds sterling for a total amount of 800 million: a tranche of 400 million at 3 years with a coupon of 5.125% and a tranche of 400 million at 9 years with a 5% coupon.
Teleperformance (+1.2%) raised 1.4 billion euros of long-term bonds, oversubscribed more than 5.1 times. The proceeds from the bonds will be allocated to financing the group’s general needs and to the partial refinancing of the bridge loan put in place as part of the acquisition of Majorel. Teleperformance has issued two tranches: a 5-year senior bond for 700 million euros (maturing on November 22, 2028) which will carry a fixed annual coupon of 5.25%, and an 8-year senior bond for 700 million euros (maturing November 22, 2031) which will carry a fixed annual coupon of 5.75%.
FALLING VALUES
Orpea relapse of 16% followed by Voltalia (-6%) and Casino with Rallye
Waga : -4% with Dried
Alstom lost 2% again to end a still very volatile week. There are once again numerous adjustments from analysts after the railway group’s latest announcements. JP Morgan thus lowered its target from 22 to 18 euros, while remaining ‘overweight’, while Goldman Sachs reduced the target from 14 to 13.5 euros with an opinion maintained at ‘neutral’. Yesterday, Deutsche Bank cut its target from 23 to 17 euros while confirming its ‘hold’ recommendation. Finally, DZ Bank downgraded the file to ‘keep’.
S30 : -2% followed by LFE, Lectra, FNAC Darty