The control room of Euronext, the company that manages the Paris Stock Exchange (AFP/Archives/ERIC PIERMONT)
The Paris Stock Exchange ended up very slightly on Monday, in a session characterized by a very low volume of trade and without major macroeconomic news.
The star index of the CAC 40 gleaned 0.12%, or 8.65 points to 7,348.84 points. On Friday, it ended down 1.26%, marked by the stronger-than-expected rise in producer prices in the United States in July.
The CAC 40 evolved on Monday in small amplitudes throughout the session, after opening slightly lower in the face of the difficulties of the Chinese real estate sector.
The situation of Country Garden, one of the largest real estate groups in China, whose title tumbled more than 18% in Hong Kong after the announcement of the suspension of a dozen bonds from Monday, has indeed worried investors.
Any collapse of the group would have catastrophic repercussions on the Chinese financial system and economy.
However, the markets did not react violently, anticipating “a reaction from China to limit the damage”, said Harry Wolhandler, director of equity management at Meeschaert AM.
He observes an “outperformance of the so-called defensive sectors”, that is to say those which are less sensitive to the economic situation or which provide income to their shareholders with the payment of large dividends. The food sectors, with for example Danone (+0.70% to 54.91 euros), health, with Sanofi (+0.56% to 97.61 euros) or even telecoms, with Orange ( +0.53% to 10.32 euros) rose on Monday.
Conversely, luxury goods and raw materials fell overall, as they were very sensitive to the Chinese economic context. LVMH lost 0.51% to 816.20 euros, Kering 0.60% to 514 euros and TotalEnergies 1.03% to 56.58 euros.
Valneva stumbles
The Franco-Austrian group Valneva, which specializes in vaccines, lost 8.43% to 6.15 euros, because the American health agency Food and Drug Administration (FDA) “modified the target date for completing the examination of the marketing authorization application for Valneva’s vaccine candidate against chikungunya”, shifting this date “from the end of August to the end of November”.
Valneva’s project is to develop the first anti-chikungunya vaccine, while no preventive or curative treatment yet exists against the disease.
Thales down
The French technology and defense group Thales lost 1.73% to 133.30 euros, suffering the volte-face of the Canadian operator Telesat, which changed prime contractor for its constellation of telecommunications satellites.
© 2023 AFP
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