The Paris Stock Exchange gained 0.71% on Thursday, supported by the results of Kering and ArceloMittal, while monitoring statements from central bankers.
The flagship CAC 40 index rose 54.37 points to 7,665.63 points. On Wednesday, it ended down 0.36%.
The publication of corporate results is intensifying, observes Eymane Cherfa, analyst at Myria AM, with seven CAC 40 companies having presented their quarterly and annual accounts since the Paris Stock Exchange closed on Wednesday.
Among them, the luxury group Kering, which announced a net profit down 17% and sales down 4% in 2023, described as a difficult year by its CEO Franois-Henri Pinault.
Nevertheless, its action gained 4.91% to 409.40 euros, the biggest increase in the CAC 40. UBS analysts welcome fourth quarter results in line with expectations. Eymane Cherfa also highlights an improvement in dynamics in the United States.
The luxury sector benefited: LVMH took 2.60% 804.50 euros and Herms 1.82% 2,075 euros.
At the same time, the markets are digesting the latest comments from members of the Federal Reserve, comments Eymane Cherfa.
While the markets hoped to see central banks quickly and sharply lower their key rates in 2024, central bankers are increasing the number of declarations to curb investor optimism.
The central banks have all sent the same message after their recent meetings, which is to say that the rise in rates is over but that it is perhaps a little early to talk about lowering rates, summarizes the Myria AM analyst. .
Philip Lane, chief economist of the European Central Bank, estimated on Thursday that the strength of the economic recovery, geopolitical uncertainty, budgetary policies and the evolution of wages could revive inflationary pressures, calling on the ECB to be cautious about the decisions it takes. regarding key rates.
On the bond market, the interest rate on the ten French state bond rose slightly to 2.87%.
These news put into the background the publication of a new fall in consumer prices in China in January.
Bad season for Crdit Agricole
The Crdit Agricole group posted a net profit of around 8 billion euros for the third consecutive year, thanks to its services to large companies and despite the end of the year being affected by exceptional insurance charges.
However, financial performance for the fourth quarter was down sharply by 23.2%, to 1.72 billion euros.
Investors were disappointed by net banking income below expectations, costs higher than forecasts and the level of the dividend announced, according to Eymane Cherfa.
The stock fell 5.21% to 12.34 euros.
Unibail-Rodamco-Westfield hi
The share price of shopping center manager Unibail-Rodamco-Westfield (URW) jumped 4.75% to 70.08 euros, after the publication of better than expected results.
The Franco-Dutch real estate company published a recurring net result – its reference indicator – of 1.41 billion euros in 2023, up 5.2% and plans to do better in 2024, taking advantage of the Paris Olympic Games and ‘a hoped-for decline in interest rates.
ArcelorMittal beneficiary in 2023
The world’s second largest steelmaker ArcelorMittal announced a 2023 net profit divided by ten, $919 million, led by a net loss of $2.9 billion in the 4th quarter.
Oddo BHF analysts hail, in a note, results well above forecasts and very good cost control.
The stock gained 4.88% to 26.42 euros.
Elsewhere on the Parisian coast
Socit Generale (-0.97% 22.03 euros), Vinci (-0.76% 116.76 euros), Publicis (+1.63% 94.68 euros), Soitec (+5.61% 137.35 euros), Orpea (-5.67% 0.01euro) also saw their securities react to the publication of their results.