The Paris Stock Exchange rebounded a little on Monday (+0.32%) after a turbulent week, with investors taking advantage of the lull in the news at the end of the year to regain some ground.
The star CAC 40 index rose by 20.66 points to 6,473.29 points. It had ended down more than 3% over the whole of the past week, its worst weekly performance since the end of September.
We are entering a truce for confectioners and trading volumes are already low, notes Harry Wolhandler, director of equity management at Meeschaert Amilton AM.
Consequently, according to him, we should not give much credit to this movement, driven by small pieces of good news, such as the good morale of German entrepreneurs or the significant drop in gas prices (-18% since Thursday on the benchmark contract, the Dutch TTF, now 106 euros per megawatt hour).
The Parisian index is still marked by the determination shown last week by the central banks to raise their key rate to fight against inflation, despite the risks of recession. The US Federal Reserve and the US Central Bank have delivered their rate hike forecasts, higher than the markets so far.
France’s interest rate for the 10-year loan, which is the benchmark, continued its strong rise initiated in early December, and reached 2.71%, whereas it had touched 2.23% at the close on 7 December.
Since the beginning of the year, the restrictive monetary policy, the conflict in Ukraine and the health policy in China have caused the CAC 40 to fall by 9.5%.
Luxury contaminated by China
Luxury stocks, heavyweights in the index, have ballast the CAC 40: Kering lost 1.06% 485.85 euros, LVMH 0.94% 687.30 euros and Herms 0.54% 1,478.50 euros.
China recorded its first deaths on Monday since the easing of the strict measures of its zero Covid policy, at a time when hospitals and crematoriums are overwhelmed by an unprecedented wave of cases.
Technology stocks were they penalized by the rise in rates: Capgemini lost 1.22% to 157.50 euros, STMicroelectronics 0.83% to 34.65 euros and Dassault Systmes 0.22% to 34.09 euros.
Innate relies on Sanofi
The French pharmaceutical group Sanofi and the Marseille biotech specializing in immuno-oncology Innate Pharma have announced the extension of their partnership in the development of multispecific antibodies.
Innate will initially receive 25 million euros and Sanofi obtains an exclusive license for the development, manufacture and marketing of future drug candidates.
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The action of Innate Pharma soared 24.17% to 2.55 euros (but remains down 42% since January 1) and that of Sanofi took 1.30% to 88.76 euros.
John Textor wins Olympique Lyonnais
The American holding company Eagle Football Holding managed by multi-millionaire John Textor has become the majority shareholder of OL Groupe, which includes the football club Olympique Lyonnais, announced a press release from OL Groupe after the close. of the Paris Stock Exchange.
The stock price had fallen to 2.10 euros in December while investors were in doubt about the realization of this takeover. Monday before the announcement, it ended at 2.95 euros (+1.92%), very close to its redemption price (three euros).
Elior offers himself some air on his debt
The collective catering group Elior has announced that it has obtained from its banks a relaxation of the test of its leverage ratio, which goes from 4.5 to 6 times the net debt / EBITDA ratio. The action, which had rebounded during the month of December, fell 8.74% to 3.15 euros.