The Paris Stock Exchange ended down 0.13% on Wednesday, falling below 7,300 points, as investors continued to take profits after the record reached last week and faced with rising interest rates.
The futures contract for the star CAC 40 index fell 9.39 points to finish at 7,299.26 points. This is his fourth consecutive withdrawal session. On Tuesday, it was down 0.37%.
The Parisian coast lost up to 1% in the morning on Wednesday, before going up over the session.
On the bond market, the French rate for the 10-year loan, the maturity which refers, rose to 3.05% before falling and ending slightly down, 2.99%. At the beginning of February, it was only 2.50%.
Investors are digesting the rapid rate hike of the past few days. The good macro-economic news published since the end of 2022 suggests that central banks will accelerate their monetary policy with fairly steep key rate increases, explains Yohan Salleron, equity manager at Mandarine Gestion.
Caution may have been heightened by awaiting the minutes of the last monetary policy meeting of the US Federal Reserve in the evening.
We see profit-taking and nervousness in the markets, notes Mr. Salleron, especially on cyclical and financial stocks, which are very dependent on the level of economic activity, which could suffer from a further tightening of monetary policies.
Conversely, companies in sectors less subject to economic fluctuations, such as health and telecommunications, were favored in this context.
Stellantis full speed
The automotive group born from the merger of PSA and Fiat-Chrysler has published a new record net profit of 16.8 billion euros for 2022, an increase of 26% for its second year of existence. Stellantis shares gained 2.22% to 16.22 euros.
Danone all in green
The agri-food giant Danone published a net profit halved in 2022, falling below the bar of one billion euros, weighed down by the rise in the cost of raw materials, the withdrawal of part of its activities from Russia and the deployment of its reorganization plan.
But apart from these exceptional events, the company’s financial results are above expectations and the 2023 objectives are reassuring, according to analysts at Oddo BHF. The title gained 4.49% to 54.66 euros.
Euronext is positioning itself for a new acquisition
The pan-European stock exchange operator Euronext announced on Wednesday that it was interested in a possible takeover of the Allfunds fund platform, valued at 5.5 billion euros. Euronext shares fell 7.44% to 71.12 euros after this announcement.
Allfunds offers digital solutions related to the distribution of funds, an activity that is part of Euronext’s strategy to diversify its sources of income.
Korian no longer has a margin
The action of the Korian retirement home group plunged 19.86% to 7.65 euros, after the publication of its results on Tuesday, which revealed a drop of more than 60% in its net profit in 2022.
Oddo BHF analysts note a shrinking margin and are worried about the profit outlook for 2023.