The control room of Euronext, the company that manages the Paris Stock Exchange (AFP/Archives/ERIC PIERMONT)
The Paris Stock Exchange ended Thursday up sharply by 1.34%, trying to consolidate its rebound with the help of Wall Street, in a still uncertain political context.
The flagship CAC 40 index gained 101.14 points to 7,671.34 points. Since Monday, it has shown an increase of 2.24%, after having lost more than 6% last week, following the surprise announcement of legislative elections at the end of the month.
After the immediate reaction, which saw strong sales and a rise in French bond rates, the market entered “a phase of consolidation, therefore a technical phase”, while being “in the wake of a very good resilience of the American market”, explains Michaël Nizard, director of multi-asset management at Edmond de Rothschild Asset Management.
Wall Street remains well oriented, still driven by Nvidia and the AI sector.
“We have a rebound in risk appetite,” judged Mr. Nizard. But “the market cannot go very far in the technical rebound” and should “find a glass ceiling until the end of June” with “key levels that we will not be able to cross”.
Another sign of relaxation, the ten-year interest rate gap between France (3.20%) and Germany (2.43%) decreased slightly during the session and did not react much to the first issue of medium and long-term debt from the French State since the announcement of the dissolution of the National Assembly. The event, scrutinized by analysts, took place without difficulty.
Enough to leave the scene to the central banks, including the Bank of England (BoE), which has, as expected, left its key rate unchanged despite a decline in inflation.
The Swiss central bank, for its part, surprised analysts by further easing its monetary policy.
Danone cuts the appetite
Food heavyweight Danone dropped 2.58% to 57.40 euros, the worst performance of the CAC 40 session, after the presentation of its strategic plan to investors. The group, which was shaken by an internal crisis and the loss of its Russian assets, has displayed its “ambition to offer attractive returns” in the years to come, in particular “like-for-like growth in turnover [à périmètre et taux de change constants] between +3 and +5%.
Bic no longer gives the flame
The Bic group, manufacturer of disposable pens, razors and lighters, plunged 12.26% to 55.10 euros, its lowest level in almost a year, after issuing a warning on its results. It said on Wednesday that it was less confident in its sales growth in 2024 due to difficulties in the lighter market in the United States.
This activity, the group’s largest, faces strong Asian competition.
© 2024 AFP
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