The Paris Stock Exchange rose 0.12% in early trading on Friday, helped by bank results, rebounding the day after its lowest closing level in two months and before the American employment report.
The flagship CAC 40 index advanced 9.46 points to 7,924.11 points around 9:30 a.m. On Thursday, it fell 0.88% to finish at 7,914.65 points, its lowest close since February 22.
Despite its progression on Friday, its weekly performance remains clearly negative (-2.03%) on the way to its biggest drop over a week since October 2023. Since its last closing peak at the beginning of April, the CAC 40 has lost 3.34%. .
The Parisian stock market has almost finished with the first quarter corporate results, but the session remains busy with banks and Legrand in particular in the industry.
On the macroeconomic side, the day is dominated by the publication of the American employment report, which is seen as much for the overview it gives on the economy in the United States as for the interpretation that central bankers can make of it. .
So far, the resilience of the labor market has allowed them to continue focusing on inflation, Deutsche Bank analysts explain. Several indicators, notably the still significant wage increases, have even alerted the American central bank in recent months due to the risks of persistent inflation.
Prices continue to accelerate at a faster pace than targets in the United States, and after a phase of clear slowdown, there has been almost no progress for several months.
As a result, the Federal Reserve has had to toughen its position and investors have postponed the moment when they wait for the first reduction in key rates, weakening the stock market indices a little.
On the bond market, the interest rate on the 10-year French government bond stood at around 3.01%, down slightly from the previous day’s close.
Crdit Agricole a year ahead
The Crdit Agricole bank should achieve its objective of being above 6 billion in 2024 on its net profit from 2024, while it was aiming for this objective only in 2025, announced Philippe Brassac, general director of Crdit Agricole SA on the sidelines of the group results. The action jumped 3.97% to 15.19 euros.
Good commercial dynamics, recent acquisitions and efficiency gains are positive elements, explain RBC analysts, who nevertheless still point to pressure on margins in certain branches.
Socit Générale at its highest level in a year
The Socit Generale bank rose 5.62% after its results, to 27.24 euros, its highest level since March 2023. It exceeded for the first time its price before the presentation of the strategic plan of September 2023, which had showered the investors.
Financial performances for the first quarter were a little better than expected, with the confirmation of the main financial outlook for 2024.
Invest in real estate from €1,000. OUR rankings of the best SCPIs
Its subsidiary ALD, on the broad SBF 120 index, jumped 9.71% to 7.01 euros.
In finance, the insurer Axa lost 1.91% to 31.26 euros after its results.
Legrand very small
The manufacturer of electrical equipment Legrand announced on Friday declining results in the 1st quarter, with a net profit of 276 million euros down 16.5%, against a backdrop of a depressed global construction market.
The results were a little worse than expected, and the stock was penalized (-3.77% to 94.08 euros).
JCDecaux in the spotlight
Stimulated by its digital activities, the French advertising display giant JCDecaux recorded a turnover in the first quarter up 10%, to 740 million euros, thus exceeding its expectations, it indicated Thursday in a communication.
Adjusted turnover – the activity indicator favored by the group – amounted to 802 million euros over the period, an increase of 11%. The action jumped 11.13% to 21.86 euros, and will increase by more than 20% in 2024.