The control room of Euronext, the company that manages the Paris Stock Exchange (AFP/Archives/ERIC PIERMONT)
The Paris Stock Exchange ended in a slight decline on Thursday, not without having marginally improved its record points during the session, after data on inflation in line with expectations in Europe and the United States.
The flagship CAC 40 index fell 26.96 points to 7,927.43 points. At the start of the session, it reached 7,977.68 points, improving its previous record of February 23 by a little more than one point.
Over the first four sessions of the week, it lost 0.49%.
The session was dominated by inflation data, for February in France and Germany and for January in the United States.
“Everything remained in line with the consensus,” summarizes Harry Wolhandler, director of equity management at Meeschaert AM.
In all three countries, year-on-year inflation slowed to continue to approach the central banks’ target, but month-on-month prices accelerated.
“Consequently, it was the company news that set the trend” of the session, and the reception this time was cold on the CAC 40 for Veolia, and frosty for other companies in the broader indices.
Heavyweight of the CAC 40, the cosmetics giant L’Oréal (-1.09% to 441.70 euros) was penalized by results slightly below expectations from the German cosmetics manufacturer Beiersdorf (Nivea).
On the bond market, the interest on the French bond is moving around 2.88% compared to 2.92% the day before, while it was rising significantly before the publication of American inflation.
Records that are not enough
On the flagship index, Veolia once again achieved record results in 2023, at 937 million euros. But the strategic plan presented during the morning “did not come as a surprise”, which could have caused “profit taking” on the stock, which had gained 20% over the last four months, according to Mr. Wolhandler. It fell 3.54% to 28.65 euros.
For Air-France-KLM, the sanction on the stock market was even harsher: -8.62% to 10.61 euros. Investors did not look at the record profits for the whole year, but rather at the difficult fourth quarter and concluded with a loss.
Serial falls
Company results strongly disappointed investors in the smaller indices. The manufacturer of active pharmaceutical ingredients Euroapi fell by 43.47% to 4.16 euros, the day after the announcement of an increase in its net loss in 2023 and prospects considered disappointing. The action was introduced in May 2022 at a price of 12 euros.
The elimination of the dividend and the announcement of job cuts at Nexity also led to the share of the leading French real estate developer falling 20.17% to 10.61 euros, the lowest since 2009.
Casino (-17.94% to 0.46 euros) continued its fall that began the day before after the publication of a loss of more than five billion euros in 2023.
After its results, the satellite telecommunications service provider fell 5.52% to 5.99 euros, dragging Eutelsat (-6.73% to 3.44 euros).
The chemist Arkema also disappointed (-2.72% to 95.76 euros).
Solid Eiffage
The French construction and motorway concessions giant Eiffage passed the billion-euro mark in net profit in 2023 and at the end of December posted an order book for works up 40% compared to the end of 2022. Its shares jumped by 3.42% to 100.65 euros.
Among the other praised results is also the renewable energy producer Neoen (+4.70% to 23.16 euros).
The retirement home specialist Clariane (formerly Korian) jumped 11.96% to 1.98 euros after announcing that it was targeting organic growth in its turnover of more than 5%. But the stock was worth more than 30 euros in mid-2021.
© 2024 AFP
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