The control room of Euronext, the company that manages the Paris Stock Exchange (AFP/Archives/ERIC PIERMONT)
The Paris Stock Exchange ended up 1.13% on Thursday, driven once again by its optimism on the next directions of monetary policies and well-received company announcements.
The flagship CAC 40 index gained 79.50 points to 7,113.66 points, its highest closing level since October 11. It continues a second session of increase and has progressed by 0.94% since the start of the week.
“There is a wind of optimism in the markets, mainly due to hopes that central banks will not raise their key rates,” summarizes Céline Weill-Alliel, manager at Uzes Gestion.
Latest example, Thursday morning, the governor of the Bank of France, François Villeroy de Galhau, judged that the interest rates of the European Central Bank, unchanged at the last monetary policy meeting, were no longer going to increase “except shock” and “except surprise”.
“We are winning the battle against inflation,” he said.
“The markets want to believe it” continues Ms. Weill-Alliel, but this momentum could be called into question in the evening after a speech by the President of the American Central Bank, Jerome Powell.
The corporate earnings season is coming to an end, but many companies still published their results on Wednesday evening and Thursday before market trading.
After several drops in the first results, the following ones were “rather good” according to the manager.
Schneider Electric connects investors
The French electrical equipment and industrial automation giant Schneider Electric jumped 8.26% to 136.36 euros at the end of its investor day. It announced its financial objectives in advance, with organic growth in turnover of between +7% and +10%, a faster pace than market expectations.
Veolia protected from inflation
The environmental services giant Veolia (+2.55% to 54.49 euros) announced an increase in its activity over nine months, to 33.2 billion euros, supported by buoyant markets (water, decarbonization ) and inflation indexation mechanisms protecting most of its contracts.
Airbus does not convince
The aircraft manufacturer, which posted a sharp increase in profit in the third quarter, maintains its objective of delivering 720 commercial aircraft over the year despite persistent difficulties within its supplier chain. Its action dropped 1.93% to 127.86 euros.
ArcelorMittal lowers forecasts
The ArcelorMittal group lost 1.67% to 20.96 euros after lowering its forecasts for steel consumption in Europe for the year 2023. It also announced a decrease of 6.4% in its net profit and 12.4 % of its turnover in the third quarter.
capital increase for Orpea
The private nursing home group Orpea will launch “in the coming days” the first capital increase aimed at erasing part of its debt, the courts having rejected on Thursday a final appeal against this financial restructuring procedure.
At the end of the process, the value of the share could potentially be less than 0.02 euros. It jumped 43.73% to 1.40 euros, but remains down 77% since January 1.
Beneteau takes on water
In the results of the session for companies outside the flagship index, Solutions 30 (+14.29% to 2.12 euros) highlighted “the excellent dynamics in the Benelux” and its double-digit growth.
The stock market operator Euronext also gained 2.51% to 71.45 euros, confirming the diversification of its income and the Valneva laboratory 4.33% to 6.31 euros.
On the other hand, the boat manufacturer Beneteau fell by 5.21% to 11.28 euros and Eiffage by 0.39% to 86.66 euros.
© 2023 AFP
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