The control room of Euronext, the company that manages the Paris Stock Exchange (AFP / Eric PIERMONT)
The Paris Stock Exchange rebounded 1.27% on Thursday, with investors returning to buying after two sessions of decline, despite the absence of any new element likely to bring some optimism back to the markets.
The flagship CAC 40 index took 81.55 points to 6,500.44 points, the day after a decline of 0.77%.
A rebound started at the start of the session was helped by the decline of more than 2% in oil prices. But after the start of the OPEC+ meeting of oil producing countries and the announcement of an increase in production, prices stabilized.
The meeting came two days after the announcement of an embargo by the European Union to reduce their imports of Russian oil by 90% by the end of the year, which puts Moscow in a delicate position within the oil alliance.
For Yohan Salleron, equity manager at Mandarine Gestion, it is “the concrete implementation of a European embargo on Russian oil” which takes precedence over the announcement of OPEC+. In addition, OPEC+ has increased its production less than expected, according to a German analyst.
Outside the oil market, the session was calm, noted the expert from Mandarine Gestion.
“The market remains wait-and-see, stuck between the desires of central banks to accelerate the normalization of their monetary policies in the face of galloping inflation, and on the other hand macroeconomic figures in slowdown”, explains Mr. Salleron.
Central banks have in fact undertaken to curb inflation by raising their key rates to make credit more expensive and slow down demand.
But these measures can also have the effect of slowing economic growth.
The Vice-President of the American Central Bank (Fed) Lael Brainard, moreover indicated Thursday that the institution anticipates an economic slowdown, stressing however that it is still “too early” to say when, and specifying that the priority is to control inflation.
Saint-Gobain at the top of the table
The building materials group Saint-Gobain, driven by building renovation and insulation programs in Europe and by the vitality of construction in America and Asia, announced on Thursday that it was aiming for an “operating profit record” in the first half. Its action jumped 4.79% to 57.31 euros, marking the largest increase in the CAC 40 session.
UBS strengthens its position in Atos
The Swiss bank UBS now owns 5.04% of the capital of the computer company Atos, according to a document published by the Autorité des marchés financiers (AMF). Speculation regarding a possible takeover bid for Atos has been rife for several months. The Atos title took 7.99% to 26.09 euros on Thursday.
Record rewarded for Rémy Cointreau
The action climbed 4.92% to 179.20 euros, the group having recorded “record” annual results, announced its general manager Eric Vallat, with a net profit which jumped by 47% and its current operating margin at “its highest historical level” in its staggered fiscal year ending at the end of March 2022.
Eurofins makes an acquisition in Saudi Arabia
Eurofins Scientific (+1.15% to 86.18 euros) announced the conclusion of a partnership with the shareholders of Saudi Ajal, to finalize a majority stake in Ajal for Laboratories, a food, tobacco and pharmaceutical testing laboratory , in Saudi Arabia.
© 2022 AFP
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