The Paris Stock Exchange rebounded a little on Monday (+0.32%) following a turbulent week, with investors taking advantage of the lull in the news at the end of the year to regain some ground.
The star CAC 40 index rose 20.66 points to 6,473.29 points. It had ended down more than 3% over the whole of the past week, its worst weekly performance since the end of September.
“We are entering the truce of the confectioners and the trading volumes are already weak”, notes Harry Wolhandler, director of equity management of Meeschaert Amilton AM.
Consequently, according to him, we should not give much credit to this movement, driven by small good news, such as the good morale of German entrepreneurs or the significant drop in gas prices (-18% since Thursday on the benchmark contract , the Dutch TTF, now at 106 euros per megawatt hour).
The Parisian index is still marked by the determination shown last week by the central banks to raise their key rate to fight once morest inflation, despite the risks of recession. The US Federal Reserve and the US Central Bank have delivered their forecasts for rate hikes, higher than those of the markets so far.
France’s interest rate for the 10-year loan, which is a reference, extended its sharp rise initiated in early December, and reached 2.71%, while it had touched 2.23% at the close on December 7.
Since the beginning of the year, the restrictive monetary policy, the conflict in Ukraine or even the health policy in China have caused the CAC 40 to decline by 9.5%.
Luxury contaminated by China
Luxury stocks, heavyweights in the index, weighed down the CAC 40: Kering lost 1.06% to 485.85 euros, LVMH 0.94% to 687.30 euros and Hermès 0.54% to 1,478, 50 euros.
China recorded its first deaths on Monday since the relaxation of the strict measures of its “zero Covid” policy, at a time when hospitals and crematoriums are overwhelmed by an unprecedented wave of cases.
Technology stocks were they penalized by the rise in rates: Capgemini lost 1.22% to 157.50 euros, STMicroelectronics 0.83% to 34.65 euros and Dassault Systèmes 0.22% to 34.09 euros.
Innate relies on Sanofi
The French pharmaceutical group Sanofi and the Marseille biotech specializing in immuno-oncology Innate Pharma have announced the extension of their partnership in the development of multispecific antibodies.
Innate will initially receive 25 million euros and Sanofi obtains an exclusive license for the development, manufacture and marketing of future drug candidates.
The action of Innate Pharma soared 24.17% to 2.55 euros (but remains down 42% since January 1) and that of Sanofi took 1.30% to 88.76 euros.
John Textor wins Olympique Lyonnais
The American holding company Eagle Football Holding managed by multi-millionaire John Textor has become the majority shareholder of OL Groupe, which includes the football club Olympique Lyonnais, announced a press release from OL Groupe following the closing. of the Paris Stock Exchange.
The stock price had fallen to 2.10 euros in December when investors were in doubt regarding the realization of this takeover. Monday before the announcement, it ended at 2.95 euros (+1.92%), very close to its redemption price (three euros).
Elior offers himself some air on his debt
The collective catering group Elior has announced that it has obtained from its banks a relaxation of the test of its leverage ratio, which goes from 4.5 to 6 times the net debt / EBITDA ratio. The action, which had rebounded during the month of December, fell 8.74% to 3.15 euros.