What are the prospects for the CAC 40 for the month of April 2024?
The CAC 40 lists the 40 largest companies by market capitalization of Euronext Paris. France represents a fifth of Europe’s total economy, which is why the CAC 40 index can help traders determine the direction the European economy is heading.
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The HCOB France Services PMI index is down slightly to 48.3 in March 2024 from 48.4 the previous month, compared to an initial estimate and market forecast of 47.8. Activity and new business fell further due to economic weakness and inflationary pressures, but showed a slight improvement compared to the end of last year.
Despite a decline in sales volumes, employment grew at its fastest pace since October, leading to a further reduction in work backlogs. Concerning prices, input prices fell slightly, but remained historically high, in a context of rising wages and energy costs.
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The CAC 40 index traded up around 8,180 at the start of April 2024. Among individual stocks, Renault shares jumped almost 4% following the announcement of a joint venture. venture named Flexis with Volvo and CMA CGM to finance the production of electric vehicles in France. Shares of Eurofins Scientific SE also rose nearly 2% following a deal to acquire Ascend Clinical, expanding its U.S. kidney testing and transplantation portfolio.
The CAC 40 has seen an increase of 393 points or 5.21% since the start of 2024. It is expected to trade at 7,568.10 points by the end of the first quarter of 2024 and at 7,279.05 points in 12 months according to global macroeconomic models from Trading Economics. In addition, financial sector stocks, AXA, BNP Paribas, Crédit Agricole and Société Générale, recorded gains ranging from 0.7% to 1.2%. Teleperformance SE, for its part, experienced a decline of almost 2%, followed by Vinci (1.2%) and Cap Gemini (1.1%).
France’s main stock index has seen an increase of nearly 599 points or 7.94% since the start of 2024. It is expected to trade around 8,044.16 points by the end of this quarter. and around 7,578.07 in 12 months.
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Among the CAC 40 companies to watch for this month of April 2024, we find:
TotalEnergies
Schneider Electric
Axa
Stellar
Dry.
