2023-10-27 16:17:24
The Paris Stock Exchange fell by 1.36% on Friday, weighed down by the fall of almost 19% of the Sanofi laboratory, whose results and short-term prospects worried investors.
The flagship CAC 40 index lost 93.58 points to 6,795.38 points. It thus erases all the gains accumulated for the week, which it ends down 0.31%.
This is the sixth consecutive week of decline for the CAC 40 index, which also ended at its lowest closing level since January 5.
Corporate results did little for the Parisian stock market, affected by the plunge of Sanofi (-18.93% to 81.44 euros), the fifth most valued group in the market, but third in terms of weighting on the CAC. 40.
25 billion euros have disappeared from the market capitalization.
In addition to less good financial performance than expected in the third quarter, “the profit warning for 2024 and the abandonment of the margin target in 2025” were very disappointing, according to Stifel analysts. The company also announced a savings plan of up to 2 billion euros.
On the macroeconomic level, inflation remained stable in September in the United States, for the third month in a row, at 3.4% over one year, according to the PCE index, the gauge favored by the Fed, which meets next week.
Over the week, data on activity or inflation “remained in the background because they were not surprising”, notes Charlotte de Montpellier, ING economist.
The trend in Europe still seems much less dynamic than in the United States, which pushed the European Central Bank to be cautious on Thursday in both its actions and its declarations.
“We have seen in the company results” the economic slowdown observed for several months in Europe, estimates Ms. de Montpellier.
On the bond market, the 10-year interest rate of the French State, the benchmark maturity, ended at around 3.44%, down compared to the level of the day before (3.49%) , and last week (3.51%).
Many dives
The quarterly publications have been tough for many companies, in a wide variety of sectors: in total, 10 companies in the SBF 120 have lost more than 10% of their value compared to last week.
Besides Sanofi, Worldline ended the week with a loss of 51.98% to 11.62 euros, Clariane of 26.71% to 3.71 euros, Plactic Omnium of 22.13% to 10.38 euros, Casino of 17, 24 to 0.96 euros, SES Imagotag by 17.32% to 85 euros, Remy Cointreau by 11.85% to 104.55 euros, Interparfums by 11.85% to 42.25 euros.
Teleperformance (-13.32% to 100.45 euros over the week) and Orpea (-12.68% to 1.06 euros) suffered the consequences even without having published their results.
URW convainc
The shopping center giant Unibail-Rodamco-Westfield (URW) announced on Thursday that it had achieved, over the first nine months of 2023, a turnover of 2.78 billion euros, an increase of 1.9%, and slightly revised upwards its financial objectives for the year. URW shares gained 3.43% to 44.64 euros.
In reaction to the day’s other results on the flagship index, Saint-Gobain increased by 3.07% to 51.44 euros, Vinci by 1.51% to 102 euros, Safran fell by 0.73% to 146, 66 euros.
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