2023-11-08 17:12:58
The Paris Stock Exchange ended sharply up 0.69% on Wednesday, accelerating in the second part of the session with a slight decline in bond rates to return well above 7,000 points.
The flagship CAC 40 index gained 47.93 points to finish at 7,034.16 points. Over the week, it returned close to balance (-0.19%), almost erasing its last two sessions of decline.
The Parisian rating started sharply down, then hovered around balance during the first part of the session. It accelerated in a second phase, “with a little relaxation on rates”, notes Yann Azuelos, portfolio manager at Mirabaud.
The 10-year interest rate on French debt, the benchmark maturity, fell to 3.20%, compared to 3.25% at the close on Tuesday and at mid-session on Wednesday.
The sectors most sensitive to rates, such as technology, luxury, health and real estate, finished at the top of the CAC 40.
In terms of macroeconomic indicators, “there was not much” during this session once more and the data learned on China, still in economic difficulty, “are already well integrated by the markets” according to the manager.
Investors are also awaiting speeches from central bankers, less than two weeks following the meetings of the various institutions.
The last meeting of the American central bank led to a sharp rise in stocks but “with a strong technical component” to allow the rebound of the “oversold” market in recent months, believes Mr. Azuelos.
Crédit Agricole on the rise
Crédit Agricole (+1.14% to 11.72 euros) relied in the third quarter on its financing and investment banking and its specialized financial services businesses to publish a significant increase in revenue and net profit on Wednesday, offsetting the slowdown in France.
Legrand stumbles
The manufacturer of electrical equipment published on Wednesday a net profit up 15.5% over the first nine months of 2023, with sales up slightly, a performance considered “very solid” in a contracting construction market.
Its action fell 1.32% to 82.24 euros, the group now counting on growth in its sales (excluding exchange rate effect and excluding the effects of Russia’s withdrawal) of around 5%, i.e. – say at the bottom of the range announced in July.
Antin revises downward
The investment fund specializing in infrastructure Antin fell 8.09% to 10.79 euros following the publication of its results, marked by a downward revision of the operating profit outlook for 2023 due to “fall in revenue from investments” of one of its flagship funds.
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