Thursday, August 13, 2020

The Paris Bourse tries to resist in the face of a sluggish economy (+ 0.28%)

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The Paris Bourse remained in the green on Friday (+ 0.28%), trying to resist the fall in GDP in the euro zone, by clinging to a few good surprises in company results.

At 1:06 p.m., the CAC 40 index took 13.66 points to 4,866.60 points. The day before, it had ended up sharply down 2.13%.

The Parisian rating is up slightly since the opening.

Wall Street was also preparing, for its part, to open in the green. The futures contract on the flagship Dow Jones Industrial Average rose 0.18%, that on the broader S&P 500 index by 0.16% and the technology-heavy Nasdaq by 0.85%.

“Investors are in the mood to take risks” today “even as those linked to the pandemic are on the rise” with more significant contaminations in several parts of the world, noted David Madden, an analyst at CMC Markets.

On the macroeconomic level, the damage is visible: the publications of GDP in the second quarter follow one another and are similar with each time a historic fall.

On Thursday the United States and Germany got the ball rolling and on Friday the euro zone as a whole followed, as did France, Portugal and Italy.

The world economy is now hit hard by the coronavirus as human tolls continue to increase, especially in Latin America, where Mexico has overtaken the United Kingdom in number of deaths.

As for indicators, in the United States, consumer prices in June and the PMI manufacturing activity index for the Chicago region in July (ISM) are also on the program.

In China, manufacturing industry activity rose to its highest level in four months in July, a sign of the resumption of activity in the country.

– Engie in the lead –

Faced with this disastrous macroeconomic horizon, investors were looking for glimmers of hope in the many results of the day, which had some good surprises in store.

Engie took the lead of the CAC 40 index (+ 5.30% to 11.43 euros) while the group announced its intention to refocus its activity by accelerating its development in renewables and infrastructure.

BNP Paribas (+ 2.94% to 35.39 euros) was doing well too. The bank went through the second quarter, marked by confinement, without damage, with net profit certainly down but at more than 2 billion euros, the pace of its market activities having intensified with the crisis.

On the SBF 120, Korian took off 6.75% to 35.12 euros, driven by an increase in its turnover of 4.4% in the second quarter, despite the “complete freeze of health activity in Italy “.

Mersen was also wanted (+8.98 to 22.45 euros), thanks to results above expectations even if the net profit was halved in the first half.

Technology stocks also benefited from the dynamic publications of their American counterparts last night, like DBV Technologies which jumped 9.87% to 7.07 euros or Soitec up 4.34% to 100.90 euros .

Conversely, Legrand suffered (-4.38% to 66.32 euros), while the group saw its net profit cut by a third these first six months due to the health crisis.

Lagardère plunged 14.79% to 12.10 euros. The group fell into the red in the first half, taking the brunt of the crisis.

Amplitude Surgical took off from 30.25% to 2.11 euros, propelled by the announcement of the investment company PAI Partners which plans to buy the French manufacturer of orthopedic devices and then withdraw it from the Paris listing.

Euronext CAC40

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