The Paris Stock Exchange finished the first session of 2023 on the right foot, rebounding on Monday after a disappointing performance in 2022, while many traders stayed away from the market, particularly in London and New York.
The top CAC 40 index rose 1.87%, or 120.81 points to 6,594.57 points. Friday closed the session down by 1.52%, weighed down by the first trends of the American markets.
The decline during the week was small (-0.47%), but over the course of the year the CAC 40 recorded its largest decline since 2018, down 9.50%.
“There is a small rallying effect since December 30,” a session during which Wall Street opened sharply lower before recovering most of its losses after the European markets closed and ending with a small dip, comments Florian Allain, Mandarin Management manager.
Most of the world’s financial centers remained closed on Monday, including Wall Street, London, Tokyo or Hong Kong.
The first good news of 2023 for the Parisian market, the leading indicator of economic activity PMI for the industry contracted less than expected in December, according to the measure of S&P Global.
Good news, but not enough to justify a jump of more than 6% of Renault shares, according to the Mandarine Gestion expert. Trading volume was also very weak on Monday, which tends to exacerbate the fluctuations.
“The first weeks of January are generally a period of growth, traders take a little risk,” explains Florian Allain.
The bond market also moved against the year-end trend. The 10-year French debt rate fell to 2.97%. Friday closed at its highest level since 2012 (3.09%).
Atos takes off
French IT giant Atos saw its share jump 20.01% to 10.82 euros, following information from Les Echos newspaper evoking Airbus’ interest in its cybersecurity activities.
This jump was the biggest progress of the day on the SBF 120.
2023, a new beginning for the values abandoned in 2022
Among the biggest gains of the session on the broader SBF 120 index are many companies that suffered particularly in 2022: Orpea rose 10.27% to 6.81 euros, after a 93% decline in 2022, Solutions 30 took 8.24% at €1.85 (-75.95% in 2022), Casino 5.23% at €10.27 (-57.84% in 2022).
This is also the case for several cars that rebounded after suffering from the lackluster economic outlook for 2022. Last year, the French car market fell by 7.8%, the recovery of recent months has not compensated for delivery difficulties and the shortage of microchips.
Renault closes at the top of the CAC 40 with +6.79% to 33.40 euros, Stellantis +2.83% to 13.65 euros, Michelin +3.58% to 26.92 euros. Faurecia jumped by 8.49% to 15.33 euros, Valeo by 6.74% to 17.83 euros and Plastic Omnium by 3.61% to 14.07 euros.
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