The Paris stock exchange lost ground on Wednesday with a CAC40 down 0.3% to around 6,420 points at the end of the morning. The markets are still waiting for the final results of the mid-term elections in the United States, the battle for control of the Senate promises to be very intense. The Democrats are holding on and the latest projections give them a 1-seat advantage, which would be a surprise.
“The decline in equity indices is probably not over, but most of the way has been done. They could enter a phase of horizontal consolidation, alternating between technical recoveries and consolidations, as economies slow down and inflation is falling to reach a level. satisfactory for central banks, “said Vincent Guenzi, Cholet Dupont’s strategist. This analysis fits well with the current stock market trend and Cholet Dupont has a year-end target of 6,400 points for the CAC40, which therefore corresponds to the current levels of the Parisian index.
* Carrefour rose 1.6% to € 16.54. Bernstein raised his target from € 17.5 to € 18 (“market performance”). Goldman Sachs has adjusted the slider from 16.5 to 16 euros (“neutral”).
* Veolia earns 0.4% at 24 euros. In the first 9 months, the group published an Ebitda of 4.53 billion euros, up 5.2% in one year at constant scope and exchange rates. Recurring operating income was € 2.22 billion, up 19.4% in one year at constant scope and exchange rates. Veolia achieved a turnover of 30.71 billion euros, up 49.1% at constant exchange rates, aided by the acquisition of Suez whose contribution amounts to 7.13 billion euros. At constant exchange rates and perimeter, Veolia’s turnover grew by 13.2% in the first 9 months of the year. In the third quarter alone, the group’s revenue increased at constant scope and exchange rates by 13.7%, Veolia said. At the end of September, Veolia’s net financial debt stood at € 22.15 billion, down by € 351 million.
* Teleperformance advanced by 0.7% to 265.7 euros in the morning. Oddo BHF reiterated his advice to “overtake” the call center specialist following a roadshow with management in Paris.
* Scor (+ 2.8% to 16.3 euros) suffered a net loss of 509 million euros in the first 9 months of the year, compared to a net result of 339 ME a year ago. In the three months to the end of September, the group recorded a deficit of 270 ME, compared with a loss of 41 ME the previous year and a consensus of -193.5 ME. The score thus aligns for the third consecutive quarter in deficit. Gross written premiums in the quarter reached € 5.14 billion, up 11.6%, and slightly above market expectations (€ 5.09 billion). Scor was penalized by the high experience of losses related to natural disasters. In particular, the company reported a loss of 279 ME related to Hurricane Ian in the third quarter, while the cost of claims related to hail in particular, in France in June, was 166 ME.
* Orpea fell by 2.2% to 8.13 euros the day after the announcement of an activity up 6.4% in the third quarter (+ 4% organically) to 1.18 billion euros. In the first 9 months of the year, the consolidated turnover of the nursing home manager was 3.5 billion euro, up by + 9.3%, of which + 5.5% organic. In great difficulty, the group will present its transformation plan on November 15, the date on which the first meeting with creditors must also be held.
* The biggest drop in the CAC40, Renault lost 3.3% under 30 euros. Nissan will contribute to Renault’s third quarter 2022 results with just € 27 million, the French auto group indicates. Nissan therefore today released its second quarter results for its fiscal year 2022/2023 which covers the period from April 1, 2022 to March 31, 2023. Nissan’s published results under Japanese accounting standards for the second quarter of its fiscal year 2022 / 2023 (period from 1 July to 30 September 2022) will therefore lead, after the IFRS restatement, to a net profit for the third quarter of 2022 by Renault with a positive contribution estimated at 27 million euros, based on an exchange rate of 139, 2 yen for one euro on average in the quarter.
* Bonduelle sells 0.5% to 11.6 euros. Revenues for the 1st quarter of the 2022-2023 financial year amounted to € 571.3 million, up + 10.9% at current exchange rates and + 4.4% at constant exchange rates. The strengthening of the Russian ruble compared to the first quarter of the previous year and the persistent weakening of the euro against the US dollar led to further growth linked to exchange rate changes of + 6.5%.