Paris closing: finally a little down

TREND

The CAC40 started slightly lower after three sessions of modest gains, but failed to reach 7,100 points. The main index of the Paris Stock Exchange finally gained 0.09% on Wednesday and reached 7,043 points. Ahead of today’s session, 14 days into the first 17 days of 2023, it was positioned to bounce back nearly 300 points from its all-time high of 7,384.86 a year ago…

Market participants’ sentiment remains tied to hopes of a lull in central bank interest rate hikes and a favorable outlook for the reopening of China’s economy. Eurozone PMI activity showed an unexpected pick-up in January, which could ward off the threat of a severe recession, especially as Germany now rules out a recession in the coming months.

In terms of corporate finance releases, the season will really start to pick up tomorrow Thursday at the CAC40 (especially with LVMH)… The Euro remains close to 1.09/$. Oil returns to $86 per Brent.

INCREASING VALUES

Sergeferrari: +6%, followed by MedinCell (+5%) announced the start of a Phase 3 study for a second antipsychotic using its long-acting injectable product technology (mdc-TJK program). A US study will evaluate the efficacy and safety of the first subcutaneous long-acting injection (LAI) formulation of olanzapine for the treatment of patients with schizophrenia. Integration of the first patients is expected in the coming days. MedinCell’s partner Teva (TEV-44749), which is funding and managing the product’s regulatory development, has just released details of the protocol. mdc-TJK follows on from mdc-IRM (risperidone LAI), the first subcutaneous antipsychotic based on MedinCell technology, currently under regulatory review by the US FDA and expected to be available in the first half of 2023.

Esso: +3% with Orpea, Sword and Poxel

Vallourec (+2%) signed a new long-term contract with Petrobras for the supply of OCTG pipes. The three-year contract covers the supply of premium seamless OCTG tubing, associated accessories, as well as specialized physical and digital services, representing a volume of more than 110 kt of products and accessories.

Bic: +2% (+1.5%) with Ose and Vicat

Covivio: +1% with TFF, Veolia, Groupe Crit, Engie, Assystem

Air Fluid: +1% with STM, FDJ, ADP

FALLING VALUES

Balyo fell by 7%, followed by LFE, Thermador (-4%) and Valneva with SopraSteria (-5%).

Interparfums decreased by 4%. TP ICAP Midcap lowered the file to “hold” at €61.5 in the viewfinder. The broker explains that the group will update its 2023 guidance when it publishes its 2022 results on March 1. He is hoping for an increase in revenue target with MopC management retaining. Given the materialized course and the achievement of the target price, the broker now recommends carefully maintaining the value. Yesterday, Oddo BHF downgraded its recommendation on the move to “neutral” “in light of the course taken by the title”. “Fundamentally, Interparfums remains a value to hold over time,” the analyst clearly emphasized.

Gl Events: -3.5% after McPhy, Ubisoft, Equasens

Casino: -3% Bastide, with P&V

Wavestone: -2% after Believe, Alten, Deezer, SoiTec, DS, BioMerieux

Atos (-1.6%) has entered into exclusive negotiations with Mitel Networks (Mitel) for the sale of its unified communications and collaboration services business (Unified Communications & collaboration, ‘Unify’). This is a new step in the implementation of Atos’ asset disposal program as announced at the Group’s Capital Markets Day in June 2022. “We are pleased with this announcement, which marks a new important step in the implementation of our investment program. brought us closer to the goal of about 700 million euros that we set 7 months ago. This is further proof that we are implementing our ambitious transformation plan at a steady pace,” said Atos Deputy CEO Diane Galbe.

Alstom fell 1% despite a solid quarterly bottom line. The rail group reported a turnover of 4.22 billion euros in the three months to the end of December, an increase of 8%. The company’s CEO, Henri Poupart-Lafargue, said: “The market environment remains positive, clients are confirming their investment plans in all regions.” Orders for the third quarter increased by +13% to 5.15 billion euros, with Europe accounting for the largest share. Data above market expectations. Revenues rose 8% to 12.3 billion euros in the first nine months. The forecast for 2022-2023 and mid-term 2024/25 has been confirmed.

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