(News Bulletin 247) – The Parisian index ended Tuesday’s session flat, while the barrel of Brent from the North Sea exceeded 95 dollars per barrel.
The Paris Stock Exchange ended a session without much relief this Tuesday. The CAC 40 thus gained 0.08% this Tuesday to 7282.12 points.
Oil prices continue to attract attention, continuing their inexorable rise. The November North Sea Brent contract crossed $95 per barrel, rising 1.1% to $95.43 shortly before the European close. For its part, the October contract on WTI listed in New York advanced 1.5% to $92.86 per barrel.
“The rise shows little sign of letting up. Unless economic data deteriorates, oil could hit $100 before long,” predicts Oanda’s Craig Erlam.
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TotalEnergies progresses, SMCP collapses
The rise in black gold prices may have worried some market operators about inflation and the economy as the Federal Reserve (Fed) begins its monetary policy meeting this Tuesday which will end on Wednesday evening.
“We are not convinced that rising oil prices have paved the way for a sustainable rebound in inflation. Therefore, there is little chance that developed market central banks will resume or extend their tightening cycles in response to the increase in inflation”, however qualifies Capital Economics.
On values, the rise in barrel prices towards $100 for the two global benchmarks logically benefits oil and oil services stocks. And in particular the heavyweight of the Parisian index TotalEnergies which gained 1.7% to 63.04 euros and exceeded its historical records during the session and at the close, with a peak at 63.25 euros during the session.
Edenred gained 1.8% benefiting from an increase in the price target from JPMorgan to 69 euros compared to 65 euros previously.
Excluding the CAC 40, Colas increased by 52.4% to 173 euros and is close to the price of 175 euros offered by its parent company Bouygues to buy back the shares of its subsidiary that it does not yet hold with a view to the withdraw from the Stock Exchange.
SMCP plunged 29.07%. The owner of the Maje and Sandro brands suffered after lowering its targets for 2023 due to a deterioration in the ready-to-wear sector in Europe.
On the foreign exchange market, the euro fell 0.1% to 1.0684 dollars before the start of the meeting of the American Federal Reserve.
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