(News Bulletin 247) – The Parisian index recorded a sixth consecutive session of increase in this week of very low volumes. Today’s trend was driven by positive analyst ratings on Teleperformance and Legrand.
Received five out of five. The CAC 40 posted a new consecutive increase this Friday, the fifth of the week. The Parisian index rose 0.38% to 8,219.14 points, setting both a new closing record and a new session record, at 8,259.19 points around 12:20 p.m.
Over the whole week, the Parisian index recorded a very good increase of 3.29%. The downside is that this weekly increase was achieved in very low volumes, due to two public holidays, Wednesday and Thursday, or even the absence of many operators throughout the week.
The trend was driven by the market’s renewed optimism about further rate cuts, whether from the European Central Bank (ECB) or the American Federal Reserve (Fed).
>> Access our exclusive graphic analyses, and gain insight into the Trading Portfolio
Teleperformance biggest increase in CAC 40
“This bullish impulse took root after investors, previously disappointed by restrictive guidance from the Fed (the US Federal Reserve) and geopolitical tensions, welcomed strong first quarter corporate results in the US and in the European Union”, explains Pierre Veyret, technical analyst at ActivTrades.
“More importantly, with the latest US data suggesting the Fed may be unable to maintain its restrictive stance for much longer,” hopes for a more accommodative monetary policy “are back in the spotlight, fueling market sentiment towards risky assets,” he adds.
Today’s trend was driven by some analyst recommendations. Berenberg raised its price target on Teleperformance (+3.8%), seeing several reasons to buy the outsourced customer relations group.
Legrand gained 2.8% while the Citi bank raised its opinion by two notches from “sell” to “buy” on the stock.
Conversely, Hermès fell (-0.2%), while Jefferies initiated its purchase coverage.
On other markets, the euro gained 0.1% against the dollar to 1.0769 dollars. Oil is losing ground. The July contract on Brent from the North Sea lost 0.3% to 83.66 dollars per barrel while that of June on WTI listed in New York lost 0.2% to 79.11 dollars per barrel.
I have over 8 years of experience working in the news industry. I have worked as a reporter, editor, and now managing editor at 247 News Agency. I am responsible for the day-to-day operations of the news website and overseeing all of the content that is published. I also write a column for the website, covering mostly market news.
