The French stock market’s benchmark index CAC 40 experienced an upward movement on Wednesday as investors responded to quarterly earnings announcements while also monitoring political developments and trends in the oil market. Elevated crude oil prices constrained the market’s potential for upward movement. Brent crude front-month futures increased to $110.75 a barrel, reflecting an approximate gain of 1.7%.
Oil prices experienced an uptick following remarks from Iranian President Masoud Pezeshkian, who asserted that the United States should terminate its pressure and threats, halt regional coercion, and remove economic sanctions prior to any discussions. The CAC 40 increased by 45.72 points, representing a rise of 0.58%, reaching 7,884.21 shortly after noon.
- EssilorLuxottica experienced a significant increase of nearly 15% following a positive earnings update. The company reported on Tuesday that its third quarter revenue reached Euro 7.486 billion, reflecting a year-over-year increase of 9.0% at current exchange rates and 7.2% at constant exchange rates.
- Direct to Consumer revenue increased by 10.6% at constant exchange rates, reaching Euro 4.093 billion, bolstered by a comparable-store sales growth of 6.8%. Professional Solutions revenue increased by 3.4% to reach Euro 3.393 billion, according to the company’s statement.
- Testing group Eurofins Scientific experienced an increase of 3.5% following the affirmation of its objectives for 2027.
- Bureau Veritas experienced an increase of nearly 2.5%. Capgemini increased by 2%, whereas Euronext, Legrand, and STMicroelectronics saw gains of 1.7%, 1.5%, and 1.3%, respectively.
- TotalEnergies experienced an increase of nearly 1%. AXA, Dassault Systemes, Vinci, Bouygues, and Thales recorded slight increases.
- Carrefour experienced a significant decline of 14.5% after the supermarket chain cautioned that the recent violent protests in France would negatively impact its profits. Chief executive Alexandre Bompard reported that approximately 50 Carrefour stores were looted over the weekend, leading to an anticipated reduction in operating profit this year by 80 million to 200 million euros.
- Michelin experienced a decline of 6%. Saint-Gobain experienced a decline of approximately 1.7%, whereas Renault, Pernod Ricard, and Veolia Environment saw reductions of 1.4%, 1.1%, and 1%, respectively.
