CAC 40 Climbs Higher On Corporate News, Weak Oil Prices
(RTTNews) - France's equity benchmark CAC 40 moved higher on Monday, rebounding a bit from recent losses, as oil prices dropped and bond yields softened slightly.
Oil prices dropped following remarks by U.S. President Donald Trump that renewed military strikes on Iran were "highly unlikely" while talks to end their eight-month-old conflict continue.
Brent crude front-month futures fell to $96.11 a barrel before recovering to $96.98, still down by about 1.4% from previous close.
The CAC 40 was up 37.69 points or 0.46% at 8,176.69 at noon.
Sanofi climbed nearly 2.5%. Airbus moved up 2.25% after launching a multi-year share buyback program of up to €5 billion through July 2029
ArcelorMittal gained 2.3%, while Legrand and STMicroElectronics gained 2.2% and 2%, respectively. Engie advanced 1.8%.
Thales, Accor, Bureau Veritas, Veolia Environment and BNP Paribas gained 1.1%-1.3%. Safran moved up 1.3% after the company got selected for three French nuclear deterrence programs and secured a contract to supply inertial navigation systems for the country's nuclear deterrent.
Schneider Electric, Societe Generale, Bouygues, Vinci, Danone, Dassault Systemes, Air Liquide, AXA and Michelin also moved higher.
LVMH, Euronext and Hermes International dropped 3%, 2.7% and 2.3%, respectively.
French lender Credit Agricole was moving lower after announcing it had proposed merging its Italian subsidiary with Banco BPM.
Capgemini, Stellantis, L'Oreal and TotalEnergies lost 0.8%-0.9%. Kering and EssilorLuxottica shed nearly 0.5% each.
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