CAC 40 Modestly Higher As Stocks Turn In Mixed Performance
(RTTNews) - French stocks turned in a mixed performance on Monday with investors assessing the Middle East situation and tracking oil prices and bond yields movements.
However, oil's recovery from the lower levels limited market's upside.
The market started off on a firm note, extending recent gains amid easing geopolitical tensions after U.S. President Donald Trump's comments that there won't be any military action against Iran before the midterm elections in the U.S.
Lower oil prices and easing bond yields contributed as well to the positive mood in the market.
Oil prices fell on hopes of Russia-Ukraine energy ceasefire, and Trump's announcement of a deal to obtain diesel from Russia to lower fuel prices and blamed Ukraine for war and energy crisis.
Brent crude front-month futures recovered to $105.59 a barrel after having tumbled to $102.33 a barrel earlier in the day.
The yield on France's 10-year Government Bond dropped to 4.830% this morning before recovering to 4.860%.
The benchmark CAC 40, which advanced to 7,850.33 earlier in the session, was up 15.78 points or 0.2% at 7,819.11 a little over half an hour past noon.
Stellantis gained about 2% after it announced a strategic shift towards affordable electric vehicles at the Paris Motor Show.
Renault moved up 1.d8%, while Euronext, Thales and Societe Generale climbed 1.3%-1.5%.
Hermes International, AXA, Veolia Environment, Danone, Safran, Legrand, Sanofi, Eurofins Scientific, Michelin and BNP Paribas gained 0.3%-0.75%.
Accor dropped about 1.7%. ArcelorMittal, Orange, EssilorLuxottica, Vinci, Unibail Rodamco, Air Liquide and STMicroelectronics lost 0.4%-1%.
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