CAC 40 Up Marginally; Legrand Rises Over 7%
(RTTNews) - Despite higher oil prices and bond yields, France's equity benchmark CAC 40 edged marginally higher Tuesday morning thanks to strong buying at select counters, including Legrand and STMicroelectronics.
Oil prices climbed higher due to the impasse in U.S.-Iran negotiations, with reports saying Iranian officials are not optimistic about the possibility of the two nations reaching an agreement before the US midterm elections in November.
Brent crude front-month futures, which climbed to $107.87 a barrel earlier, dropped to $105.50, up just marginally from previous close.
France's long-term Treasury yield remained elevated, after having climbed to its highest level since mid 2008.
With U.S.-Iran negotiations making no meaningful progress, and no big data from the regional front to warrant big moves, investors remained largely cautious.
The benchmark CAC 40 was up 10.57 points or 013% at 8,089.05 a few minutes before noon.
Legrand jumped more than 7% after raising its 2030 targets, citing accelerated growth in data centers and the energy transition alongside improved profitability.
Schneider Electric climbed nearly 3%. Bureau Veritas moved up 2.3% and STMicroelectronics gained a little over 2%.
Accor, Societe Generale, Air Liquide, Credit Agricole, Safran, Capgemini and BNP Paribas posted modest gains.
Eiffage slid 3.1%. Vinci and Eurofins Scientific drifted down 2.5% and 2.3%, respectively. Carrefour dropped 17% and TotalEnergies shed 1.4%.
Orange, Danone, Engie, Saint-Gobain, Hermes International, Dassault Systemes, Renault, Pernod Ricard, EssilorLuxottica and LVMH lost 0.6%-1.1%.
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