French stocks are moving higher on Thursday, as optimism about earnings supports the market even as worries about rising coronavirus cases in several countries and possibility of fresh lockdowns raise doubts about a quick economic rebound.
Investors are now awaiting the European Central Bank’s monetary policy announcement, due later in the day.
The benchmark CAC 40 is up 50.58 points or 0.81% at 6,261.13. On Wednesday, the index ended 0.74% up.
Among the major gainers, WorldLine SA shares are up more than 4%. STMicroElectronics is up by about 3.5%, while Veolia and Hermes International are gaining 2.8% and 2.4%, respectively.
Shares of drinks maker Pernod Ricard are up 2% after the company reported strong sales growth in the three months to the end of March, helped by strong demand in its key U.S. and Chinese markets.
LVMH, Faurecia, Schneider Electric, Dassault Systemes and Valeo are also notably higher. Lenders BNP Paribas and Societe Generale are up with modest gains.
Orange shares are down 1.7%. Although the company saw an increase in first quarter revenues at €10.3 billion, its core operational profits retreated 0.3% to €2.6 billion in the quarter.
Renault is lower by about 2.1% after the French car maker’s revenue unexpectedly fell in the first quarter as it lagged behind European peers in recovering from the pandemic.
Market Analysis
CAC 40 Advances On Earnings Hopes
2021-04-22 10:19:38
