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Positive Reporting is the Driver of Growth of the Index Quotes

3/3/2023 1:01 PM

One of the leading indexes of the European economy, CAC 40, is correcting, trading at the level of 7305.0.

The French stock market continues to grow actively against the backdrop of macroeconomic statistics. Yesterday, data on the Consumer Price Index in the Eurozone for February was published, reflecting a correction of the index from 8.6% to 8.5%, while expectations of a decline to 8.2%. In turn, the Core CPI added 5.6% after rising 5.3% in the previous month. Thus, the likelihood that the European Central Bank (ECB) will continue its policy of high interest rates has increased significantly.

Diversified multinational corporation Veolia Environnement SE reported revenue of 9.7 billion euros in the fourth quarter of 2022, up from the previous quarter at 9.28 billion euros, and earnings per share increased from 0.28 euros to 0.51 euros. For its part, financial services group SCOR SE posted earnings per share of 1.16 euros, which is the highest result for the company since February 2018, after a loss of 1.52 euros a quarter earlier.

The growth leaders in the index are Eurofins Scientific SE (+5.69%), Pernod Ricard SA (+2.42%), TotalEnergies SE (+1.97%).

Among the leaders of the decline are STMicroelectronics NV (-3.24%), WFD Unibail Rodamco (-1.09%), Credit Agricole SA (-0.77%), Compagnie Generale des Etablissements Michelin SCA (-0.71%).

On the daily chart, the quotes continue to trade within the local ascending corridor, approaching the high of February 17, 2023 at around 7370.0.

Technical indicators have been holding a buy signal, which remains stable for a long time: the fast EMAs of the Alligator indicator are way above the signal line, and the histogram of the AO oscillator, being in the buy zone, is forming corrective bars.

Support levels: 7210.0, 6940.0. | Resistance levels: 7370.0, 7600.0.

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