AOF France/Europe Final Analysis – CAC 40 lost 1.29% but remained above 7,200 points

(AOF) – European stock markets have picked up the lows in the afternoon. After lengthy negotiations on raising the US debt ceiling, an agreement on policy was reached late last week. It is now up to Congress to ratify the treaty. In Paris, TotalEnergies fell on lower oil prices. Tech stocks have again benefited from the advance of Nvidia, which weighs more than $1,000 billion. The CAC 40 ended down 1.29% at 7,209.75 points, while the EuroStoxx50 lost 0.66% at 4,291.58 points.

In Europe, Nestlé François-Xavier Roger announced that he would be stepping down in the near future and that he would be replaced by Anna Manns as Chief Financial Officer. The latter held the position at the London Stock Exchange and his departure was announced late last week. Nestlé shares lost 3.32% to 108.34 Swiss francs, while the London Stock Exchange was down 0.28% at 8,460 pence. After eight years at Nestlé, Chief Financial Officer and Executive Vice President François-Xavier Roger has decided to step down to take on new professional challenges.

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in Paris, Total energies (-3.43% to 53.82 euros) ConocoPhillips announced on May 26 that it had a right of first refusal to acquire a 50% stake in the Surmont property (the fourth site in Canada’s tar sands operations) owned by TotalEnergies. EP CANADA LIMITED. (TEPCA). American Oil Group will then own 100% of Surmont. This announcement is related to the sale of all shares of TEPCA by TotalEnergies to Suncor Energy Inc. announced on April 27, 2023.

Rexel (+1.06% to 19.525 euros) will acquire Vasco, one of the leading distributors of heating and air conditioning products and services in the Netherlands. The acquisition will allow Rexel to capitalize on opportunities related to the energy transition. In the last twelve months to the end of April 2023, Vasco generated revenues of approximately €540 million, of which 60% came from the digital channel. “With an enterprise value of €485 million, it represents 9.2x Vasco EBITDA, or just under 7x, after fully realizing expected synergies including cross-selling opportunities and logistics optimization,” says Rexell.

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Macroeconomic statistics of the day

In May 2023, the Economic Confidence Index (ESI) fell in both the European Union (-1.9 points to 95.2) and the Eurozone (-2.5 points to 96.5).

The Conference Board’s consumer confidence index rose to 102.3 in May from 103.7 in April, a revised reading of 101.3. 99 was expected.

The S&P Gas-Shiller index of home prices in the 20 largest U.S. cities rose 3.6% year-over-year in March. This exceeded the expectations of experts who were counting on a 2.4% increase. Up 4.2% in February.

At 5:45 p.m., the euro was up 0.09% at $1.0722.