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The main French stock index broke the previous record of 2000

The main index of the French CAC 40 shares closed at a record level of 6,927.03 points yesterday. In doing so, it broke the previous last record from September 2000. The increased demand for luxury goods and the recovery of energy and banking stocks helped the index, according to Bloomberg.

Since the beginning of this year, the index has risen by 25 percent. Luxury companies LVMH, Hermes International and Kering accounted for about a quarter of that growth. Then higher oil prices helped strengthen shares of TotalEnergies, which has become the second largest contributor to the index’s growth after LVMH. BNP Paribas and Société Générale, manufacturer of L’Oréal cosmetics and electrical equipment manufacturer Schneider Electric, have also seen significant growth this year.

This year, the CAC index was ranked among the most successful major Western European indices. However, it took longer for the leading indicators of Germany and Switzerland to break the new record. This year, the Stoxx Europe 600 also set a new record.

Martin Muller, analyst at Swiss & Global Portfolio Management, says the trend looks good and that the French index, along with other stock indices, could rise slightly as supply chain tensions ease. “France offers many companies a good return on cash flow, which we prefer, and will benefit from companies investing in more diversified supply chains, which will help GDP,Added.

The CAC 40’s continued significant growth depends in part on luxury goods products, which account for nearly a quarter of the index’s total weight. GAM Investment Firm Director Swetha Ramachandran said the earnings outlook for luxury firms expects better growth and profitability for the sector than it was before the pandemic. Concerns about the situation in the supply chain are also less of an issue for luxury European companies than other companies due to production, especially in France and Italy, and relatively simple supply.

Another highlight for CAC is the 7,000 point mark, which means further growth of about 1.1%. Alexandre Baradez, chief analyst at IG France, expects the index to exceed that limit by the end of the year.

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French stocks are likely to remain in the spotlight in the coming months, as incumbent President Emmanuel Macron will run for re-election in April next year.

Source: Reuters, CTK, Bloomberg

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