CAC 40 Index Climbs; Sanofi-Aventis, Scor Gain While Credit Agricole Drops
The following stocks were among the most active in the French market today.
Credit Agricole SA (ACA FP) and Societe Generale SA (GLE FP) sank as Meredith Whitney, the former Oppenheimer & Co. analyst who now runs her own firm, said brokerages around the world will cut as many as 80,000 jobs in the next 18 months as revenue growth begins to slow. Credit Agricole retreated 1.7 percent to 10.46 euros and Societe Generale lost 1.1 percent to 42.15 euros.
Sanofi-Aventis SA (SAN FP) climbed 2.1 percent to 47.79 euros after Citigroup Inc. raised its price estimate for the French drugmaker by 15 percent to 70 euros, saying the next 12 months could be a “turning point” for the company.
Scor SE (SCR FP), France’s largest reinsurer, rose 0.9 percent to 17.20 euros after saying it aims to generate 8.4 billion euros ($10.7 billion) of annual sales in 2013 while improving profitability. Scor expects annual premium income to increase about 9 percent through 2013, the Paris-based company said in an e-mailed presentation.
VDI Group (ALVDI FP) sank 1.2 percent to 2.58 euros as the safety products mail-order company reported a net loss of 100,000 euros for the first half, down from a profit of 200,000 euros a year earlier.