France’s CAC 40 Index dropped 19.63, or 0.5 percent, to 3,748.86 in Paris. The SBF 120 Index also declined 0.5 percent to 2,797.19.
The following shares rose or fell in the French capital. Stock symbols are in parentheses.
ArcelorMittal (MT NA), the world’s biggest steelmaker, retreated 0.8 percent to 24.66 euros. Posco, the third-largest, cut its full-year profit forecast by 7 percent and reported the first decline in earnings in four quarters.
Audika SA (ADI FP) tumbled 6.8 percent to 17.99 euros, the biggest retreat in almost three months. The French hearing-aid retailer said third-quarter revenue fell to 19.8 million euros ($27.5 million) from 20.7 million euros a year earlier.
Electricite de France SA (EDF FP) lost 2.2 percent to 30.69 euros. France is considering lifting electricity prices two months after the last increase to pay for the rising cost of solar-power development, Les Echos reported, citing an unidentified official. A decision is imminent, the newspaper cited the person as saying.
Separately, a person with knowledge of the matter said EDF, the largest shareholder in Constellation Energy Group Inc., would support the sale of the company as relations between the partners sour.
Ipsen SA (IPN FP) dropped 1.2 percent to 24.71 euros. The family-controlled drugmaker named Marc de Garidel chairman and chief executive officer, replacing Jean-Luc Belingard who is leaving the group over “strategic differences,” the company said.
L’Oreal SA (OR FP) declined 0.1 percent to 81.56 euros, a fourth straight loss. Avon Products Inc., the world’s largest door-to-door cosmetics seller, is attracting interest from several companies, including L’Oreal, which may be lining up a cash offer of more than $44 a share, the Daily Mail said in its market report column. Stephanie Carson-Parker, a spokeswoman for L’Oreal, declined to comment.
Michelin & Cie. (ML FP), the world’s second-largest tiremaker, rose 3 percent to 57.25 euros. Tomorrow is the last day of trading of the company’s rights for new shares. About 16 percent of the shares outstanding have been borrowed, according to Data Explorers, likely by arbitragers who bought the rights.
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