Air France, BNP, Cegedim, LVMH, SocGen: French Equity Preview
Stock Chart for Air France-KLM (AF)
Shares in the following companies may have unusual moves in Paris trading. Stock symbols are in parentheses and prices are from the last close.
France’s CAC 40 Index rose 1 percent to 2,810.11. The broader SBF 120 Index gained 0.8 percent percent to 2,159.71.
Air France-KLM (AF) Group: Europe’s largest airline will likely pick Alexandre de Juniac, former finance minister Christine Lagarde’s chief of staff, as Chief Executive Officer Pierre-Henri Gourgeon’s successor-in-waiting, defying its pilots’ backing for an internal candidate, two people with knowledge of the matter said. Shares gained 1.7 percent to 5.34 euros.
BNP Paribas (BNP) SA and Societe Generale SA (GLE FP): France’s biggest banks by market value, have enough capital to withstand possible losses from Greece-related risks and have no hidden problem assets, Bank of France Governor Christian Noyer told Journal du Dimanche in an interview, calling concern about a run on the banks “preposterous.” He denied a report in the newspaper yesterday that the Finance Ministry and French banks are working on a plan to recapitalize lenders with public money and said there is no need because the banks have adequate capital, Journal du Dimanche reported. BNP shares rose 9.8 percent to 25.32 euros and Societe Generale (GLE) shares gained 8.8 percent to 16.65 euros.
Cegedim (CGM FP): The medical information-services provider reported 459 million euros in first-half net revenue. Shares dropped 1.4 percent to 23.19 euros.
LVMH Moet Hennessy Louis Vuitton SA (MC) : The world’s largest luxury goods company will own 98 percent of Bulgari SpA after 31.3 percent of Bulgari’s capital was tendered in a public offer and after buying 0.77 percent on the market, according to a Sept. 23 statement through the Italian exchange. Shares fell 1.4 percent to 105.45 euros.
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