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French Stocks: BNP Paribas, Casino, Klepierre, Michelin, STM

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Sept. 22 (Bloomberg) -- France’s CAC 40 Index fell for a second day, losing 49.35, or 1.3 percent, to 3,735.05 at the 5:30 p.m. close in Paris. The SBF 120 Index slid 1.3 percent to 2,776.02.

The following shares were among the most active in the French equity market today. Stock symbols are in parentheses after company names.

BNP Paribas SA (BNP FP), France’s largest bank, rose for a third day, gaining 1.1 percent to 55.28 euros. Moody’s Investors Service changed the outlook for the French banking system to stable from negative. It said the banks’ mix of retail and commercial banking franchises should enable them to produce a more stable performance in the future. Natixis (KN FP) advanced 0.7 percent to 4.38 euros, ending two days of losses.

Casino Guichard Perrachon SA (CO FP) dropped the most in six weeks, losing 2.5 percent to 68.10 euros. Barclays downgraded the supermarket operator to “underweight” from “equal weight” because of the economic “weakness in France.”

France Telecom SA (FTE FP) declined for the first time this week, losing 1.8 percent to 16.13 euros. The company’s 640 million-euro ($856.5 million) purchase of 40 percent of Morocco’s Medi Telecom SA “is going ahead on relatively lofty valuation levels,” Natixis Securities said in a note.

Klepierre SA (LI FP) declined 2.1 percent to 27.15 euros, a second day of losses, as HSBC Holdings Plc cut its rating on Europe’s second-biggest shopping center owner to “underweight” from “overweight.”

Mercialys SA (MERY FP) lost 1.3 percent to 27.45 euros, the biggest loss since July 1. The real-estate investment trust controlled by retailer Casino Guichard-Perrachon SA was downgraded to “neutral” from “overweight” at HSBC.

Michelin & Cie. (ML FP), the world’s second-largest tiremaker, fell 2.2 percent to 63.74 euros, the steepest decline in six weeks, tracking losses in competitors Pirelli & C. SpA and Continental AG.

Robertet SA (RBT FP) rose 1.4 percent to 108.5 euros, the highest since Aug. 6. The maker of liquid flavorings, perfumes and aromatic ingredients earned 13.5 million euros in the first half compared with 6.6 million euros a year earlier.

STMicroelectronics NV (STM FP), Europe’s largest semiconductor maker, fell for the first day in four, losing 2.5 percent to 5.67 euros as the Philadelphia Semiconductor Index headed for the biggest loss in more than three weeks.

To contact the reporter on this story: Francesca Cinelli in Milan at fcinelli@bloomberg.net.

To contact the editor responsible for this story: David Merritt at dmerritt1@bloomberg.net.