French Stocks: Credit Agricole, France Telecom, Michelin Move
France’s CAC 40 Index rose 2.5 percent to 3,904.45 at the 5:30 p.m. close in Paris, the biggest gain in 11 weeks. The SBF 120 Index added 2.4 percent.
The following shares declined or advanced on the French equity market today.
Bourbon SA (GBB) , the owner of the second-biggest fleet of supply and crew ships for the oil industry, gained 1.7 percent to 32.77 euros as analysts at Societe General SA wrote that “the risk-reward balance remains positive.”
France Telecom SA (FTE) rose 3.5 percent to 15.54 euros, the most in almost eight months. Telecommunication shares led gains in Europe as Deutsche Telekom AG agreed to sell its U.S. wireless unit to AT&T Inc. for $39 billion.
Separately, the French phone company wants to lift its stake in Moroccan operator Medi Telecom SA, or Meditel, to 49 percent from 40 percent, weekly newsletter La Lettre de L’Expansion reported, without citing anyone.
Michelin & Cie. (ML FP) climbed 3.1 percent to 59.79 euros. Morgan Stanley said the tire company’s earnings in 2011-2012 may “beat consensus” thanks to “strong pricing power supported by buoyant underlying demand.”
Sanofi-Aventis SA (SAN) added 1.9 percent to 47.99 euros after the French drugmaker said it received approval from the European Commission for Jevtana, a treatment for advanced second-line prostate cancer.
Societe Generale (GLE) SA climbed 3.6 percent to 48.13 euros as UBS AG added the French bank to its “most preferred” list.
Virbac SA (VIRP) increased 1.3 percent to 113.45 euros as Oddo & Cie. raised the maker of veterinary medicines to “buy” from “add.”
To contact the reporter on this story: Giles Broom in Zurich at firstname.lastname@example.org.
To contact the editor responsible for this story: Andrew Rummer at email@example.com.