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CAC 40 Nearly 1%; Legrand Rises On Strong Earnings
(RTTNews) - French stocks are gaining some ground in positive territory on Thursday, coming back fairly strongly after recent losses. Optimism over a potential EU - US trade deal, and some encouraging earnings news contribute to the firm undertone in the market.
The benchmark CAC 40 was up 69.95 points or 0.91% at 7,792.04 a few minutes ago.
Legrand is rising nearly 8.5% thanks to upbeat first-half results. The company has also raised its full-year sales growth forecast to 10-12%, from 6-10% guidance it had given earlier.
Schneider Electric is gaining 6% on reports that the company is in talks to acquire the remaining 35% stake in its Indian subsidiary.
STMicroElectronics is up 3.3% and Saint Gobain is gaining 2.5%. Stellantis and Safran are up 2.1% and 1.7%, respectively.
Dassault Systemes, Bouygues, Vinci, Accor, Credit Agricole, Edenred, Air Liquide, L'orea, Capgemini, Sanofi, Michelin and ArcelorMittal are up 0.5 to 1.3%.
Publicis Groupe is down 2.25%. Hermes International, Veolia Environment, TotalEnergies, Renault and Kering are down 0.5 to 0.75%.
In economic news, Euro area inflation rose slightly to the European Central Bank's 2% target in June, as initially estimated, final data from Eurostat showed.
Annual inflation moved up to 2% in June from 1.9% in May. The rate came in line with the estimate published on July 1.
Core inflation that excludes prices of energy and food held steady at 2.3%, as estimated.
At 0.3%, the monthly growth in the harmonized index of consumer prices matched the flash estimate.
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