Indices around Europe are suffering a correction today following the euphoria of positivity following yesterday’s OPEC supply reduction agreement and the subsequent 8% oil price surge. In line with the general trend, the CAC 40 is down in Paris today, registering a 0.57% loss as we head into the afternoon hours.
The day’s biggest faller so far is water and waste company Veolia Environnement, down almost 3% with a 2.91% loss. Building materials manufacturer Lafargeholcim is also down with a 2.14% drop wiping out the majority of the gain’s the stock saw yesterday. Consumer goods companies are not having the best of days either and Danone (-1.79%), L’Oreal (-1.43%) and distilled beverages and mineral water company Pernod Ricard (-1.57%) all down.
Elsewhere, pharmaceuticals company Sanofi is down 1.51% and retailer Carrefour 1.63%. Nokia, which makes telecommunications equipment and is set to re-enter the smartphone market has dropped by 0.98% and mobile networks operator Orange by 0.51%. Total and Technip, both connected to the oil industry, the former as an integrated oil and gas company and the latter a project manager and engineer to the energy industry have both seen corrections following significant gains yesterday and are down 0.83% and 0.21% respectively. However, both are holding onto the lion’s share of yesterday gains.
The day’s biggest gain has been seen by steelmaker ArcelorMittal, which is up 1.35%. The company has been on an upwards curve since announcing in October its return to profit amid a recovery in steel prices. Trading has proven choppy over the past couple of weeks with the company regularly among the CAC’s biggest risers and fallers.
This area of the ADVFN.com site is for independent financial commentary. These blogs are provided by independent authors via a common carrier platform and do not represent the opinions of ADVFN Plc. ADVFN Plc does not monitor, approve, endorse or exert editorial control over these articles and does not therefore accept responsibility for or make any warranties in connection with or recommend that you or any third party rely on such information. The information available at ADVFN.com is for your general information and use and is not intended to address your particular requirements. In particular, the information does not constitute any form of advice or recommendation by ADVFN.COM and is not intended to be relied upon by users in making (or refraining from making) any investment decisions. Authors may or may not have positions in stocks that they are discussing but it should be considered very likely that their opinions are aligned with their trading and that they hold positions in companies, forex, commodities and other instruments they discuss.
From the news and opinion pieces on pages like this to
share discussion forums,
charting tools,
financials,
live share prices and
Level 2,
order book data
If you trade or invest ADVFN has the tools you need to make the right decisions.