The stock market does not like uncertainties. And it proves it with the shock of the dissolution of the National Assembly and its downward reaction. Emblematic stocks like Airbus or Eurofins are also suffering disappointments. Worrying? Bertrand Lamielle, CEO of Portzamparc Gestion, deciphers this moment.
The warning issued by Airbus, on late production, has damaged the stock market, worrying?
Airbus has had to deal with problems with a bursting order book over 10 years. However, its logistics chain is put to the test to achieve the announced rates. It’s been a while since these were completely there. The stock market didn’t hold it against him. Except at the start of the week. Its announcement of having to go from 800 to 770 commercial aircraft delivered was punished by a fall in the stock of 10%. The political context also certainly played a role. The latter created distrust in the face of French values and the Airbus announcement also suffered. As this value is one of the essentials in the major European indices, the stock market has been greatly disrupted. We must now wait for the next publications in July to verify that these downward announcements do not hide others.
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Another flagship of the stock market, Eurofins is also experiencing setbacks and share falls, your analysis?
Their difficulties arose with an Anglo-Saxon short sales firm Muddy Waters. He scrutinizes overvalued companies, takes short positions and publishes a report. There, he calls into question the Eurofins accounts. The stock market reacted strongly, with shares falling 16%, because Muddy Waters had already had previous winners: he had denounced Casino’s record debt before anyone else.
For us, Eurofins was already not well rated in our benchmarks since the start of 2022. We felt that investors preferred other orientations. Now this is going to be a battle of releases. The stock price will be erratic and we will have to give time before finding a more serene situation at Eurofins.
For Atos, which has units in the West, does the soap opera continue?
Yes and you have to wait. Now in the ESN sector, digital service companies, the period is complex. Capgemini is no longer climbing, Accenture sees a drop of 12%. Investors are positioning themselves more at the top of the digital chain, with semiconductor producers. ESNs are in transition with an expectation of the return of investments linked to the massive arrival of AI in the economy.
On June 30 and July 7, the legislative elections will remove the uncertainty resulting from the dissolution of the National Assembly. What will be the reaction of the stock market?
Difficult to predict. If we look in the rearview mirror, in 2016 with the arrival of Donald Trump in the United States we thought we would see the stock market fall. It was the opposite. Brexit in Great Britain in 2020, not a clear winner, caused turmoil for two to three weeks on the markets. You have to be pragmatic and the period encourages you to live in real time. Difficult to anticipate.
