July 18, 2024

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CAC 40 Rises Before First Round Of Snap Elections

1 min read

French stocks traded higher on Monday ahead of the first round of French parliamentary elections this week.

Opinion polls published before the election revealed that the coalition of right-wing parties led by Marine Le Pen of National Rally (RN) party is set to emerge as the single-largest party in French elections to be held in two phases on June 30 and July 7.

The benchmark CAC 40 was up 41 points, or half a percent, at 7,669 after losing 0.6 percent on Friday.

In corporate news, Safran rose about 1 percent after it entered into exclusive discussions to acquire 100 percent of Preligens for an enterprise value of 220 million euros.

Valneva SE jumped 8.5 percent after Health Canada approved IXCHIQ, the company’s single-dose vaccine for the prevention of disease caused by the chikungunya virus in individuals 18 years of age and older.

Eurofins Scientific plummeted 19 percent after research firm Muddy Waters recommended a “short” position on the stock.

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2024-06-24 05:02:17

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