CAC 40 Down but Veolia Environnement up as Company Announces New Saudi Arabia Contract

on Nov 28, 2016

European equities are broadly down today with markets having turned sceptical on the likelihood of this week’s meeting of OPEC members in Vienna resulting in an agreement to cap output. The less than positive general market sentiment and dropping oil price resulted in the CAC opening Monday down and early trading leading quickly to further losses for the French benchmark index. There was somewhat of a recovery mid-morning but not a particularly strong one and the index is currently showing a 0.6% loss.

As the day wears on, the majority of companies that comprise the CAC are in the red, despite a lack of any really serious losses. Engineering and construction company Technip is the biggest faller, having lost 2.27%. Last week the company, whose core activity is in the provision of oil and gas drilling services, received antitrust clearance from the EU on it proposed merger with U.S. peer FMC Technologies.

Banks are down on the CAC today and number amongst the companies showing the biggest losses. BNP Paribas is down 1.35%, Credit Agricole 1.71% and Societe Generale 1.33%. Hotel owner and operator Accor is down 1.73% for the day and telecoms company Bouygues 1.53%. Total, France’s largest energy company, is 0.62% down, however, electric utility company Engie is one of the day’s few risers and has added 0.61% to its share price.

Other gainers are thin on the ground today but management consultant Cap Gemini has a marginal 0.15% gain, as does Danone, with a slender 0.07% improvement. Carmakers Peugeot and Renault also find themselves in the ‘green team’ with gains of 0.14% and 0.42% respectively. The only company with a serious plus today so far is Veolia Environnement which is up 1.26%. A press release today has announced that the waste, water and electricity company has won the contract to ‘engineer and procure’ a new wastewater treatment plant for the Jazan oil refinery and terminal in Saudi Arabia.

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