CAC 40 Up as OPEC Agreement on Oil Cap Provisionally Confirmed

on Nov 30, 2016

The CAC 40 is following European equities to a generally positive trading session with the French index currently 0.9% up in Paris. Belief that today’s meeting of OPEC (Organisation of the Petroleum Exporting Countries) has resulted in an agreement to cut output by around 1 million barrels a day has sent oil prices above the $50 level.

It has just been reported that the summit has led to the first output cut agreement since 2008. However, a lack of clarity as to the details and the potential that the agreement may be loosely worded enough to cast doubt on how effective it will prove to be is presently keeping a lid on market euphoria. A strong agreement and subsequent moves of other non-OPEC producers such as Russia to follow the lead, would be expected to push oil prices up to closer to $55.

French oil giant Total is currently up 1.9%, though energy industry project management and engineering company Technip is forging further ahead with a 3.22% gain. Industrial gases company Air Liquide is also doing well today and is currently showing a 1.95% uplift on yesterday’s closing price. Steel maker ArcelorMittal is 1.5% to the good, while building materials manufacturer Lafargeholcim is up 1.81%. Cable management, power distribution and wiring services leader Legrand is up 1.66%. The index’s 3 banks, BNP Paribas, Credit Agricole and Societe Generale are all having reasonably good session as well, having added 0.57%, 0.42% and 1.24% respectively.
The biggest faller today so far has proven to be management consultancy Cap Gemini, which has fallen to a 0.75% loss, closely followed by commercial property investor Unibail Rodamco, down 0.73%. Automotive supplier and after-care service provider Valeo is also down with a loss of 0.61%

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