But for SFR it is that of a pilot projectWe cannot let pass it storm Pascale cotton TCRCSales hammered by the leaders of the AllianceThis is what we started to do with the Pitot probesOnly two exceptions would be made to this flat taxHis activity as curator taught him cautionLong he thinks that a decade is a maximumThe message of Louis Gallois was not relayedNo inspector will refuse to receive a fellowNothing significant was agreed to this dayThe recovery For certain stock values, the word is too low. Resurrection would be more appropriate. After having been violently attacked last year, 18 of the 250 largest companies listed on Paris saw their courses more than doubled in the past six months. Action Dexia, champion in the matter, has even tripled. Dramatically, investors are now regain confidence in companies that they were massacred, as Cegid or Plastic Omnium. What happy shareholders entered at the beginning of year, when prices were on the floor. "Very bonnes Affairs are in will of rebalancing as today," comments a professionnel.
Since the beginning of the year, the stock market resumed a few colors. But they clearly are small and medium-sized companies that have most benefited from flipping. Among the 250 SBF 250 index values, more petites 90 thus rose overall 42 and 120 average of slightly less than 20. For the heavy weight of the CAC40, the increase is limited to 7. Back with a rather logique thanks. Last year, small values had suffered more than large. Focus on liquidity, many funds had then dropped the SMEs, to focus on titles more visibles, and easier to sell in times of need. Most fragile enterprises had then plunged to the image of Theolia, a manufacturer of wind turbines that had lost up to 95 percent of its capitalization because of risk of bankruptcy.
A revival to consolidate
At present, the multiplication of the signes of recovery encouraged investors to return to the titles they had burned. "Some companies were worth less that cash that they had cash, notes Sébastien Faijean, Associate Director of IDMidCaps and specialist mean values." If they remain beneficiaries, and there is no deposit balance in view, it is absurd. It is therefore for the reason. As far as long-term, average values have better performance. Grow by 20 or 30 per year, it is easier for them than for a group such as Schneider.
The movement affects in particular finance and automotive, two of the earlier crisis-stricken areas and who leave now - largely with the aid of the State. Hence the rebound of titles such as Dexia or the automotive OEM Plastic Omnium.
Investors also saluent the efforts of companies to take the shock. The stock re-engagement camping-cars Trigano or paper Sequana is explained partly by incurred restructuring. Similarly, the market took into account the relief obtained by Etam in China, long the black point of the chain of ready-to-wear: on-site, "the work began early 2008 starting to bear fruit," relèvent the analystes of Aurel. Remains to consolidate all of this. After such hausses, some actions are now considered quite expensive. This is the case of Dexia, negotiates to 8.8 times its funds own "hard." A multiple high for the profession. It means that the stock market table to the fact that the Bank will be able to refinance at low cost, "which is absolutely not certain", soulignent Credit Switzerland experts.If the recovery is not the appointment, some investors may pay bets they made.