ArcelorMittal Shares Soar Nearly 6%, Outperforming the CAC 40
The Luxembourg-based steelmaker marks a dramatic rise during the session, standing out at the top of the Parisian index. Two broker notes published on the same day help fuel the movement, while the benchmark index remains stable.
A Jump of Nearly 6% Puts the Stock at the Forefront of the CAC 40
ArcelorMittal's stock climbs 5.8% to €57.68, the only CAC 40 stock to advance more than 2% by midday. The stock widens the gap with the rest of the index, which inches up by 0.04% to 8,330 points, while Saint-Gobain, the second biggest gainer, is up by just 1.56%. The rebound that began the previous day (already leading the pack) thus markedly intensifies, bringing the three-month performance to +13.7%. Over a year, the steelmaker has doubled its course (+101.7%).
The day's movement pushes the stock well above its 20 and 50-day moving averages, nearly converged around €55.55, now nearly 4% apart. The 200-day moving average at €45.51 confirms the underlying bullish trend, with a price 26.74% higher. The RSI at 48 remains neutral, allowing room for movement before entering a tension zone. The next resistance is at €62.14, about 8% above the current price.
Two Analyst Notes of the Day Reinforce the Upward Momentum
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Two analyst opinion adjustments released this Friday accompany the session. JP Morgan sets its rating at neutral with a target of €57, nearly at the current price level. Goldman Sachs raises its target from €44 to €46, while maintaining a neutral rating, which implies a potential downside of about 20% compared to today's €57.68. Both houses thus remain cautious about the valuation, even as the market continues to push the stock higher.
The macro context provides useful insights for a steelmaker sensitive to the industrial cycle: on the Chinese side, the official manufacturing PMI for April stands at 50.3, showing slight expansion, and industrial production grew by 5.7% year-over-year in March. These signals argue for a stabilized steel demand in the world's largest market. The stock is approaching its resistance at €62.14, a threshold it had already neared in mid-June during a previous rally.
Nous restons confiants dans les perspectives d'ArcelorMittal pour le reste de l'année.
Résultats du 1er trimestre démontrant une résilience avec des marges améliorées.
Risks mentioned
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Pressions sur le coût des matières premières en raison de l'inflation.
Opportunities identified
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The information presented in this article is provided for informational purposes only and does not constitute an investment recommendation, an incentive to buy or sell a financial asset, or investment advice. Readers are invited to conduct their own research before making any decision.
Investments in the stock market involve risks, including the risk of capital loss. Past performance of an asset or market is no guarantee of future results. Any investment decision should be made taking into account your personal financial situation, objectives and risk tolerance.
