SES Shares Gain 3% at Mid-Session
SES, the Luxembourg-based satellite telecommunications operator listed on Euronext Paris, saw its shares rise by 3% this Friday, November 28, reaching 5.50 euros mid-session, up from 5.34 euros the previous day. This rebound occurs amidst modest trading volumes, with only 0.03% of the capital changing hands. The stock significantly outperforms the CAC 40, which is up by 0.16% at 8,112.3 points. Despite a weekly decline of 2.4%, penalized by a three-month correction erasing 7.65% of its value, the stock has shown an impressive annual performance of 63.74%, far exceeding the CAC 40's 13.57%.
Market Dynamics and Volatility
This momentum contrasts with the high volatility observed in recent weeks. The price currently fluctuates between a support at 4.85 euros and a resistance at 7.06 euros, reflecting the uncertainty that has surrounded the group for several quarters. The one-month volatility stands at 24.13%, indicating a marked sensitivity to news flows. With a beta of 0.44, SES is less volatile than the overall market, a typical characteristic of satellite stocks with substantial infrastructure content.
Technical Environment Shows Slight Improvement
The stock also benefits from a slightly improved technical environment. The RSI is at 54, indicating a neutral position after having been in the oversold zone in recent weeks. The MACD histogram is positive at 0.03, suggesting the start of a bullish recovery, with the MACD line at -0.26 remaining below the signal line at -0.29 but gradually rising. These technical signals confirm an emerging turnaround, although the stock still trades below its 50-day moving average of 6.09 euros, which now acts as a short-term resistance level to be breached to validate the recovery.
Investor Sentiment Remains Cautious
However, the Chaikin Money Flow (CMF) remains negative at -0.31, indicating that money flows are still oriented towards selling in recent sessions. The On Balance Volume (OBV) at -517,195 confirms this persistent selling pressure despite the day's rebound. These flow indicators reflect a still palpable mistrust among investors, who are waiting for more tangible elements regarding the integration of Intelsat and the realization of the announced synergies. The price, however, trades above its 200-day moving average of 5.62 euros, providing a relative safety cushion. In the short term, the dynamics will depend on the stock's ability to sustainably breach the 6 euro threshold and approach its 50-day moving average. The upcoming quarterly releases and operational announcements related to the Intelsat integration will be crucial in confirming or refuting the bullish scenario outlined by Deutsche Bank. Investors will also monitor the evolution of the global satellite sector, faced with increased competition from low orbit constellations and a structural transformation of connectivity usage.
