Amundi share falls 1.5% and slides to 4.5% from its annual low
The asset management company is losing ground at midday in a Parisian market clearly oriented downward following weekend violence. The security is losing its two short and medium-term moving averages while maintaining an advantage over its long-term average.
A security below its short-term averages in a CAC 40 down 1.36%
The Amundi share declines 1.57% to €87.60 in trading, against a CAC 40 dropping 1.36% and an SBF 120 falling 1.33%. The security is thus performing in line with the index average, far from the session's steepest declines, led by Valeo and Stellantis. It falls below its 20-day moving average (2.30% gap) and below its 50-day moving average at €92.57, some 5.37% above the current price. Over one month, the decline reaches 4.42%, a pullback that follows the correction that began in mid-September.
The 200-day moving average at €83.67 remains 4.70% below the current price, while the €86.75 support level, situated less than 1% below the current price, now caps the decline. The Paris trading session is marked by renewed tension over French debt: the ten-year OAT yield stands at 4.79% according to the latest Banque de France report from October 16, 11 basis points away from its October 1st peak, with a 1.37-point spread against the Bund. Amundi has historically moved inversely to this spread, which prices in political risk. This correlation is observed over the long term and says nothing about the future price.
A €500 million buyback program and three ETFs expected to list on October 20
On the fundamentals front, Amundi announced on September 18 a share buyback program worth €500 million, executed at approximately 1% as of September 21 (€5 million repurchased). Over twelve months, €476 million in securities have been repurchased, representing 2.6% of market capitalization. In the meantime, the group took a 9.9% stake in ICG for €620 million on September 17, before launching with it on October 6 a secondary private equity fund intended for retail investors.
The group is also preparing the listing on October 20 on Xetra and Euronext Paris of three new ETFs dedicated to space, critical metals, and electrification. Regarding analyst opinions, Goldman Sachs upgraded to buy in early October, with a price target of €104, approximately 19% above the current price. Over one year, the security remains up 33.43%.
