Amundi share rebounds by nearly 2%, among the top performers of the SBF 120
The asset management company rebounds sharply this Friday, ranking among the best performers of the Paris index as the CAC 40 trades flat. The rebound comes after a correction that began in mid-September, which had brought the stock well below its all-time highs reached in early September.
A rebound of 1.77% that partially offsets the month's decline, in a quasi-stable SBF 120
Amundi is trading at €92.10 in the session, up 1.77% from the previous close at €90.50. The gain is among the strongest rises in the SBF 120, which is up 0.06% at the same time. Over one month, the stock is still down 2.13%, but today's movement mitigates its impact.
Over three months, however, the performance remains very clearly positive, at +11.03%, and over one year the stock shows nearly 40% gains. This rebound comes in the context of a share buyback program announced on September 18 for 500 million euros, of which approximately 4% had been executed by September 21, or 19 million euros repurchased, according to the latest issuer statements.
The stock remains below its short-term moving averages, with support at €90.40 as the near reference
Despite today's gain, Amundi remains below its MA20 at €93.57 (gap of -1.57%) and its MA50 at €93.30 (gap of -1.29%). These two levels constitute a near technical ceiling that the price has not yet recovered since the mid-September correction. The RSI at 40 remains in moderately bearish territory, without extreme oversold signal, which leaves room for sellers without confirming exhaustion. Below it, support at €90.40 represents the level to defend: it had acted as a buffer during the mid-September correction.
On the bullish side, resistance at €97.55 recalls levels near the all-time record set in early September at €97.70, which had been the absolute peak of the stock. Furthermore, the employee share ownership operation launched on September 14, at a subscription price of €66.63, and entry into ICG's capital at 9.9% for 620 million euros announced on September 17 form the recent fundamental backdrop. The return of the price above its short-term moving averages will condition the continuation of the rebound.
