BNP Paribas shares among the biggest declines on the CAC 40, down 3%
The bank is intensifying its decline mid-morning, in a CAC 40 also oriented downward. The session opens on a new surge in French rates and persistent pressure on the Parisian banking sector.
A security below all its moving averages, RSI at 23
The BNP Paribas share is down 2.95% at €84.25, ranking 36th out of 40 on the CAC 40, while the index falls by 1.35%. It is below its MA20 (gap of 7.6%), its MA50 (13.2%) and its MA200 (8.9%), and the RSI at 23 reflects an oversold configuration. The decline reaches 13.99% over one month, excluding the dividend detachment of €3.23 which occurred on September 24, a detachment that explains nothing about today's session. Société Générale (-2.48%) and Crédit Agricole (-1.94%) are also declining this morning, as they have over the past month (-15.5% and -17.5%).
The OAT at 4.99% and the spread with the Bund, backdrop for the sector
The yield of the 10-year OAT at 4.99% according to the latest reading from the Banque de France on October 21, briefly exceeded 5% yesterday, and the spread with the Bund exceeds 1.5 points. BNP Paribas holds government debt on its balance sheet, and its share price has historically evolved inversely to this spread over one month. The bank will publish its third-quarter results on October 28. According to the consensus of analysts surveyed, the share is trading at approximately 7.3 times the earnings of the current fiscal year.
