Crédit Agricole shares up 1.8% but down 15.5% over the quarter
The green bank extends the rebound begun the previous day, in a well-oriented CAC 40. The stock ranks in the top half of the index, after a month marked by tension over French debt.
A stock regaining its MM20 while remaining below its long-term averages
Crédit Agricole shares are trading at €15.80 intraday, up 1.8% against 0.76% for the CAC 40. This gain places the stock above its MM20 (€15.33, a 3% gap), while it remains below its MM50 (€16.58) and its MM200 (€16.90).
The rebound follows a 6.4% decline over one month, so the day's gain only partially offsets the monthly drop.
The RSI at 48 is neutral: it signals neither overselling nor overbuying. For reference, the €0.57 dividend installment detached on October 13 explains part of the gap between the gross and adjusted quarterly performances, a point already taken into account by the -15.4% three-month figure.
Results above expectations and a ten-year yield that remains high
On the fundamentals, Crédit Agricole S.A. published on October 30 a net profit of €1,991 million in the third quarter, above expectations. According to the consensus of the analysts surveyed, the stock trades at about 6.9 times earnings for the current fiscal year, with expected EPS growth of 8.3%.
On November 4, the group also announced the early redemption at par of sterling-denominated bonds, effective November 29.
The 10-year French OAT, at 4.75% according to the Banque de France data of November 5, remains 37 basis points below its October 22 peak.
Over twelve years, the bank's share price has historically moved inversely to the OAT-Bund spread, currently at 1.48 points. Support at €14.86 and resistance at €18.19 delimit the stock's reference range.
