Hermès among the biggest decliners in the CAC 40, down 18.5% over three months
The Parisian saddlery group gives back ground mid-session, in a CAC 40 that is nonetheless trending higher. The decline isolates it from the rest of the market and extends a several-month slide in luxury stocks.
A stock falling with luxury while the index rises
Hermès shares fall 2.24% to €1,332, while the CAC 40 gains 0.36%. It is among the index's largest decliners, behind LVMH (-2.81%) and Euronext (-2.76%).
Christian Dior, another stock in the sector, drops 2.54%, and LVMH has lost 17.24% over three months, a decline of the same order as Hermès' (-18.56% over the period).
Kering dips only 0.27%, after shedding 34.87% over three months. On the sector side, September macroeconomic data paint a mixed picture: jewellery and gold sales in China fell 9.6% year on year, while watch exports to China declined 14.2%.
A rebound of more than 5% over one month that does not erase the quarterly decline
Over one month, the stock retains a gain of 5.51%, but this recovery only partially offsets the 18.56% drop over three months.
The share price sits above its MM20 at €1,313.48 (a gap of +1.41%), but below its MM50 at €1,348.43 and well below its MM200 at €1,628.21, a gap of 18.19%.
During the publication of its nine-month activity on October 22, the group announced revenue of €12,260 million, with growth slowing to 4.3% in the third quarter at constant exchange rates.
The group had then cited a negative currency effect of about €310 million over the period. Support at €1,238.50 and resistance at €1,387 frame the current trading range.
