Hermès stock among the strongest gains in the CAC 40, rebounding 3%
The Parisian leather goods maker is making a clear recovery at close, in a CAC 40 that is advancing. This rebound comes after several weeks of decline that have distanced the value from its moving averages, and just days after the publication of its activity for the first nine months.
A rebound that leaves the security below its three moving averages
The stock gains 3.23% and closes at €1,278.50, compared to €1,238.50 in the previous session, placing it among the strongest gainers in the CAC 40, in an index that advances 0.83%. The Hermès stock is thus regaining support at €1,238.50, a threshold it had just tested before rebounding. The rebound remains modest given the ground lost: the price is still 2.00% below its MA20 and 8.70% below its MA50. The security is down 22.19% over three months and the RSI, at 41, remains in the neutral zone.
Other luxury stocks are following the movement: LVMH gains 0.63%, Kering 0.81% and Christian Dior 0.38%. This rebound comes at the end of another negative week for the leather goods maker, which loses 4.41% over seven days, after hitting its lowest level in four years on October 22, the day of the quarterly publication. The French bond market remains under pressure: the 10-year OAT is at 4.93%, 1.56 points away from the Bund.
Revenue of €12.26 billion over nine months, growth reduced to 4.3% in the third quarter
Hermès published on October 22 a revenue of €12,260 million over nine months, up 6.0% at constant exchange rates. The third quarter, at €4,096 million, grew 4.3% at constant rates, compared to 6.1% in the first half. In its publication, the group cited an unfavorable exchange rate effect of approximately €310 million over the period and a 4.3% decline in the Middle East at constant rates. Leather goods progressed 10.8% over the quarter.
Over one year, the security is down 41.73%. Analysts have also revised their objectives in recent sessions, as indicated by the analyst opinions on the security. The next resistance to watch is at €1,414.
