Kering among the sharpest declines in the CAC 40, down 31.5% in three months
The luxury group that owns Gucci and Saint Laurent is falling at midday, while the CAC 40 edges up slightly. The stock remains below its main moving averages, after a very difficult month and quarter.
A decline that places Kering among the sharpest falls in the CAC 40
The stock is down 1.36% at €186.66, compared with €189.24 at the previous close. It is among the sharpest declines in the CAC 40, while the index gains 0.07% and the SBF 120 is virtually flat (+0.02%).
Over the month, the stock has lost 12.41%, and the decline reaches 31.56% over three months. This weakness follows several sessions published on the site in which Kering already appeared at the bottom or top of the ranking, amid rebounds that did not last.
On October 22, the group presented its third-quarter revenue of €3,345 million, stable, down 1% on a comparable scope and currency basis.
The stock trades 1.80% below its 20-day moving average and far from its 200-day moving average
The price is below the MM20 (€190.09, a gap of 1.80%), and the gap with the MM200 (€245.25) reaches 23.89%. The RSI at 38 remains in an intermediate zone, with no sign of oversold conditions.
The support at €176.28, close to the 250-session low reached at the end of October at €178.12, lies about 5.6% below the current price.
In terms of context, pressure on luxury is also visible in sector data: sales of jewelry and gold in China fell 9.6% year on year in September, while Swiss watch exports to China dropped 14.2%. Kering also announced in May a share buyback programme of €8.6 billion.
