Pernod Ricard Shares Jump 4.5%, Leading the CAC 40
The French spirits giant marks the strongest rebound in the Paris index, in an overall well-oriented market. The stock breaks through a closely watched technical resistance and regains its medium-term bearings, even as the economic environment remains challenging for French exporters of cognac and whisky.
A Rebound of Over 4% Propels the Stock to the Top of the CAC 40
Pernod Ricard shares gained 4.26% to €65.12, leading the CAC 40, which rose by 0.43%. This movement places the stock at the forefront of the Paris index, ahead of Carrefour (+3.58%) and L'Oréal (+2.69%). Rémy Cointreau also shows comparable levels (+4.13%), confirming a general rebound in the French spirits sector. The session comes as the economic climate remains unfavorable for the sector: according to the FEVS 2024 report, cognac exports fell by 10.9% in value and all spirits by 6.5%. Over twelve months, the stock is still down by more than 27%, which puts the day's rebound into perspective.
Regarding positioning, short bets remain visible in the capital. According to reviewed statements, four funds accumulate 3.05% of the capital sold short, a level that reflects persistent skepticism from some institutional investors. However, the downward pressure has slightly eased, with a decline of 0.23 points over thirty days compared to 3.28% observed a month ago. This slight decrease, though not decisive, suggests a partial profit-taking on short positions, consistent with the recent rebound of the stock.
Breaking the Resistance at €66.24 in Sight, MM50 Significantly Exceeded
The stock price has risen above its two short-term moving averages, at +1.99% from the MM20 (€63.85) and +2.70% from the MM50 (€63.41). The stock is now approaching the resistance threshold identified at €66.24, less than 2% from the current price, after already crossing the €65.86 mark at the end of June as shown in a previous technical breakout session. The RSI at 44 remains neutral despite today's surge, leaving room before entering an overbought zone.
In the medium term, the MM200 remains distant at €73.46, which is an 11.35% gap above the current price, indicating that the long-term trend remains bearish. Today's session brings the performance to nearly 5% over a month and 3.3% over three months, partially mitigating the annual decline of the stock without erasing it. The next technical level to watch is the €66.24 resistance, whose closure above would pave the way towards spring levels.
