Safran shares among the biggest decliners on the CAC 40, down 15.5% over three months
The aerospace engine maker is falling back after a rebound that had put it back in the saddle in recent days. The decline places it at the bottom of the Paris index, in a market that was nonetheless stable at midday.
A pullback meets resistance at the MM50 after this week's rebound
The Safran share loses 1.47% to €307.70 intraday, which places it among the biggest decliners on the CAC 40, while the index gains 0.07%.
The stock had nonetheless risen 3.39% over seven days, driven by a rebound that had taken it back above its MM20. This move ended below the MM50: at €313.65, it sits 1.90% above the price, while the MM200 (€316.15) is 2.67% above.
The price remains, however, 4.28% above the MM20 (€295.06), a sign that the recent rebound has not been erased. Over three months, the decline reaches 15.37%, and this week's rebound has recovered only a fraction of it.
A market under pressure from rates and a completed €375 million share buyback
The Paris session is taking place in a context of high interest rates: the 10-year OAT stands at 4.76% according to the Banque de France data of November 12, 36 basis points below the October 22 peak.
Safran had launched a €375 million share buyback programme on September 18, executed at approximately 100% as of October 22.
Over twelve months, the group has bought back €1.4 billion of shares, or 1.1% of its market capitalisation. In company news, the FleetLife predictive maintenance service was presented on November 10 in Dublin at the PAM conference. On the technical side, support is at €271.80 and resistance at €330.10.
