CAC 40 Sees Modest Gains Amid Financial Market Concerns

A Rebound Amid High Geopolitical Tensions

The Paris session on this last day of the first quarter of 2026 is marked by a stark contrast. On one hand, the CAC 40 shows a gain of 0.60% by midday, buoyed by 30 rising stocks out of 40. On the other hand, the VIX—an indicator of volatility in global equity markets—jumps 13.16% to reach 31.05 points, reflecting high stress among market participants.

The declared entry into war by the Houthis in the Middle East, combined with the deployment of additional US troops in the area and ongoing disruptions around the Strait of Hormuz, sets the dominant backdrop for the day. On Sunday, strikes on Iranian energy infrastructure reignited fears of a regional escalation. Prime Minister Sébastien Lecornu commented on Monday regarding Tehran's statements about the potential passage of « non-hostile » ships through the strait, seeing it as a possible « sign of a phase change » while urging the utmost vigilance. Donald Trump continues to send mixed signals, sometimes within the span of an hour.

In this atmosphere, the rise in Paris appears relatively calm, indicating more of a sectoral repositioning than signs of easing. The differences are clear: only 9 CAC 40 stocks fall, and just one remains stable. The SBF 120 index follows suit, rising by 0.70% to 5,921.34 points.

Defense and Construction Lead: Thales, Capgemini, Eiffage, and Vinci Drive the CAC 40

The top performers of the day present a very clear picture. Leading the way, Capgemini jumps 3.34% to €101.15, followed by Thales, which is up 2.64% to €252.60. The defense and technology group is directly benefiting from the geopolitical context and the announcement of increased French defense budgets, which are boosting demand for security and weaponry-related stocks.

Close behind, two major construction and concession players show significant gains: Eiffage rises 2.25% to €131.75, and Vinci advances 2.09% to €129.20. The momentum of these two stocks is part of a broader shift towards sectors considered tangible and linked to infrastructure, as energy and global maritime transport tensions refocus attention on physical assets.

Euronext, the operator of the Paris stock exchange, rounds out the top five with a gain of 1.85% to €137.70. The prevailing high volatility, which mechanically generates more market activity, traditionally benefits market infrastructure companies.

Luxury and Semiconductors Slump: Hermès, Kering, and STMicroelectronics in the Red

On the downside, declines remain contained but affect specific sectors. Hermès International falls 0.77% to 1,609.50 euros, marking the largest drop in the index at midday. STMicroelectronics slips 0.73% to 27.71 euros, while Kering decreases by 0.49% to 255.25 euros.

For the luxury group, this session follows the announcement of the completion of a 115 million euro investment in Raselli Franco Group, one of the largest independent luxury jewelry manufacturers in Europe. Kering has acquired 20% of the group's capital, as part of a plan for full acquisition by 2032. This strategic move to gain more control over its jewelry value chain does not seem to convince the market this Tuesday.

Eurofins Scientific loses 0.45% to 62.44 euros. TotalEnergies slightly declines by 0.35% to 79.89 euros, a modest move that contrasts with the impact of the Middle East crisis on oil markets.

As the quarter nears its end, the Paris stock market presents an image of cautious progress on precarious ground. Today's rise does not mask the prevailing nervousness, which is emphatically underscored by the VIX index remaining above 31 points.