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6 per cent in 2005 its profits grew by 70 in a yearThe Bank has published yesterday a net loss of 23While Insee provides a rise in the unemployment rate of 7More issue of expansion to everything goesAs the benefits go far beyond the fundingProbably more than the situation warrantsIt is now the practitioners take the penIts truth is to search for the fountain in Molière4 of the population in France is unlikelywithout s adventure throughout the 1990sThey could be baptized "irreducible". Those who resist again and again to the stock market massacre. Those who escaped the debacle. Hermes, Volkswagen, British Energy, Wal-Mart, Celgene... The club of the large values around the world, remaining on the rise since the beginning of the year is indeed very closed. None of the French CAC 40 groups not contained therein, or any high value Swiss or Italian. There is only a single member of the American Dow Jones index (Wal-Mart), a UK FTSE 100 (British Energy), and in emerging countries little more...
What is the profile of this handful of survivors For a large part of them, good stock-market performance of recent months are the existence or the prospect of a takeover bid. This is the case of British Energy, the main producer of British electricity, which has seen its course climb 31 from January 1, despite the stock market crisis and quite spoiled results from the fact of the decision of several power plants. Without the OPA launched by EDF, the action would clearly not there. They are also public offers to explain the increases posted by values such as Union Fenosa Spain, or Anheuser-Busch, Barr Pharmaceuticals and Rohm & Haas in the United States.
If OPA in good and due form, speculation on a reconstruction of the capital are also originally stock success of groups such as Hermes in France despite the denials of the family and the existence of a sponsorship that locks the system or Volkswagen in Germany. In crisis, the action of the issue a European automotive steals record by record. It took more than 120 since the beginning of the year, allowing VW to dethrone Toyota to become last week the first market capitalization of the automobile! A linked anomaly appears to the rise of Porsche.
But the winners of the time are not changing as a shareholder in control. In this period very rushed, "managers are turning to the values the most visibility in the medium term, have of cash, and not have financing needs, says Claire Oliveira Chaves, active management Europe of Groupama AM responsible." "It is even better if the undertakings concerned emerge strengthened from the crisis."
The correct case of BNP Paribas
These criteria justify the stock scores of the health sector, who finds his old defensive virtues, with companies like Celgene AstraZeneca in the United Kingdom and United States. Since the beginning of the year, it is the compartment which displays the best performance. These criteria also explain the recent success of BNP Paribas, which earned 16.5 in the last three months: by taking the assets of Fortis at a very reasonable price, the Bank probably made a good case, while its competitors leave the carpet.
Wal-Mart, the champion of the discount, clearly, him, those who benefit the crisis, and stock market celebrated as such. Big Lots is located in the same batch. This group of Ohio, specialist in the sale of sofas, jackets and other purposes of series at broken prices, rose by 55 since the beginning of the year. The most beautiful progression of all large American values.
