Market Tracker - 15 September 2009 - 15 October 2009

Commentary

- French markets performed well from 15 September to 15 October. The French index CAC 40 closed at its highest level (YTD) and posts from then on a 20.7% rise since January 2009.

- The Small Caps segment (CAC Small 90 index) is still outperforming the market with an increase of 76% (YTD).

- The stock market started this period with a consolidation phase (15 September-2 October) following disappointing figures published including US Real Estate (decrease of Existing-Home sales after 4 months of rise in a row), US Statistics which came below expectations (ISM Manufacturer, Chicago PMI index) and employment. The CAC 40 closed this first period at 3.649, a decline of 2.7% since 14 September. During a second phase, markets rebounded, fuelled by the good publication of the ISM Services index, better than anticipated in US (above 50, the expansion threshold) and supported by first Q3 releases in US (Alcoa, J.P. Morgan, Goldman Sachs). The CAC 40 posted a 6.4% gain over this period. On the primary equity market, Societe Generale and BNP Paribas launched two massive rights issues of EUR4.8bn and EUR4.3bn respectively in order to repay the preference shares held by the French State. On the Midcap side, Carbone Lorraine and ADA launched also a rights issue of EUR63m and EUR12m. Finally, the French IPO market should reopen in Q4, and PPR announced its intention to list the CFAO subsidiary.

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• France