Market Tracker

Stock markets were particularly difficult between 15 January and 15 February with the CAC 40 declining by -9.1% during Monday 21 January, a record since 11 September, 2001. Subsequently on 22 January the Fed intervened on its interest rate (-75bp) and also the following week with a new decline of 50bp, a reaction to the risk of recession in the US, which allowed indexes to bounce back albeit to a limited effect.

- In Europe, the Bank of England lowered its interest rate by 25bp whereas as expected, the ECB left its main rate unchanged. JC Trichet did however deliver a speech in which he outlined the situation in the financial markets and the risks for the Euro-zone.

- The good performance of certain companies (Lafarge, Total, Danone) has unfortunately not reignited confidence in the ailing economy, not to mention financial institutions such as UBS and Credit Swiss which announced further losses.

- Finally Warren Buffet's proposition to help the main American monocline has supported the markets. In France, the primary Midcaps market remained sterile with Luneau Technology's (ophthalmic diagnosis) IPO being deferred.

Profile of small- and mid-cap IPOs in France (excluding real estate, investment funds and private placements)

The figures below correspond to the average of available data on small- and mid-cap IPOs completed between 15 December 2007 and 15 January 2008 on Eurolist B (market-cap between EUR150m and EUR1bn), Eurolist C (market-cap under EUR150m) and on Alternext.

Deals completed between 15 January and 15 February 2008: None

Pending deals: Luneau Technology (Alternext) (deferred).

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