Market Tracker

- Stock markets were agitated between February 15th and March 15th, with 13 sessions in decline, punctuated by some technical buy backs. The CAC 40 index shows a negative performance of -20% (since January 2nd) following a very volatile period marked by record oil prices and weakness of the Dollar against the Euro and the Yen. The European financial markets particularly suffered from Ben Bernanke's speech, when he reiterated his fears concerning growth and inflation. These fears were confirmed by the publication of various American macroeconomic figures (ISM and employment figures). This last week (10-14 March), markets welcomed favourably the announcement of a combined action by various Central Banks with the aim of injecting liquidity into the interbank market. This measure was not however able to prevent the market decline, weighed down by the announcement of difficulties met by Carlyle Capital and Bear Stearns.

- In France, the midcap primary market remained atonic with one capital increase of EUR18.6m (Teamlog), one issue of a EUR 20m OBSAR (Akka Technologies) and still no IPO since the beginning of the year.

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 February and 15 March 2008: None

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

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