The star CAC 40 index rose by 231.38 points to 6,752.43 points, erasing almost all of its losses the day before when it had fallen by 3.83%.

"The market is looking for itself", after yesterday's massive sale, some managers took up positions as of this Friday, explains the European equities manager at Axa IM, Gilles Guibout.

However, it is "not sure that today's rebound is a sign that everything is behind us".

Ukrainian forces were fighting Russian soldiers in the capital Kiev on Friday, the second day of an invasion launched by Vladimir Putin who, defying Western sanctions, called on the Ukrainian army to take power.

Reassuringly for the market, Russia has not yet been excluded from the Swift banking system, "this is proof of the will of Europeans to be able to continue to buy Russian gas", explains Gilles Guibout.

As a result, after their surge the day before, commodities, such as oil, gas and wheat, retreated on Friday.

The markets also welcomed the beginnings of a possible discussion between Russia and Ukraine.

Vladimir Putin would indeed be ready to send a delegation to Minsk, Belarus, for talks with Ukraine, according to Russian agencies, something systematically refused by the Kremlin so far.

Shortly after, Vladimir Putin nevertheless called on the Ukrainian army to "take power" in Kiev.

Chinese President Xi Jinping, who has close relations with Putin, spoke with him by telephone.

China “supports Russia in resolving (the conflict) through negotiations with Ukraine,” state broadcaster CCTV reported.

"Any element that suggests a peaceful resolution of the conflict is likely to reassure", comments Gilles Guibout, without knowing what credibility to give to these dialogue efforts.

A sign that risk appetite was returning, government bond yields were rising.

The interest rate on the US 10-year debt came back close to 2%.

casino fall

The Casino distributor was heavily sanctioned in the wake of the publication of declining sales and a debt that swells again.

The stock plunged to a 30-plus-year low of 16.02 euros, down 12.29% from Thursday's close.

Vallourec exceeds expectations

Vallourec shares jumped 25.93% to 8.50 euros.

The seamless tube maker surprised the market with a net profit in 2021, against a heavy loss the previous year, and a reassuring outlook for 2022, exceeding all expectations.

Valeo disappoints

The French equipment manufacturer Valeo lost 10.46% to 21.14 euros, sanctioned after the publication of its annual results.

Investors were disappointed with the targets set for 2022, particularly regarding the Ebitda (gross operating surplus) margin, which is expected to decline from 13.4% in 2021 to 11.8-12.3% in 2022.

Miners rebound

After Thursday's heavy losses, miners rallied.

ArcelorMittal resumed 10.05% to 27.42 euros, returning well above its closing level on Wednesday.

Eramet gained 9.29% to 117.70 euros and Aperam 5.19% to 50.02 euros.

Other notable rebounds, those of Renault (+4.53% to 30.55 euros), Veolia (+6.72% to 31.74 euros) or Saint-Gobain (+6.35% to 57.64 euros) , which on Thursday evening reported "record growth, profit and margin" in 2021.

© 2022 AFP