The flagship CAC 40 index rose 21.85 points to 7,502.68 points around 09:25, on its way to a fifth consecutive session of gains and after a peak of 7,507.79 points shortly after the opening. On Thursday, it had gained 1.13%, driven by the increase in sales of LVMH in the first quarter of 2023.

Over the week, it advanced 2.45%, a fourth weekly gain in a row. The Paris Stock Exchange is doing better than its European counterparts thanks to the weight of luxury companies, whose growth is still impressive.

In line with LVMH, Hermès unveiled a 22% jump in sales in the first three months of the year.

Beyond the results of companies that are just beginning in Paris and elsewhere in the world, "this risk-taking" of investors "is based in part on the good resilience of the economy so far" but also "on the hope that inflation will slow quickly and that the US central bank will come to the rescue of the economy in the second half of the year", describe the analysts of Le Banque Postale AM.

On Thursday, the US PPI producer price index for March showed that wholesale prices fell 0.5% on the month and investors hope that this trend will soon be reflected in consumer prices.

But these expectations seem "still too optimistic", nuances the Banque Postale AM.

In France, inflation reached 5.7% in March over one year, driven by soaring food prices, its main driver, according to a final estimate revised slightly higher Friday by INSEE.

Hermès, a record as usual

The French luxury group Hermès announced Friday that it had achieved 3.4 billion euros in sales in the first quarter, an increase of 22% year-on-year, thanks to all its businesses and all geographical areas, after a record year 2022.

The results confirm "Hermès' ability to overcome adverse demand trends better than others, taking advantage of its brand's high desirability and waiting lists," writes Bernstein analyst Luca Solca.

The share took 1.16% to 1,968 euros, that of Kering 0.88% to 573.70 euros and LVMH 0.78% to 891 euros.

Alstom, increased pressure

After having already lost more than 5% on Thursday, Alstom fell another 5.80% to 21.29 euros, suffering the effects of a lowering of recommendation of Deutsche Bank on it. The bank mentions "new uncertainties" after the departure of CFO Laurent Martinez.

© 2023 AFP