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Sodexo and Publicis still considered the best candidates for CAC 40

Sodexo and Publicis are the best candidates for an entry in the CAC 40 if a change in the composition of the index consider Friday traders and analysts surveyed by Reuters.

Similarly, they cite Lagardère and Accor among potential exits.

The date of the quarterly meeting of the scientific evidence of NYSE Euronext is not official, but the rule is that the announcement of possible changes to make at least two weeks prior to their implementation, expected by Friday 17 experts September after-hours trade.

If this were the case, the announcement of these changes would take place and by the opening of markets on Monday.

In NYSE-Euronext, it provides no details relating to the timing of the board index this month.

Anyway, despite rumors of "spring cleaning" in the ACC, experts expect instead that the board does not make big changes, consistent with its having indices relatively stable in their composition .

"The board will be rather conservative.I do not see a huge overhaul with multiple inputs and outputs of the ACC, "said a quantitative analyst, who declined to be identified.

LAST CHANGE: REPLACED BY TECHNIP FRANCE AIR

In a recent note available on the market, Exane BNP Paribas said it expects "no more than a change" in the ACC.

The last change in the composition of the CAC held a year ago with the release of Air France-KLM, which had been replaced by Technip.

In addition to Sodexo and Publicis, the experts also cite Natixis as a title of CAC Next 20, CAC 40's antechamber, the best position to take the step, under the criteria for capitalization and liquidity cash loans.

However, despite its increase of 24% since the beginning of the year, the already substantial weight in the ACC Bank, an extremely volatile, could play against her.

"Sodexo and Publicis Groupe candidates are the most balanced. Liquidity Sodexo is not as good as the Publicis Groupe, but its market capitalization is greater than the group of advertising," wrote analysts at Exane.

"If I had to choose, I choose Sodexo, which is the largest value of the relatively liquid CAC Next 20," said a quantitative analyst based in London."But they could also decide to do nothing at all," he adds.

Side exits, Dexia is also cited as potential exits, but the board index could drop to the negative impact this could have on the bank in trouble, say some stakeholders.

Lagardere, by far the lowest capitalization of the CAC 40, and Accor, whose size has declined since the graduation of its services business Edenred are most clearly eligible, they are likely to emphasize.

Changes in the composition of indices cause movements in the securities on the part of managers that replicate indices.For example Sodexo and Publicis, an entry in the ACC lead, respectively, equivalent to 13.1 purchases and 8.6 days of trading, while for Lagardere, would represent an output equivalent to 14.3 days sales transactions, Exane analysts said.

Axa, focus on margins rather than growth in 2010

Axa announced Wednesday better than expected financial results for the first half despite an increase in half-mast, a performance in line with its objective to give priority to the recovery in margins rather than its development.

The second group of European insurance by market capitalization has reaffirmed its commitment to reallocate capital to its geographical margins of the most promising, even to withdraw from certain activities in mature areas.

"That does not mean that we do not have aggressive strategies in certain areas at present" said CEO Henri de Castries, and in an interview broadcast by the insurance group.

The manager has shown this strategy through the recent sale of several business lines in Britain and a willingness to invest in countries and trades in Asia, South America or Eastern Europe.

"This strategy is not as simple as when the whole world was growing at the same pace," he said.

Axa has benefited in the first half of rebounding financial markets and a better performance of its life insurance business, savings and pensions business, which offset the damage, which has suffered many natural disasters earlier this year .

NO CHANGE OF SENTIMENT

If these results are rather a good surprise, two analysts issued notes in the wake of the results fell they should not substantially change investor sentiment vis-à-vis the company.

At 09:15, the title was up 1.4% at 14.94 euros, after opening up over 2.6%, while the CAC 40 index yielded 0.2%.

Axa has lost about 10.9% since the beginning of the year, underperforming the European index DJStoxx insurance, which gained 3.16% over the same period.

The group's net profit stood at 944 million euros, a figure well above the 623 million approached by the consensus of analysts conducted by the editor of Reuters.

If the result is displayed down 28% over the same period last year, this drop is due to the supply of 1.478 billion euros spent by the group following the sale of assets United Kingdom, cited by Henri de Castries.

Without this extraordinary loss, net income would rise by 81% while revenues only increased it by 1% to 49.925 billion euros.

The decline in operating income amounted to 3% to 2.082 billion euros, superior performance under one billion to 1.884 to Reuters.

Axa has not commented on the offer of 11.5 billion dollars from the National Australia Bank on its subsidiary AXA Asia Pacific.

The subsidiary has announced a profit of 219.2 million Australian dollars for the first six months of the year, a figure in line with market expectations.

The offer, which clashed with the Australian authorities to the competition runs until August 31.

The Paris Bourse ended down 0.24% to 3643.14 points

With the exception of Frankfurt, the European stock markets ended in retreat, investors are showing more hesitant after the session dealing with conflicting U.S. indicators, the Paris stock exchange for ending its declining share of 0.24% in 3643 , 14 points.

The pan-European Eurofirst 300 index closed the week down 0.76% but gained 5.3% on the month of July, its biggest gain in four months.

As for values, the construction sector takes prices back down, falling by 3.89% Lafarge, punishing investors lowering the forecast cement demand for 2010.

Prices, however, were supported by some solid corporate results found.Total and closing up 0.94% after posting earnings growth in the second quarter.

Alcatel-Lucent, which announced on Friday its annual targets, jumped 11.07% on the session.

The title, however, BP has lost 1.81% due to new fears about the evolution of the oil spill in the Gulf of Mexico.

Puma sees an increase in its adjusted operating profit in 2010

Puma anticipates an increase in its adjusted operating profit in 2010 compared to 2009, the global economic recovery had a positive effect on demand for sporting goods.

In exchange, Puma loses 2.6% in the first exchanges in a market up slightly.

The world's third largest industry, behind the U.S. and fellow Nike Adidas, had a first revised upwards its 2010 targets in April.

He then said he planned to grow its annual turnover between 0% and 5% but closer to the bottom of this range, and a growth of at least 70% of its taxable income.He confirmed that goal Thursday.

Consumer confidence has reached a peak of 26 in July in the euro area, which gradually takes shape of the debt crisis but the longer-term prospects remain uncertain.

The adjusted operating profit came out of Puma up 1.7% to 64.1 million euros in the second quarter, slightly below a Reuters poll that gave 69 million.

Turnover increased 2.5% to 615.4 million euros (consensus of 628 million), while net income increased by 16.4% to 44.8 million (consensus: 49.1 million).

The subsidiary of PPR, which also announced Thursday the launch of a share repurchase program, has a PER of 13.7, whereas it is 15.1 to 17.1 for Adidas and Nike, according to Thomson Reuters StarMine.

The action gives 2.3% to 230.45 euros in early morning.

Wall Street ends sharply down

The NYSE has ended sharply lower Friday, the Dow Jones industrial yielding 30 261.41 points, or 2.52%, to 10,097.90 points.

The S & P 500 is broader, lost 31.62 points, or 2.88% at 1064.86 points.

The Nasdaq Composite fell 70.03 points on his side (3.11%) to 2179.05 points.

Iberia signs the merger agreement with British Airways

Iberia announced it has signed a merger agreement with British Airways, a combination that will create the world's third largest airline.

The Spanish company affixes his signature to a text that defined last April, one week after her British counterpart said it had reached an agreement to cover the deficit of 3.7 billion pounds of its pension scheme .

The transaction, which will see shareholders of British Airways to 55% of all new, must still be endorsed by shareholders, which is expected in November.

Iberia has also an exit clause for three months, always linked to its assessment of the ability of BA to the deficit of its pension system, a point already in the past failed to derail the proposed merger .

"Iberia has three months to leave the project from the time the agreement (signed between British Airways and managers of pension funds) is subject to the regulatory authority of British pensions," said Iberia.